Continuously serving Kosciusko County since 1854
The weather here has been crazy this week. I think we have experienced all four seasons in just a few days.
Regardless of the weather, spring officially started this week, and spring here in Kosciusko County sometimes brings severe weather. Natural disasters and other catastrophes could require you to leave your home with little or no notice. That is why we believe every family should prepare what we call an “evacuation box.” This box should include your financial and estate documents in the event you need to leave your home in a hurry.
Starting off, let’s talk about the actual box. We aren’t talking about an oversized safe in this case. Your evacuation box really should be portable and light enough for you to grab quickly as you run out of your house. It should also be durable, fireproof and lockable. That way, in case there is a house fire and you are unable to grab it, the box should survive the fire. It is built to remain intact in case your home collapses on it.
What should you keep in your evacuation box?
First, you should keep cash or traveler’s checks in the box. You should have enough to live for an entire week from home. In the event of a natural disaster or world event, you can’t depend on ATMs to be fully functioning, so make sure you have some cash on hand. Additionally, you should have an extra credit card in the box.
Next, you should have copies of all your insurance policies. That includes your homeowner’s policy, your car insurance, your medical insurance policy, life insurance policies and disability insurance policy. The reason is that you need to have proof and assurance of what you’re covered for to cover all your bases. Also, you should have a contact list of the insurance agents and agencies that hold your policies to know who to talk to in case of an emergency.
Make sure you also include copies of all your legal documents, including wills, living wills and powers of attorney. You need your marriage and birth certificates, as well as passports and social security cards, included in the box to have them at the ready. It is suggested that you should hold on to your filed taxes for five years, but the three most recent years should be included in your evacuation Box.
You will also need to make sure you have documentation of your financial accounts. That includes the account numbers of your savings, checking, investment and retirement accounts. You need to be able to have access to your saved money in the event of a catastrophic event. You should also include the contact names and numbers of the banks and investment accounts along with your account numbers.
In case of a house fire, earthquake or any event where your house and possessions could be destroyed, it would be a good idea to have a household inventory so you can get the most out of your insurance claim. You can do this by videotaping all the rooms of your house from top to bottom. That way, you have documented the bulk of your belongings. You should also collect the receipts and appraisals of all your jewelry, heirlooms, antiques and artwork.
Some folks store their protected items they don’t need regular access to in a safety deposit box. If you have a safety deposit box, you should keep a spare key in the evacuation box. That way you are still able to access your protected belongings if you had to quickly leave your home.
Finally, you should always keep a backup copy of your family pictures on a CD or external hard drive. The durable, fireproof box will protect your belongings as well as it can, so in case of an emergency, you will be protected.
Important Disclosure: Jason Gergely is a Partner, Managing Director at Beacon Pointe Advisors LLC. The information contained in this article is for general informational purposes only. Opinions referenced are as of the publication date and may be modified due to changes in the market or economic conditions and may not necessarily come to pass. Beacon Pointe has exercised all reasonable professional care in preparing this information. The information has been obtained from sources we believe to be reliable; however, Beacon Pointe has not independently verified or attested to the accuracy or authenticity of the information. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not consider specific investment objectives or risk tolerance you may have. Past performance is not a guarantee of future results. Insurance payouts, terms and conditions vary by company and by policy. Please carefully review the details of any insurance policy and consult with a professional to ensure it meets your specific needs. All investments involve risks, including the loss of principal. Consult your financial professional for guidance specific to your circumstances.
