Money Talks October 2022 | Miriam Bribiesca

Protect Your Finances From Natural Disasters

Protect Your Finances From Natural Disasters

Heat waves causing wildfires, tornados wreaking havoc in small towns, and most recently, Hurricane Ian making landfall on both Puerto Rico and Florida. The wave of natural disasters left thousands of people without a home or anything to their name. 

Toca madera to cast away any bad juju, but while many do not deal with the effects of natural disasters, these pointers provide insight in case tragedy strikes. No one accounts for the financial distress being it affects people the most! 


Create A Financial First Aid Kit

Similar to a first aid kit, this financial first aid kit makes the recovery process smoother. Set aside a water-resistant bag. Ensure it contains money, and important documents following a disaster. 

A few recommended documents include financial statements, utility bills, and credit card statements. If they’re not stored digitally; insurance policy account numbers, health insurance cards, medical records, and wills should also be packed. Latin@s know how to store away documents and money for rainy days. However, this ONLY accounts for emergencies. This kit should not be used as a means of a life savings.


Take Advantage of Emergency Resources

When tragedy strikes, people come together to help each other out.  Nope, chisme does not drive our community. 

Emergency assistance is one of the first places you will most likely have to lean on. Seek support through your local government and programs created for that time of need. Places like Federal Emergency Management Agency, Disaster Assistance Improvement Program and the American Red Cross make all the difference.

Become familiar with the work they currently do for your community and learn to contact them even before you need the support.   


Understand Your Insurance Benefits

Photos of your property provide visual evidence of your space before a disaster and after. Include images of any big-ticket items. Insurance might cover these items if anything happened to them. 

Understand your benefits! Policies do not always include floods and earthquakes in traditional homeowners’ policies. This means additional protection for your home through programs or private insurance will be needed. Avoid being el perro de las dos tortas whose left with nothing to claim because you didn’t update your insurance. 

Upgrading your home/standard of living means upgrading your insurance. 

When it comes to natural disasters, praying to la virgencita does not solve anything. Safeguard yourself from financial hardship if you do not have a strong foundation to float on.

Start NOW and set goals to reach. This is your chance to create a financial life raft to stay afloat! We make it easier with the SUMA App! Download it now to not only obtain an overview of your finances but also to obtain reminders and tips on how to reach your financial goals! 


Let’s go!

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