IN Bethel Park Spring 2018 - Page 15

INDUSTRY INSIGHT YOUR FINANCES SPONSORED CONTENT ARE YOU READY FOR A Financial Emergency? T he wrath of natural disasters has been on full display this past year as hurricanes, earthquakes, wildfires and floods have ravaged large swaths of the world. While our first thoughts go to the victims of these tragic events and the challenges ahead for recovery, it may also cause you to step back and think about your own preparedness for a natural disaster. If you’re feeling underprepared from a financial standpoint for the possibility of an unwelcome weather event, consider creating an emergency plan. CREATE A PLAN Just as you plan ahead for your retirement or children’s college tuition, you need to prepare for risks related to a financial emergency. Any type of unforeseen event could jeopardize your financial security. Work with your financial advisor, estate planner and attorney to identify and address potential financial risks. PROTECT YOUR PROPERTY One common concern in such events is catastrophic damage to your home. Start by making sure your property is appropriately insured. Review your homeowner’s insurance policy to make sure there is sufficient coverage for unforeseen events. Remember that typical home insurance does not include coverage for flood damage, which needs to be purchased separately. Home owners may assume they are not at risk of such damage, but unusual circumstances might mean your risk is greater than you think, so it’s best to double- check. Those who rent their living space should consider renter’s insurance to protect property. In the case of disasters like a flood or tornado, you want to make sure you have sufficient coverage for possessions, including valuables, vehicles (e.g. cars, boats, ATVs), and technology. Maintain good records of the valuable items you own and keep them in a safe place. It can be helpful to take pictures of your property before an event occurs, as well as after, to help you in the insurance claims process. ESTABLISH YOUR EMERGENCY FUND A general rule of thumb is to have at least three to six months’ worth of expenses saved in case of an emergency. Consider saving more if you have children or live in an area where severe weather threats are more common. Keep these funds in accounts that offer liquidity, like a money market fund or in bank savings. Make sure you have some cash on hand in case power outages or other issues prevent ATMs from working. The money you set aside could be used for temporary housing, medical care or to cover your essential expenses if you’re unable to return to work. The funds can also jump-start your relief and clean-up efforts. SAFEGUARD YOUR FINANCIAL INFORMATION When unanticipated events occur, you will need access to you "f6f&FBW'6FVFf6FF7VVG27F&P6W2bW"7W&6RƖ6W2f666VB7FFVVG2VF6f&F666V7W&G6&G2G&fW.( 2Ɩ6V6W277'G2BFW"'FB&V6&G26V7W&R6F7V62&6fWGFW6@&"6V7W&RVV7G&2fVBfpF7VVFF&VFǒf&Rw0RFV6ǒfW&gW"FVFGBv&F&VvW"VW&vV7gFW"F67FW 7G&W2&V6VBWfVG2&R&V֖FW"bFP'F6RbfrVW&vV7f66RFV&FV7BPv7Bv'7B66R66V&2F2GW7G'6vBv2w&GFV'FB'FदFB'F2f6Gf6"vFW&&6Rf66W'f6W22&WFV&P7V6ƗW2f6rB76WBvVVB7G&FVvW26F7BF( 2ff6RBC"3c#CWFV6#"6FVBBf'B6V6&B7VFR#GG6'W&vS#C"2vV'6FR@wwrW&&6VGf6'26FB'FF2Ɩ6V6VB&Vv7FW&VBFF'W6W72vFR2&W6FVG2ǒFR7FFW2bub4d2"42BdखfW7FVBGf6'&GV7G2B6W'f6W2&RFRf&RF&VvW&&6Rf66W'f6W22&Vv7FW&VBfW7FVBGf6W"W&&6Rf66W'f6W22V&W"d$B42*#rW&&6Rf62&vG2&W6W'fVB` P0 PФFB'Ff6Gf6 W"FW&Pf'B6V6&B7VFR#GG6'W&vS#CC"3c#CWB# FB'Fb6ЦW&&6VGf6'26FB'FॖW"W'6f6v0FW6W'fRW'6&6W&&6Rf66W'f6W22V&W"d$B42*#W&&6Rf62$UDT$)ـ5$r#0