HURRICANE SEASON IS HERE

Here are financial preparations you should make before a hurricane strikes:

• Cash on hand – In case power goes out and ATMs are not working, be sure to have some cash on hand. We recommend as much as $50 per person.
• Debit and credit cards – If you do have to evacuate, in addition to cash, be sure to take debit and credit cards with you, as well as personal checks.
• Checking in via the Web – Set up a Web Banking account so you can conduct banking activities and keep in touch with your bank from an evacuation site.
• The essentials – Be sure copies of important documents are saved in a secure location – such as your bank lockbox – in addition to saving copies in water-proof containers at home.

If you’re a homeowner who has built up equity in your home through home value appreciation, another option for preparing for an approaching hurricane is to use your Home Equity Line of Credit to purchase materials (shutters, wood boards, etc.) that can protect your property and could lower your home insurance costs.

Business owners should prepare for the unexpected, which could include power outages, business closings – or even serious structural damages. Your emergency plan should be tailored to meet the needs of your company, but planning for the worst will mean getting your business back up and running faster.

Here are some things to keep in mind:

• Communication – Be sure you have a system in place to communicate with your employees – and your customers – about your business status.
• Information protection – We all know the importance of backing up important data – make sure you have a data recovery plan. Also make sure that sensitive information is secure.
• Documentation – Document assets using a digital camera, a pen-to-paper or key-to-screen list. Make sure the files you capture are saved in several locations.
• The essentials – Be sure copies of important information are saved in a secure location.