Hurricane Harvey was a big reminder that Americans need to be prepared for all kinds of emergencies – whether natural or man-made.
In addition to hurricanes, storms and tornadoes, we have to prepare for other potential disasters like earthquakes, fires, and various accidents.
And don’t forget more routine disasters too — like your roof leaking, getting into a car crash or having appliances in your home suddenly break down.
No matter the scenario, there are 3 ways to be financially smart and to prepare economically for these emergencies:
Give yourself a financial checkup
Most important: check that you have proper insurance coverage. Hurricane season shows us the importance of having things like homeowner’s, renters’ and flood insurance. Unfortunately, 80% of those affected by Harvey had no flood coverage.
But go beyond that, think about accidents you could have or coverage you might need for your car or health. Then bite the bullet and get the insurance. It’s worth it … and you’ll be so glad you have it if an emergency or unforeseen event strikes.
You can get a free insurance checkup online at PolicyGenius.com. It takes 5 minutes and you’ll see what insurance coverage you need – and what you don’t.
Shore up your fortress
Your home is your fortress, your castle. So you want to protect it and guard it in every way possible. In addition to having insurance, many homeowners can benefit from a home warranty.
A home warranty is a service contract that covers your home’s appliances and systems. So if your refrigerator, dishwasher or dryer breaks down – or your heating, electrical or plumbing system goes haywire – your home warranty would repair or replace those faulty items.
Go online to AHS.com to get an affordable home warranty from American Home Shield. Having a home warranty can save you hundreds or potentially thousands in unexpected home repair costs.
Raise cash now – before an emergency strikes!
For any possible emergency you could encounter in the future, it always pays to have cold, hard dollars. The problem is most people are short on cash.
In fact, the Center for Financial Services Innovation did a Consumer Financial Health Survey and it found that more than half of all adults in the U.S. (53%) live paycheck to paycheck, and one-third of Americans don’t save any money at all.
Fortunately, there’s a solution for virtually anyone to raise money quickly – and to create an emergency cash cushion to protect your family. Simply sell stuff – especially electronic items that you no longer want, need or use.
Go to DeCluttr.com, a free site that provides you with quick cash by buying your electronics – smart phones, tablets, laptops, as well as CDs, DVDs, games and books.
By taking these three steps – obtaining insurance, getting a home warranty, and amassing an emergency fund – you can safeguard your family’s finances and better prepare for future emergencies.