by Karin Hall
Senior Vice President
Frost Commercial Banking
Hearing the first tornado siren of the season or tracking a hurricane’s path as it approaches the coast is a sobering
reminder that Texans are vulnerable to natural disasters that leave damage and disruption behind. We’re taught to prepare—buy a weather band radio, create an evacuation plan, locate a safe place to shelter, stock up on essential supplies—
but we may not be as ready for the financial stresses a disaster could bring. Prepare now to financially weather a natural
disaster.
Maintain a robust emergency fund.
A significant disaster could displace you from your home or business for weeks, even months, and damage or destroy your personal property and vehicles. While you wait for insurance payments, you could need funds to live on and begin to recover. That’s why financial experts suggest that you maintain an emergency fund equal to at least six months of living expenses in an account that is liquid and easily accessible, such as a money
market account.
Keep cash on hand.
In the wake of a disaster, large sections of your community could lose power, leaving you in the difficult position of paying cash for virtually every daily essential. Local ATMs may also be inaccessible because of damage or simply out of cash because of heavy use. To prepare yourself for these possibilities, keep enough cash in a safe place in your home to pay for a few days of necessities, such as food and gas.
Store documents safely.
Storing valuable hard copy documents in your home is convenient, but storage in a bank safe deposit box increases the likelihood your documents will survive anything Mother Nature brings your way. Store birth certificates, marriage and family records, adoption papers, wills, property deeds, insurance policies, passports, Social Security cards, immunization records, bank account and credit card information, and contracts in your safe deposit box.
Review insurance coverage regularly.
With the help of an insurance professional, examine your insurance policies—homeowners or renters, auto, and business property. This review will help ensure you have the right type of coverage for risks you are likely to face and the right amount of coverage for the value of your property, and will prevent unpleasant surprises if you need to file a claim.
Would you like to know more about Frost?
Contact Karin Hall at
713.388.1190 or
karin.hall@frostbank.com.
Investment and insurance products are not FDIC insured, are not bank guaranteed, and may lose value.Brokerage services offered through Frost Brokerage Services, Inc., Member FINRA/SIPC, and investment advisory services offered through Frost Investment Services, LLC, a registered investment adviser. Both companies are subsidiaries of Frost Bank.
Investment management services, financial planning and trust services are offered through Frost Wealth Advisors of Frost Bank. Additionally, insurance products are offered through Frost Insurance. Deposit and loan products are offered through Frost Bank, Member FDIC. Frost does not provide legal or tax advice. Please seek legal or tax advice from legal and/or tax professionals.