Quick Answers...
How can I be better prepared for a financial disaster?
Being prepared for disaster is crucial to your finances. Nan
Mead, communications director for the National Endowment for
Financial Education suggests these steps are essential for
everyone.
Take inventory.
You'll need good records of your belongings for either insurance claims or to prove losses on your tax return. List every item in your house and attach appraisals, receipts, model number or serial numbers for big ticket items. Photograph or videotape every room and the contents of drawers and cup boards for back up. Update annually.
Stash some emergency funds.
In the event of a disaster, you may not have immediate
access to your bank account. Your evacuation box should
contain a small amount of cash, and/or travelers checks and
a few rolls of quarters and dimes for pay phones.
Review your insurance coverage periodically.
Make sure you are covered for replacement costs to your
house and it’s contents, including improvements.
Place copies of important documents, (insurance policies, wills, prescriptions for medication and eyeglasses, immunizations records, bank account numbers, and driver’s licenses) in watertight plastic bags stored in a portable fireproof box.
Rent a safe deposit box for originals of important
documents, deeds, titles, birth certificates, passports and
jewelry appraisals.
Store the key in your evacuation box.
Written by:
Sandra McKinnon, Consumer & Family Economics Specialist,
Warren County, University of Missouri Extension
Cynthia E. Crawford, Ph.D., Consumer & Family Economics
Specialist, Saline County, University of Missouri Extension
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Last update: Monday, January 09, 2006
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