Preparing financially for emergencies

Friday, September 7, 2018

Preparing ahead of possible disasters involves more than putting together an emergency kit and making an emergency plan. It also involves making sure your money and assets are protected.

“When a disaster happens, families could be hit with unexpected expenses during their recovery,” said Cindy Clampet, Oklahoma State University Cooperative Extension assistant specialist, family resource management. “Getting your financial house in order now can help your family avoid taking on debt later as you rebuild.”

The idea of preparing financially for a disaster can be overwhelming. But, it can be broken down into manageable parts. For instance, families can begin by gathering and making copies of important personal identification, legal and household documents. 

Examples of key documents include driver’s licenses, birth certificates, marriage and divorce papers, medical records, insurance policies and income tax information.

“Store copies of your important documents in a fireproof and waterproof box or safe, a bank safe, safe deposit box or with a trusted family member or friend,” Clampet said. “If you save your documents electronically on a removeable flash or external hard drive, make sure those files are password protected.”

This also is a good time to review insurance policies such for your residence and vehicles.

“Make sure you’ve got enough coverage for your home or car in event of a disaster or emergency,” Clampet said. “Renters should make sure the lease reflects the current amount you’re paying in rent. You also need to confirm your renter’s insurance policy is up-to-date.”

Families can use the Emergency Financial First Aid Kit as a guide in their emergency financial preparations. The EFFAK, developed by the Federal Emergency Management Agency and HOPE Coalition America, is designed to help organize financial, medical and household information.

To download EFFAK forms, visit www.ready.gov.

For more information on preparing for and recovering from emergencies, visit our Emergency Preparedness Resource Centers at www.dasnr.okstate.edu/news or contact the nearest county OSU Cooperative Extension office at countyext2.okstate.edu/.

 

Story by Leilana McKindra