Boomers & Beyond - Fall 2017

Be Financially Prepared For an Emergency Situation

Photo: Monkey Business/stock.Adobe.com

(StatePoint) – Being financially prepared for an emergency or natural disaster is about more than just having savings set aside. Having access to critical personal and financial information will help you on the road to recovery. The experts at Freddie Mac offer the following tips for getting organized and prepared for the unexpected.

• Compile Key Information
The Federal Emergency Management Agency (FEMA) Emergency Financial First Aid Kit includes fillable checklists, and is a handy and free way to compile important information, such as driver’s license numbers, birth certificates and Social Security numbers, bank accounts, insurance policies, mortgage statements, credit cards, taxes, health insurance cards, accounts, medications taken and any other health records, as well as household contact information, including landlords, doctors, schools, employers, contractors, lawyers, and insurance agents.
Be sure to revisit this information periodically and update it as needed.

• Review Paperwork
Review your insurance policies and financial paperwork to be sure that they are current. Update any policies as soon as possible, so you are not without coverage when you need it most. After an emergency, contact your insurance agents about your policies to find out what you can expect, including an explanation of benefits.
For example, many homeowners policies cover alternative living expenses that can help provide you and your family with temporary housing needs, meals and other life necessities.

• Seek Mortgage Relief
In the event of an emergency, having access to your mortgage information can be critical, as you may be eligible for mortgage relief.
“When FEMA announces that individual assistance programs have been extended in major disaster areas, we quickly respond by offering mortgage relief options for those in the impacted areas,” says Yvette Gilmore, Freddie Mac VP, Single-Family Servicer Performance Management.
“This includes suspending mortgage payments for up to 12 months so victims of natural disasters can focus on what’s important: their own safety and the safety of their families.
“As soon as it’s safe to do so, it’s important that impacted homeowners contact their mortgage company right away to discuss their mortgage relief options,” she added.

• Get Secured
Secure your property as best as possible, keeping it safe from damaging natural elements and, if you are evacuating, potential vandalism while it sits empty. Consider protecting valuables, mementos and personal information in a safety deposit box or a fire- and water-proof safe. When it’s safe to return home, document any damages to your home and belongings with photos or videos.

• Be Smart
Unfortunately, crises tend to bring out scam artists. Be wary of post-disaster scams and anyone offering to provide you with immediate assistance for money.
Government officials will never ask you for money and will always show their ID badges.
For more emergency and disaster preparedness tips and resources, go to www.FreddieMac.com/blog.

Saving for a rainy day is an important step that everyone should take to prepare for the unexpected.
Remember, true financial preparation for emergencies and disasters goes beyond a savings account. For peace of mind, use free online resources to get organized.