July is financial preparedness month
SPRINGFIELD, IL – Will you be prepared if a disaster strikes? Reports indicate 40-percent of adults are not financially prepared to cover an unexpected expense of $400. A disaster or emergency can strike anytime, anywhere. In these stressful times, having access to personal financial, insurance, medical and other records is crucial for starting the recovery process quickly and efficiently.
Start by taking small steps. The best way to be financially prepared for a disaster is by saving. A rainy-day fund will allow you to invest in your safety by setting aside monthly for emergencies.
can help strengthen your financial preparedness through the
Emergency Financial First Aid Kit (EFFAK)
. The EFFAK can help you start to prepare by offering guidance on managing finances, offers insights on dealing with credit scores, and describes what to expect should a disaster strike your community. All of this will help families prepare for both the big incidents and minor emergencies.
Before a disaster strikes, review your insurance coverage. Insurance is the fastest way to recover after a disaster. Review the hazards that exist in your community (flood, tornado, earthquake, ect) to ensure proper coverage. Homeowners and renters insurance do not typically cover flood damage. Talk to your agent to find out what is covered in your existing policy and ask about the availability of flood insurance.
It is also recommended that you document your personal property with photographs to expedite future insurance claims.
Safeguard Critical Documents
Save digital copies of your household identification, financial and legal documents, medical information and insurance policies in order to quickly and safely access them in the event of an emergency or disaster. If you cannot save them digitally, gather all the documents store them in a safety deposit box.