Believe it or not, hurricane season is here. Preparing early while you have the time can save you the stress of having to panic when a storm is right around the corner. The need for preparation couldn’t be clearer in the wake of the gasoline panic buying we’ve just witnessed after the recent pipeline hack, and who could forget the run on toilet paper at the beginning of the COVID-19 outbreak?
Below are some planning ideas you can put in place in advance of a storm. Basically, you’ll want to be ready in case you have no power or water for a week or longer.
Home and Family Planning
- Store enough non-perishable food and water for at least three to seven days for your family. You may want to fill up the bathtub or other large containers with extra water for washing dishes and flushing toilets.
- Have cash handy. If the power is out, ATMs will not work (nor will credit cards) and you may need cash for essentials.
- Having a battery-powered or solar-powered radio can be helpful, so you can keep abreast of what is going on outside.
- Declutter. Secure outside furniture or any items that can become projectiles. In addition, cut down trees that could damage your home or your neighbors’ property.
- If you don’t have hurricane impact windows, make sure your shutters are functional.
- Charge electronics, buy back-up devices and have flashlights and replacement batteries on hand.
- Have enough food and supplies for children and pets – don’t forget the entertainment, including games and toys!
- Fill any important prescription medications so you have ample supply in the event you cannot get to the pharmacy or doctor.
- Buying or preparing a first aid kit or emergency bag may be helpful – you can find these bags on Amazon for under $100. You can create a larger kit for staying at home and a smaller kit in the event you have to evacuate.
- Plan for family members with disabilities and chronic illnesses. Many medical devices need power supplies.
- Fill up all your cars and make sure you have enough fuel for generators.
- Talk to family members to decide how you will contact each other and what your plan will be in an emergency. Write down important phone numbers and store them with your important documents — most of us don’t remember phone numbers in our heads anymore, and if you lose power and your cellphone battery dies you won’t have access to your contacts anymore. Make a list of emergency phone numbers and family physicians. Some ideas can be found here: http://www.ek-ff.com/Organizer.pdf
- Secure boats and RVs. If you have a swimming pool, check the fence around it and the safety net or pool cover. Consider a pool alarm in the event the fence blows down, as swimming pools can pose a danger to children and pets, especially after a storm.
Financial
- Review your homeowners and flood insurance to make sure you have adequate coverage now, well before any storms even form. Real estate values have gone up considerably in some areas, so make sure your policy has kept up with home values and replacement costs.
- Store important documents on secure cloud storage services so you can access them remotely later. You may want to store your insurance policies and any other important home-related documents. At Evensky & Katz we provide all our clients with their own client portal document vaults where they can securely store important documents.
- Buy a waterproof case for personal documents, such as marriage certificates, birth certificates and passports – something that can be grabbed quickly if you have to evacuate. As backup you may want to scan these documents and save copies in a password-protected file.
- Secure valuables, such as jewelry and sentimental memorabilia (old photos and heirlooms). Possibly store them in a safe deposit box or fireproof/waterproof safe.
- Most insurance policies have a 2% hurricane deductible, so make sure you have enough cash set aside in the event you need to come up with these funds for urgent repairs. Insurance companies may take awhile to send adjusters and process claims.
- If you own a business, make sure you have a continuity plan in place.
Since we are still in a pandemic this website may be useful:
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Other useful websites:
- https://www.miamidade.gov/global/emergency/hurricane/home.page
- https://www.ready.gov/hurricanes
- http://www.floridadisaster.org/
-
The 1% Deductible Rule to Avoid Overpaying for Home InsuranceYou could be overpaying for home insurance if your deductible is too low. But going too high can be just as risky. That's where the 1% deductible rule comes in.
-
Will AI Videos Disrupt Social Media?The Kiplinger Letter With the introduction of OpenAI’s new AI social media app, Sora, the internet is about to be flooded with startling AI-generated videos.
-
New Opportunity Zone Rules Triple Tax Benefits for Rural Investments: Here's Your 2027 StrategyNew IRS guidance just reshaped the opportunity zone landscape for 2027. Here's what high-net-worth investors need to know about the enhanced rural benefits.
-
The OBBB Ushers in a New Era of Energy Investing: What You Need to Know About Tax Breaks and MoreThe new tax law has changed the energy investing landscape with expanded incentives and permanent tax benefits for oil and gas production.
-
Ten Ways Family Offices Can Build Resilience in a Volatile WorldFamily offices are shifting their global investment priorities and goals in the face of uncertainty, volatile markets and the influence of younger generations.
-
Should Your Brokerage Firm Be Your Bookie? A Financial Professional Weighs InSome brokerage firms are promoting 'event contracts,' which are essentially yes-or-no wagers, blurring the lines between investing and gambling.
-
Supermarkets Have Become a Pickpockets' Paradise: How to Avoid Falling VictimSome stores regularly rearrange inventory with the aim of increasing purchases, and they're creating opportunities for thieves to steal from customers.
-
I'm a Wealth Adviser: These Are the Pros and Cons of Alternative Investments in Workplace Retirement AccountsWhile alternatives offer diversification and higher potential returns, including them in your workplace retirement plan would require careful consideration.
-
I'm a Financial Planner: If You're Within 10 Years of Retiring, Do This TodayDon't want to run out of money in retirement? You need a retirement plan that accounts for income, market risk, taxes and more. Don't regret putting it off.
-
Five Keys to Retirement Happiness That Have Nothing to Do With MoneyConsider how your housing needs will change, what you'll do with your time, maintaining social connections and keeping mentally and physically fit.
