The disaster in Hawaii is just the latest reminder to get our financial houses in order. Here’s what you should do.
Get a safe that’s waterproof, fire-resistant and light enough to carry. Keep all your household’s important financial documents in this box, including your passport; insurance policies; extra checks; a copy of your driver’s license; your Social Security card ; bank, investment and credit card account numbers; and
key legal documents such as wills, marriage and birth certificates, and the titles to your home and vehicles.You should include some cash or traveler’s checks. If the electricity goes out, as it has in many areas in Maui, ATMs may not work and you might not be able to use a credit or debit card toKeep the original receipts of major purchases in the safe, as proof of what you spent.
You can also back up your data to cloud-based services such as Google Drive or Apple’s iCloud. Be sure to consistently back up your data to the cloud.With your smartphone, take pictures of your big-screen televisions, computers, furniture, heirlooms,You might also want to record a video of the items in your home. Record model and serial numbers. Then, of course, download it for safekeeping in the event you have to prove to an insurance company what items you lost in a disaster.
Now is the time to evaluate whether you have enough coverage. Call your insurance agent. Will your policy replace the full value of your possessions?Many people neglect to get disability insurance. If you were injured in a natural disaster, would you be able to live off your savings? Buy enough disability insurance to replace 60 to 70 percent of your income.flood damage; coverage must be purchased separately. Even if you’re not in a high-flood-risk area, you may still need supplemental coverage.
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