How to protect your money during Hurricane Milton and other natural disasters

Hurricane Milton is on track to make landfall in Florida on Wednesday evening. While common emergency measures include stockpiling water and non-perishable goods and following evacuation orders, preparing your personal finances is also important in the lead-up to a natural disaster.

If you need to evacuate quickly, here’s what you need to keep your money safe.

Make sure you have access to cash

Keep some cash somewhere safe in your home. A severe weather event like Milton has the potential to knock out power and render ATMs and credit card processors unusable.

You may have to pay for gas, food, water, a hotel room, or other incidentals during an evacuation. Have enough cash on hand to at least get you to safety. Once you are outside the affected area, you can use your debit or emergency credit card to pay for basic necessities.

Keep all your receipts for living expenses until you can return home. Although you may incur some costs, the Federal Agency for Emergency Management provides various forms of financial assistance for evacuees from climate disasters, including temporary housing. Other organizations may be able to assist with costs not covered by FEMA.

While you have WiFi, do yourself a favor and update all your money apps

If your banking app or other financial app is not up to date, it may not work. This can be difficult in the best of circumstances, but if a storm like Milton hits your area, you could lose power or reception and not be able to update.

Make sure you have important numbers in your contacts

In addition to writing down important phone numbers, add any insurance, utility, or other important numbers to your contacts app. Please include your policy number and account in the information section.

Include the last name as a category. For example, for Progressive Auto Insurance, enter “car insurance” in the last name field. When you are stressed or panicking, it is difficult to remember the name of the company that insures you. But if you can find the information with a quick search, it can relieve some stress.

Which documents do you need to take with you during an evacuation?

While you can backup important documents to a cloud-based service, you may very well be limited by cell service and internet outages. That’s why it’s a good idea to keep physical copies of important documents and other important information that you may need to access.

In the event of an evacuation order, there will be very little time to pack, so it is crucial to get your paperwork collected before you are hit by a severe weather event. Some documents you will need to collect include:

• Driving licenses and applicable change of address attachments
• Passports
• Social security cards
• Birth certificates
• Credit and debit cards
• Mortgage account information or lease
• Information about utilities/recurring bills
• Medical information and proof of vaccinations
• Tax information
• Information about insurance policies
• Deed of car(s) and house
• List of telephone numbers (family, work, lenders, service providers)
• Wills and other legal documents

Make sure you collect these documents for the whole family, including your partner, parents, siblings and children. And don’t forget the paperwork for your pets. During an evacuation, it is common to use boarding facilities for your pet, and this often requires proof of vaccinations.

If you are prepared, it may be possible to take small valuables with you during an evacuation. Bring a go-bag with your papers and a list of valuables so you can retrieve them quickly. Consider bringing a solar-powered phone charger and anything you need to survive for a few days or weeks, such as medications. Being prepared will ensure you don’t miss anything important.

To supplement your insurance coverage, keep an inventory of the items in every room of your home. This helps keep track of items for insurance purposes in case they are damaged or stolen. Check out our guide to documenting your belongings in emergency preparedness for more information.

How to protect your home financially

Check your homeowners insurance policy to make sure coverage won’t lapse. In the event of a natural disaster, you want to be sure that your insurance is active.

Typical homeowners policies cover certain damages from hurricanes, tornadoes, hail, wind, lightning and volcanoes. Keep in mind that damage from floods, earthquakes, and mudslides is typically not covered by a traditional policy.

If your home is located in a FEMA-designated Special Flood Hazard Area (SFHA), you are required to purchase flood insurance. But you might consider it if you are in an area that has recently experienced storms.

Consider your local risk factors and keep an eye on drainage issues and any problems that arise during heavy rains in your home and neighborhood. Stay alert and switch to flood coverage if you suspect your home is becoming vulnerable to severe weather events as they become more common.

Don’t forget to protect your car

If you have a car, you can use it to evacuate. If you know in advance of an impending storm, it is a good idea to refuel or charge your car in advance.

Think about the routes you would take in an emergency evacuation. You want to stay safe, but you also want to avoid expensive and unnecessary damage to your vehicle. Discover areas prone to flooding, mudslides or fallen trees, and plan feasible alternate routes in case some roads become blocked. You don’t want to drive through a puddle that is deeper than it looks. It may also be worth keeping some paper copies of maps in your car.

You normally need comprehensive car insurance to be covered for damage from floods, storms or wildfires. A simple collision and liability are not enough.

How you handle your work

Write down all the phone numbers and email addresses of people you regularly interact with at work, and keep them with your other important documents. If you use a work computer or have another essential work item, take it with you when you evacuate as you don’t know how long it might take to return home.

If you evacuate, contact your boss and let them know what happens as soon as it is safe to do so. Together you come up with the best action plan for the future. In the same way, reach out to customers or teammates who rely on you to maintain your business relationships.

Beware of scams and disaster relief

Another harsh reality of climate disasters is that they come with a host of scammers. Familiarizing yourself with the characteristics of some common scams can help you identify nefarious post-evacuation activity when your focus is likely to be compromised.

The Consumer Financial Protection Bureau recommends that disaster survivors watch out for certain suspicious behaviors when accepting help after a severe weather event.

One red flag includes organizations with names that sound like official government agencies. Also be aware of anyone who tries to sell an insurance policy after the fact or anyone who charges upfront for emergency assistance or loans. The agency also recommends not accepting help from contractors who offer door-to-door services, especially if they require immediate payment or offer discounts.

After you have evacuated, contact your mortgage lender or landlord, utility companies, and other service providers. They can often provide some form of assistance after a disaster. Along with FEMA, charities will likely be available to provide assistance. Take advantage of the resources at your disposal.