Emergency
Financial Toolkit
Financial Planning for Women
March 2, 2016
Dr. Jean Lown
Being Ready for
Disaster is More
Than Storing Water
& Supplies
You also need to be financially ready.
Today’s program will present tools for
developing a Portable File of Important
Documents, & an Online Household
Inventory accessible from any computer, to
supplement your “grab & go kit.”
What Disaster Risks Do Utahns
Face?
It Won’t Happen To Me…
Is NOT An Emergency Plan
Utah has:
Earthquakes
Floods
Wild fires
Wind storms & even a tornado!
Winter storms- snow collapsing roof, heat cut-off
causing pipes to burst…
Landslides & debris flows…
A recent gas leak in California forced families out of
their homes for months!
Natural Disaster= $ Problems
• If you think your household finances are
invulnerable to disaster, think again.
• A flood, fire, or earthquake can wipe out
savings.
• Resolve to secure your finances from
unexpected events of nature.
You may have a 72 hour
emergency kit, but…
• Your cell phone & lap top batteries are
dead…
• Your financial records are not accessible
• You can’t remember your passwords…
• You need access to: insurance info,
financial accounts, etc.
5 Steps To Protect Home & Finances
1. Get the right insurance (April & May FPW)
2. Keep "emergency fund" cash
3. Safeguard your home & property
4. Inventory your household possessions
5. Protect important financial documents
1. Get the right insurance
FPW April 13: Life & health insurance
speaker
• Review policies
• Know difference between replacement
cost coverage & standard coverage
(actual cash value)
• Earthquake & flood damage NOT covered
by HO insurance
– These risks are specifically excluded
– Buy separate coverage!
2. Emergency Cash
• Small denomination bills
• ATMs & credit/debit cards may not work if
power out or hacker attack
• Other ideas?
3. Safeguard Home & Property
• Wildfire: Create defensible space
• Earthquake: Retrofit house by securing to
foundation
• Remove/trim trees likely to blow onto
house
• Riverside? Shore up bank with rocks
• Other examples?
4. Inventory Your Household
Possessions
• Written & visual record of major household items &
valuables
– Include contents of basement, attic, garage
– serial numbers & receipts for appliances & electronics
– Have jewelry and artwork appraised.
• Home inventory: www.knowyourstuff.org
– Know Your Stuff® software: Insurance Information
Institute's free online home inventory software.
– Free, secure online storage: have access to your
inventory anywhere, any time.
5. Protect Important Financial
Documents
• Compile an inventory of financial
documents
– Financial accounts, wills, credit, mortgage…
• HO: Creating a portable file of important
documents
– Originals in safe deposit box
• Where is the key?
• Home safe? (how secure?)
– PDFs on thumb drive or in cloud
Emergency Financial First Aid
Kit (EFFAK)
• The Emergency Financial First Aid Kit (EFFAK)
Use EFFAK to identify your important documents,
medical records, and household contracts.
– include pictures or a video of your home &
belongings; keep your documents in a safe space.
• https://www.ready.gov/financial-preparedness
• Following an emergency, having your personal
documents & contact information easily available
can make your recovery quicker & less stressful
EFFAK: Checklists & forms
• Fill out online & save electronically
• 4 sections with a checklist & forms:
1. Household Identification
2. Financial & Legal Documentation
3. Medical Information
4. Household Contacts
EFFAK has Tips on:
• Safeguarding important information
– https://emilms.fema.gov/IS909/assets/11_Saf
eguardingValuables.pdf (pages 3-4)
• What to do in the event of a disaster or
emergency
• How to support community resilience
EFFAK Checklists and Forms
• Emergency Financial First Aid Kit (EFFAK)
Checklists and Forms (21 pages)
http://www.fema.gov/media-library-data/144131366000638b0760a58131b871d494ddacbf52b6e/EFFAK_2015_F
orms_508_enabled.pdf
• Checklists of important documents,
personal & family info
– Also very helpful in death of family member
Financial & Legal
Documentation
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•
•
•
•
•
Mortgage/rent/utility payments
Credit/debit card accounts
Insurance policies & agent info
Sources of income
Tax records
Others?
Critical Financial Information
• Identify financial records & obligations
– need proof of income to apply for FEMA disaster assistance
• Re-establish your financial accounts if checks are
destroyed or online access methods are disrupted
• Maintain payments and credit
• Provide contact information for your insurance company
to discuss damage and repairs
• Contact utilities regarding outages & restoration
• Apply for FEMA disaster assistance benefits
Financial Obligations
• In an emergency or disaster, you are still
responsible to pay mortgage regardless of the
condition of your house or its habitability!
• You are responsible for paying credit card bills.
– Failing to remain current with payments could
negatively affect credit when you need credit the most.
• If you lose income and can’t pay bills, call
lender/card issuers ASAP to explain situation.
– Most lenders/card issuers will work with you to
accommodate your situation in an emergency.
Vehicle & Other Loans
• Loan payment info
– Amount, when due, where to send
• Vehicle destroyed? Still must pay loan/lease
• Insurance documentation
• Credit cards
• Student loans
Housing: Rental or Mortgage
Documents
• Proof of rental/mortgage contracts
required to receive Federal disaster
assistance.
• More than one mortgage or HELOC?
Need documents for all
• Utility bills (electric, water, gas)
Medical Information
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•
•
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Physician info
Copies of health insurance cards
Immunization records
Provide doctors with health info if medical
care is needed
• Ensure existing care continues
Personal Action Plan: commit & set date to start
Other Ideas & Suggestions?
Share the news about FPW
• New attendee?
• Did you bring someone new?
• Program repeated tonight at USU Family
Life Center, 493 N 700 E, Logan (Tudor
style house at bottom of old main hill; free
parking)
Upcoming Programs
• April 13: Life and Health Insurance with guest
expert Eric Hatfield
• May 11: Protecting your Home with Insurance
– HO insurance, flood & earthquake coverage
• June 8: Mutual Funds for IRAs and other goals
• July 13: Great Ways to Save for College
Got financial questions?
http://fpwusu.blogspot.com/
• Check out blog for answers to questions or
to learn more about financial topics.
• FPW website: http://www.usu.edu/fpw
– Past presentations available
• http://www.facebook.com/FinancialPlanningforWomen
• Sign in! Each FPW attendance January –
March earns one entry in drawing for a
financial consultation