Last year was the fifth year in a row that 10 or more weather and climate disasters in the United States logged at least $ 1 billion in associated losses. If you think that 2020 threw everything it had on us and now will be eased off, think again. While we all have our hands full navigating the new realities of life under Covid1
Nevertheless, "… only 15% of respondents said they had created a disaster plan to protect their economies. Worse, 27% had not taken any action at all to prepare for a natural disaster. "It's pretty scary. Think of the problems and logistics of a hurricane, massive wildfires or evacuation of floods in the midst of a pandemic: public emergency resources are already strained. In addition, distance social measures that are important for disease prevention will make things like finding emergency protection and supplies even more challenging than usual at a time when many are suffering from financial burden and financial burden of job loss.
in its survey report:
Banking Without the Bank – If your bank branch is closed due to the pandemic, you may need some new options to access cash, put deposit money and check your account activity. Now it's good to explore alternative places where you can use your ATM card to get cash at no extra charge, and perhaps mobile banking which can allow most banking activities including check deposits and transfers between accounts.
Insurance Coverage – If you have not recently reviewed your coverage with your insurance agent, you want to make sure your homeowner or rental insurance is up to date for changes in value, valuable items you have placed to such as jewelry or watches and special risks that you may face such as floods. As a first step, you need to make sure that you know how to contact your agent, who can work remotely or with a staff member under current conditions.
Safe Deposit Box – If you have documents in a safe that you may need after a disaster, you may find that your local bank branch is closed or operating under restrictions. You can contact the bank's head office to learn how to access the box if local restrictions apply and can continue.
Will, Power of Attorney and Care Problems – If disaster results in incapacity, loss of a loved one or serious injury, you want to make sure your legal paperwork is up to date. Your lawyer can work remotely under pandemic-related terms. If your papers need an update, it pays to get a head start by contacting the professionals you will be looking for for help and advice.
Employment Based Programs – Visit your human resources department to check items that can help you manage economic survival in a disaster, such as your disability coverage or ability to borrow from a 401 ( k) or similar pension plan, is probably not an option if your workplace is closed due to pandemic. You can take action now to learn how to get the information you need and request any updates, by phone or online.
AICPA offers more help on 360 degrees of financial literature portal – see disaster action plan: 5 important steps to protect your family and finances.
Other implement planning tools: