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How To Prepare Financially For A Natural Disaster

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Whether it’s a hurricane, wildfire, earthquake, tornado or ice storm, most of us are at risk of being caught in some kind of natural disaster.

In recent months, we have seen disastrous wildfires in California and there have been record-setting hurricanes in Texas, Florida and the Caribbean in the past few years. Tens of thousands have fled their homes, unsure when they will be able to return—or what they will find when they get back.

Along with loss of life and emotional havoc, natural disasters can cause devastating financial loss. Consider the cost of an unplanned evacuation, or rebuilding a home after a flood or fire. If your home is an income property, you could lose an entire stream of income within hours.

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Editor’s Note: In Fayetteville, NC, we had ATM’s running out of money 2-3 days before the hurricane was due to hit; the run on cash got so bad that several banks were closed 1-2 days before Florence showed up. Part of your plan should include keeping $500-$1,000 cash in a safe at home specifically for disasters.