Should you become displaced by a hurricane, having all of your records accessible can help you maintain some sense of control in what can be an extremely challenging time for you and your family. If you do experience damages or losses following a storm, spending time scavenging through drawers and boxes in an attempt to locate phone numbers, bank account information, benefit/deductible amounts of personal and/or business insurance policies, policy numbers, pictures and lists of belongings, is the last thing you will want to be faced with. Having this information at your fingertips, on the other hand, will enable you to remain financially “empowered” throughout your ordeal.
To remain empowered: Review/Update, Gather and Organize, Protect
The three steps to remain financial empowered through the Summer Storm Season:
- Review and Update
- Make sure all homeowners/contents flood and windstorm insurance policies are up to date and you have proper coverage amounts. The same applies to policies for all business/investment properties. Businesses should also check on their business interruption coverages.
- Depending on where you live, wind may have to be a separate policy.
- Regardless of whether or not you’re in a flood zone, please make sure you get flood coverage.
- Review your deductibles - Avoid surprises.
- If you have any doubts about coverage-NOW IS THE TIME TO CALL YOUR AGENT TO CLARIFY. Government rules, company policies and your property values are always changing.
- Gather and Organize
- Take digital photos of possessions, furnishings in each room and the exterior of your home and other properties. After uploading your photos, save them on an online photo-sharing software such as Picasa or Kodak Gallery.
- Also gather and/or scan important documents, i.e. policies, statements, agent contact information, plus receipts and warranties for home furnishing and appliances, equipment and hardware, etc. (Kinkos and other such establishments have scanners, if you don't have access to one)
- Protect
For documents in a home or office location, all records must be in one organized location-ready to grab or access online
- File all of your investment and insurance account information, policy numbers, coverage amounts, telephone numbers, etc. in a convenient binder. Grab binder on way out if evacuating.
- Save all of your scanned documents, photos, etc. to your online financial software. Once backed up you can access it anywhere. Most financial advisors provide online wealth management services and assist you in setting up your information and maintaining it. Clients of Frye Financial Center can store all of their documents and photos in an "online vault", part of our online wealth management system.
- Quicken Home Inventory Manager ($29.99)-Photos, receipts, warranties-excellent for hurricane claim expediting, estate planning, selling home, etc.
- Protect all your personal computer files and data: with one of the inexpensive automated online backup services which are becoming very widely used.
Having your financial records organized in one convenient location, while crucial in times of emergency, can also save you countless time and aggravation, throughout the year. Having access to all of your financial records and information in one convenient, organized binder, or preferably on-line, can eliminate headaches and will help you organize and simplify your life greatly.
Austin A. Frye, MBA, JD, CFP®
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