Many don’t think about money during disasters
San Francisco – Union Bank of California, N.A., in commemoration of the 100th anniversary of the 1906 San Francisco earthquake, offers a list of the top five tips for financial preparedness – a simple guide to safeguard your savings in the event of a disaster.
“We’ve learned from the aftermath of recent natural disasters that financial preparedness is not always top of mind,” said Union Bank’s Executive Vice President Ronald Kendrick.
Top Five Financial Preparedness Tips:
1. Conduct a Household Inventory: Create a household inventory for items of significant value and locate originals of important financial and family documents. Store original documents in waterproof bags in a safe deposit box or durable “evacuation box” and photocopies in a safe place. Use a CD to back up key documents on your computer. If practical, store copies with friends or relatives who live outside the area.
2. Know Your Insurance Policies: Understand what types of losses your renters or homeowners insurance covers. Ask your insurance agent or financial planner about additional coverage for floods, earthquakes, home offices and big-ticket items. Keep copies of your policies in a safe place along with your other important papers.
3. Keep Cash Accessible: Keep at least $300 in cash at home in a place where you can get to it quickly in case of a sudden evacuation. The money should be in small denominations for easier use.
4. Create and Maintain a List of Emergency Contacts: Keep a list of important emergency contacts, including direct family members, doctors, medical facilities, numbers for your bank, insurance agent and company, lawyer and financial planner/advisor. Credit card 1-800 numbers can help you quickly retrieve account information.
5. Keep an Emergency Savings Account: This account should be separate from any other account and contain enough money to cover at least three to six months of living expenses. You may wish to consider keeping an emergency credit card.
For more information , visit http://pubs.usgs.gov/gip/2005/15/.
Why You Should Care
The U.S. Geological Survey concludes that there is a 70 percent chance of a magnitude 6.7 or greater quake striking the Bay Area region before 2030.
