INDUSTRY INSIGHT
YOUR FINANCES
SPONSORED CONTENT
ARE YOU READY FOR A
Financial Emergency ?
The 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 doublecheck . 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 your financial information and personal identification documents . Store copies of your insurance policies , financial account statements , medical information , Social Security cards , driver ’ s licenses , passports and other important records in a secure location such as a bank safety deposit box or a secure electronic vault . Having documentation readily available allows you to quickly verify your identity and work through your emergency plan after disaster strikes .
Recent events are a reminder of the importance of having an emergency financial plan in place to help protect you against worst-case scenarios .
This Industry Insight was written by Jonathan D . Martin .
Jonathan D . Martin is a Financial Advisor with Ameriprise Financial Services , Inc . in Bethel Park , PA . He specializes in financial planning and asset management strategies . Contact Jonathan ’ s office at 412.831.6240 , extension 202 , located at 88 Fort Couch Road , Suite 210 , Pittsburgh , PA 15241 , or on his website at www . ameripriseadvisors . com / jonathan . d . martin . Jonathan is licensed / registered to do business with U . S . residents only in the states of PA , OH , WV , AZ , CA , FL , IL , IN , NC , NJ , OR , SC and VA .
Investment advisory products and services are made available through Ameriprise Financial Services , Inc ., a registered investment adviser .
Ameriprise Financial Services , Inc . Member FINRA and SIPC . © 2017 Ameriprise Financial , Inc . All rights reserved .
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Jonathan D . Martin Financial Advisor
88 Fort Couch Road , Suite 210 Pittsburgh , PA 15241 412.831.6240 ext . 202 jonathan . d . martin @ ampf . com ameripriseadvisors . com / jonathan . d . martin
Your personal financial goals deserve a personal approach .
Ameriprise Financial Services , Inc . Member FINRA and SIPC . © 2018 Ameriprise Financial , Inc .
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