Hurricane season has already begun. During these months, the Caribbean becomes a focus for the development of hurricanes, storms and tropical waves. We have to be prepared!
In addition to these measures to protect ourselves, prepare the house and conserve supplies, it is important to protect finances.
Here we share some tips that will help you prepare for this hurricane season.
#1 Create an emergency fund
As part of the initiatives to achieve economic stability after the passage of an atmospheric phenomenon, the implementation of an emergency fund is recommended. That is why an estimate of expenses in an emergency is made and a budget is prepared that meets every detail. Saving is the key because it will give you peace of mind in the face of the crisis! We know that, due to recent events, that emergency fund may have been affected and you may not have the same amount as in previous years, but the important thing is that you try to save at least a little extra money.
#2 Keep some cash in a safe place
As is known from previous experience, the electricity service may not be operational after an emergency. That is why, it is advisable to have some cash that you can count on to help you during the first weeks after the emergency. Likewise, it is advisable to keep this money in a safe place.
#3 Consider keeping savings for a period of three to six months
In addition to the emergency fund, people are recommended to save for at least three months. Make a list of expenses and divide them according to their importance.
#4 Keep a record of your finances and insurance updated every month
To facilitate the process of future damage claims, it is recommended that the finance and insurance record be updated monthly. In this way, the process of requesting some type of claim or stipulating the expenses incurred during the emergency will be more accessible and organized. This exercise will also make you review your debts and active policies to work on them. If possible, when purchasing new equipment that will later be claimed, save the receipts for each purchase or digitize them. Also remember to take photos of the damage if required.
#5 Save important documents
Digitally, save copies of the most important documents such as house deeds, passport, identification, among others. Through a message sent by email and archived in PDF format on a computer and hard drive, it ensures virtual access. Send it to a person outside of Puerto Rico also so that they can access them from abroad, if necessary and there are no resources on the Island. In the same way, you can print them two or three times and keep them in a plastic bag with a seal airtight in different places to prevent water from damaging them.
We hope that with these tips the process of facing an emergency will be less uphill and stressful. Hurricane season has already begun, so planning ahead is key to preparing your finances for an atmospheric event. Remember that the most important thing is your safety and that of your family. We are ready to help you with whatever you need during this season.
