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Financial Preparedness Tips

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pRINTED fROM https://www.ready.gov/financial-preparedness

Americans at all income levels have experienced the challenges of rebuilding their lives after a disaster or other emergency. In these stressful times, having access to personal financial, insurance, medical and other records is crucial for starting the recovery process quickly and efficiently.

  1. Gather financial and critical personal, household and medical information.
  2. Consider saving money in an emergency savings account that could be used in any crisis. Keep a small amount of cash at home in a safe place. It is important to have small bills on hand because ATMs and credit cards may not work during a disaster when you need to purchase necessary supplies, fuel or food.
  3. Obtain property (homeowners or renters), health and life insurance if you do not have them. Not all insurance policies are the same. Review your policy to make sure the amount and types of coverage you have meets the requirements for all possible hazards. Homeowners insurance does not typically cover flooding, so you may need to purchase flood insurance from the National Flood Insurance Program.
  4. For more helpful financial preparedness tips, download the Emergency Financial First Aid Kit (EFFAK) to get started planning today.

Be Safe

Emergency Financial First Aid Kit

The Emergency Financial First Aid Kit (EFFAK), a joint publication from Operation Hope and FEMA, can help you prepare financially and provides tips to reduce the financial impact of disasters on you and your family.

For more information on the EFFAK visit the EFFAK Community Page. 

For Organizations 

Encourage people throughout your organization or workplace to prepare financially. Here are some ideas to promote financial preparedness in your organization:

At Home

Store important documents either in a safety deposit box, an external drive or on the cloud to make it easy to access during a disaster. 

Take time now to safeguard these critical documents. Be cautious about sharing personal financial information, such as your bank account number, social security number, or credit card number.

Household Identification

Financial and Legal Documentation

Medical Information

Insurance Information

Having insurance for your home or business property is the best way to make sure you will have the necessary financial resources to help you repair, rebuild or replace whatever is damaged. Document and insure your property now.

Household Contact Information

Get Your Benefits Electronically

A disaster can disrupt mail service for days or weeks. If you depend on Social Security or other regular benefits, switching to electronic payments is a simple, significant way to protect yourself financially before disaster strikes. It also eliminates the risk of stolen checks. The U.S. Department of the Treasury recommends two safer ways to get federal benefits:

Apply for government-funded unemployment, healthcare, and food and nutrition benefits to supplement your income or savings.

Consider using online and mobile banking services, if you are able. These services enable you to practice social distancing and conduct banking transactions at the same time.

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