Natural catastrophes pulls away a person’s mind from his finances, when they strike. Thus, leaving a drastic aftermath for the rest of their futures. It is obvious that a person shall be least be bothered about his finances when such a tragedy strikes his family and home. It is even more tragic for people to bounce back from such a situation to normal life especially when his home is no more.
These lead to chaos and ample bad decisions in a person’s mind which even adds to the ruins of his future. Thus it is necessary for people to work out a plan ahead of time and be prepared for the worst. Since it is impossible to predict such catastrophes, it is best to set yourself up right from the beginning.
Certain advisable measures are:-
Gradually developing a fund for emergencies:
It is essential for every family to maintain an emergency fund constantly as easier access to money is a necessity during such situations. It is this emergency fund which avoids the hunt for funds when a natural calamity strikes.
Insure for storm damage:
It should be noted that a normal homeowner’s policy does not cover up the cost of the damages caused due to a natural disaster. So it is essential to get insured through an exclusive policy that will serve the purpose for a natural disaster. According to the nature of place where a person stays the appropriate policy should be chosen. Flood insurance, hurricane insurance are some of the alternatives as per the topography of the place of residence.
Index a list of contractors that you can bank upon:
During a natural disaster many home are destroyed or damaged. It is this phase when a homeowner helplessly approaches non-trusted contractors to put together a new place to stay for him. This is where con artists or new contractors come into the play charging huge amounts to gain unethically. Thus if a list of such contractors are kept who can be banked upon, then huge losses can be furthermore avoided.
Take care of your papers and keep them safe:
Your every financial document and paper should be copied and kept safely in some deposit box. Piling up a file with such documents and papers are not advisable. During such disasters if these are misplaced it gets chaotic to invoke your claims on the insurance policies. It is important that copies of all such documents should be also kept in a second location which shall be unaffected.
Thus, if the above mentioned precautions are taken before-hand it will obviously put you in a much better position than other victims. Though it is very tough for a person to actually think about losing everything that he might own , however natural disasters are unpredictably inevitable, so it is best advised to be prepared before–hand to lead a good life henceforth.
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