Oklahomans take spring storms in stride. We go about our day but keep an eye turned toward the sky. We only flip the radio or television to a local station if the horizon begins to darken. By then, however, it’s too late to make proactive financial decisions. So review your documents now, when the skies are blue, and take time to create a financial disaster plan.
- Start with your homeowner’s policy. What possessions are covered, and what falls outside? You may need to add riders to your policy for excluded or under-insured items.
- Remember a standard homeowner’s policy will not cover weather-related flooding. You purchase flood insurance through FEMA (floodsmart.gov). Even if it’s not required for your property, the additional protection might be appropriate.
- Earth movement, usually mudslides or earthquakes, is also not covered in a traditional homeowner’s policy. Earthquake coverage is complicated in Oklahoma and may today require its own policy. Check where you live to see how you can obtain coverage.
- Fill a bag with several doses of prescription drugs, bottled water, sturdy shoes, a portable charger, and a flashlight along with extra batteries. I also grab my laptop and purse. Don’t forget your furry family members with food, bowls, carriers, and leashes.
- Finally, keep copies of all your important papers, including your insurance policies, in another bag that’s easy to grab. Make copies of priceless photographs because they would be almost impossible to replace. If you don’t store everything on your phone or in the cloud, include the information from your address book. Your family and friends are part of what makes you prosperous.
Your insurance agent and financial planner should be your guides as you create a financial disaster plan. Some planning today could make your life less stressful the next time you hear the weather warnings.