Severe weather and natural disaster often strike with little warning, so take measures now to protect yourself and your property. Living in California, we are far too familiar with wildfires and earthquakes, which can easily cause widespread damage. Here’s what to do to help prepare financially.
Review your insurance coverage. Make sure your homeowners and auto insurance coverage is sufficient. While standard homeowners insurance covers losses from fire, lightning, and hail, you may need to buy separate coverage for hurricanes, floods, earthquakes, and other disasters. Consult your insurer or insurance professional, who can help determine whether you have adequate coverage for the risks you face.
Create a financial emergency kit. Collect financial records and documents that may help you recover more quickly after a disaster. This kit might contain a list of key contacts and copies of important documents, including identification cards, birth and marriage certificates, insurance policies, home inventories, wills, trusts, and deeds. Make sure your kit is stored in a secure fireproof and waterproof container that is accessible and easy to carry. The Emergency Financial First Aid Kit, available online at ready.gov, offers a number of checklists and forms that may help you prepare your own kit, as well as tips to guide you through the process.
Protect your assets. Take some commonsense precautions to safeguard your home, vehicles, and other possessions against damage. For example, to prepare for a possible power outage, you might want to install an emergency generator and a sump pump with a battery backup if you have a basement or garage that is prone to flooding. Inspect your yard and make sure you have somewhere to store loose objects (e.g., grills and patio furniture) in a hurry, cut down overhanging tree limbs, and clean your gutters and down spouts. Check your home’s exterior, too, to make sure that your roof and siding are in good condition, and invest in storm windows, doors, and shutters. In addition, make sure you know how to turn off your gas, electricity, and water should an emergency arise. And if you have a garage, make sure your vehicles are parked inside when a storm is imminent.
Get a secure cloud-based backup for your personal computer. We store endless files on our computers, so it’s essential to have a backup plan or way to access these important records if your computer hardware fails or data becomes corrupt. Cloud backup will protect and restore your personal information when something goes wrong.
For a complimentary consultation on financial advisement, call our in-house CFS* financial advisor, Chris Ellis at (877) 695-2732, option 7.
To schedule your free insurance checkup and get quotes today, please contact our partners at LAPCUSO Insurance Services.** Call Maria Ascencio at (877) 695-2732, option 7.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Los Angeles Police Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgements, required minimum distributions and possession of employer stock.
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**Insurance services provided by Bichlmeier Insurance Services, Inc., California license #OB26427. Insurance products offered are not sold or guaranteed by LAPFCU. They are not deposits, are not federally insured, are not protected by the NCUA and may be subject to risk. Any insurance required as a condition of an extension of credit by LAPFCU need not be purchased from the Credit Union and may be purchased from an agent or an insurance company of the member’s choice. Business conducted with Bichlmeier Insurance Services, Inc. is separate and distinct from any business conducted with LAPFCU.