Steps You Can Take to Feel More Prepared for a Natural Disaster
We’ve been seeing an increase in natural disasters over the past few years, and it’s essential to be prepared for these disasters. Although natural disasters can be unpredictable and occur suddenly, there are a few things you can do to help.
Have the Right Insurance
Ensuring you have the right insurance is one of the best ways to prepare for a natural disaster. Homeowners and renters insurance typically cover damage caused by wind, snow, ice, extreme cold, fire, hail, lightning, volcanoes, and explosions.
If your home experiences any flooding—which Wisconsin has seen a lot of lately—typical homeowners and renters insurance will not cover the damage. To have coverage for flooding, you’ll need to get flood insurance.
Sometimes government regulations require you to purchase flood insurance. For example, if you live in an area that is a high-risk flood area, you’ll need flood insurance. Southeast Wisconsin is not a high-risk flood area, however, with the recent flooding, it could be a good idea to purchase flood insurance.
Homeowners or renters insurance does not cover earthquakes. Like flood insurance, you’ll need to purchase earthquake insurance if you live in an area that experiences earthquakes.
Depending on where you live, you’ll want to get different insurance plans. Each area has different weather patterns, so you’ll want the insurance that covers the storms your hometown is most prone to.
Review Your Insurance Policy Each Year
Your needs or circumstances might change during the year, making it a great idea to review your insurance policy each year. You’ll want to make sure you’re getting the most out of your policy. It’s also good to review your policy and determine if you need to make any changes. Insurance prices may also change from year to year, so you can always look around and see if you can get a better price with another insurer.
Keep Records of Your Belongings
You’ll want to keep records of all your belongings in case a big natural disaster hits. Items you can keep a record of include estate planning documents, wills, passports, deeds, birth certificates, marriage certificates, business records, and anything else of importance.
Not only should you have a record of your belongings, but you should keep them in a safe place. A common way to store physical documents is to keep them in a waterproof and fireproof safe in your home. This gives an extra layer of protection in case anything happens to your home. You can also keep digital copies in case anything happens to the physical copies.
Build an Emergency Fund
If your home is damaged in a natural disaster, you may have some damage that you’ll have to pay for. Your insurance may not cover everything, so having an emergency fund can be extremely useful.
Aim to save three to six months of essential living expenses. Learn more about the importance of having an emergency and how to build one by reading our blog.