Financial Emergency Preparedness

Have you ever thought of financial emergency preparedness? We are often told to be prepared for a storm or an electrical outage, but finances are not mentioned. What happens if there is a fire, a theft or maybe a death? 

In a natural disaster your important documents could be totally destroyed. Sales receipts and contracts should be filed for easy access if an insurance claim is necessary. The originals should be kept in a safe place with a copy filed elsewhere for the best protection. Take an inventory of your belongings, or better yet video tape your household items. If you need to file a report with the insurance company one does not remember the items you owned until you go to use it and it is gone. The video will show the items you own so that a full report can be made to the insurance company. 

Theft can occur in an instant. Do you have a list of credit and debit card numbers, copies of recent statements, and company contact information? This information is necessary so you can quickly report stolen cards before they are used unlawfully. For easy access to this information photocopy the front and back of each credit and debit card. You will also want to have a recent property inventory completed with serial numbers to help in getting stolen property returned. This would include electronic items and firearms. 

Does your spouse and adult children or any others who would need to handle you financial affairs know the location of all papers, contracts, documents, policies, and other needed information? It is recommended that you buy a portable fireproof box if you do not have one.  Keep important papers in the box so that you can grab it at a moment’s notice if you must evacuate.  Tell others where the box is located so that in the event of a death these important papers can be easily located. 

For more information on suggested items you should keep contact your local Extension office or go to www.ext.colostate.edu and download Financial Emergency Preparedness fact sheet No. 9.156. 

By Jennifer Wells
Southeast Area Family and Consumer Science Agent
Phone: (719) 254-7608
Jennifer.Wells@colostate.edu