Hurricane Florence made landfall on Friday and millions have been affected by this latest natural disaster. Our moneyman, Paul Fain, president of Asset Planning Corporation joins us now with the essential things to assemble a financial emergency kit for your household.
PAUL, ARE WE TALKING ABOUT A PHYSICAL KIT?
- Both physical and digital elements.
- Keep it in an easily accessible location.
- You might also keep duplicates in alternate locations: home, cloud, safety deposit box.
WHAT ARE THE ESSENTIALS OF A FINANCIAL EMERGENCY KIT?
- Cash and keys. Your kit should contain enough ready money to facilitate daily life for a few days. Cash is king (you may not be able to access ATMs). Also, pack essential keys.
- Create a list with telephone numbers, emails: key medical, financial and business contacts. Paper and digital.
- Personal identification.extra originals or copies of passports, driver’s licenses, birth and marriage certificates, Social Security cards.
- Paper or electronic copies of important financial records. Include property and legal documents such as a Power of Attorney and insurance policies. Also, include financial statements.
IT’S ALSO IMPORTANT TO HAVE AN INVENTORY OF YOUR PERSONAL BELONGINGS RIGHT?
This can help you expedite the insurance claims process.
- Assemble a paper, photo or video inventory.
- Purchase receipts for major items or appraisals for valuable belongings.
- Record make. model and serial numbers.
- Remember keepsakes! Copy precious photos.
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