8 Emergency Preparedness Steps to do NOW!
Even for those not directly affected by the LA fires, it has brought to the forefront the importance of being prepared in case of an emergency, a need for evacuation, and/or what to do before and after your property sustains damage.
Here are a few things you can do right now to save yourself some labor and worry later:
Set up an Emergency Savings Account: Do what you can to build up at least 3 months of financial coverage for bills, groceries, and any other necessities. Ideal would be to save up to a year’s worth of coverage, but the important thing is to at least have something set aside.
Take pictures of everything you own: This means open every closet, every box, and so on, and make specific notes of all the things that are of value to you. Print out the photos and label the worth of each item in every photo–additionally making note of what room they are in. You will need these as a way to provide proof for your insurance claim, and this can also act as a reference if you want to grab any of said valuables before evacuating.
Take photos of every tree, shrub, and everything else around your house in the landscape: More proof for your insurance company. Landscapes are not inexpensive and are still part of your property.
Make some important decisions and write them in a visible place if needed: If something like a wildfire or hurricane was closing in “Where do you plan to evacuate to? Is there somewhere you can go or will you need to make a list of possibilities?” Also consider “Who will you call if/when something happens? Are their numbers written down and in a clear spot just in case your primary phone isn’t at hand or available?”
Gather copies or the originals of important documents: Birth certificates, marriage certificates, passports, social security cards, and any other legal documents. More helpful additions would be: a list of passwords, important phone numbers, prescriptions, and your insurance policy number(s)--these can either be written down, typed out, or saved on a USB drive. Put everything in a grab-n-go style box and place it somewhere safe but that you can also get to easily if you only had five minutes to leave.
Additionally, make at least one copy of all that information and send it to a trusted family member or a friend to keep safe in case you cannot recover your copies or the originals.
More items for your grab-n-go container: Prescriptions, extra medications, extra glasses, extra phone/device chargers, and extra batteries (especially any specialty batteries) for any medical devices.
Now for the next task.
Get out your home insurance policy and the insurance policy for your car(s) and call the insurance company (or companies) and prepare to ask some questions:
If my house burned down today, what kind of money would I get for it?
What am I insured for and what am I not insured for?
Where do you see holes in my coverage and what can I do about them?
Do I have a replacement value policy or a cash value policy? (Keep in mind: Insurance companies don’t pay out based on the worth, they pay out based on what it will cost to rebuild (Replacement Value)–depending on your coverage.
Can I rebuild elsewhere if I can’t or don’t want to rebuild where my property is?
Bonus Note #1: You will need Comprehensive Insurance to cover your car if it’s in a fire.
Now for a couple tips if something has happened:
Call your insurance company and start the claim process
When you are cleared to return to the property, immediately take pictures of EVERYTHING
Call your mortgage company, tell them what has happened, and ask if something can be done to postpone payments
Call the utility companies and cut off all utilities (cable, power, internet, water, etc.) especially if you have auto-payments set up
Keep paying insurance to make sure you’re still under coverage
Bonus note #2: If you have a mortgage, the insurance company is the party who will pay the mortgage company, and the mortgage company, in turn, will pay out to you if you are rebuilding.
While hopefully these emergencies are not ones you will have to deal with, it’s always great to be prepared.
And if you're looking for help with financial planning, please feel free to reach out. I would love to hear from you.
SOURCE: Women & Money Podcast episode “Suze School: What You Need To Do Before And After The What Ifs”