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Financial adviser offers hurricane season tips
Local 10 Investigates
Richard Ehrich: A few simple steps can help prevent headaches
The latest stories from Local 10's investigative team.
Author: Samantha Bryant, Local10.com Intern,
[email protected] Published On: May 29 2015 06:02:46 PM EDT
Updated On: May 29 2015 06:04:00 PM EDT
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BOCA RATON, Fla. - Hurricane season in Florida requires ample preparation for rainy weather and tropical storms. Without proper planning, hurricane season can leave behind significant damages to consumer’s property and pockets. Richard Ehrlich, founder and senior adviser atSecure Wealth Planning Group in Boca Raton, is a 20 year veteran of the Financial Services Industry. "Most people prepare for hurricane season by stocking up on supplies, like water and canned goods," Ehrich said. "They often don't think about their finances until it's too late." Ehrlich, an independent financial adviser, helps Quick Clicks
individuals, retirees and business owners prepare for their financial futures. He said, "A few simple
New 2015 Hurricane Guide Optimized
steps can help prevent headaches and restore life back to normal after a storm."
1.Check Your Insurance You should consider what you need for insurance now - you might not have a chance to do that right before a storm hits. You’ll want to make sure all of your policies (home, life, auto) are up to date and check for any potential lapses. Does your insurance include replacement costs? Replacement coverage costs slightly more, but it means you will be reimbursed for what you would have to pay to buy a new couch, or refrigerator, etc. If your insurance only covers "actual cash value," you would get less from your insurance company for an older item, because of depreciation.
2.Enroll in online banking and direct deposit
Watch out for scams If you’re not enrolled in online banking, you might have a hard time if roads are closed, or you have to evacuate to another city. Enroll now- and make sure you know your log-in and password information for all your accounts. I also recommend my clients use direct deposit for paychecks or social security deposits. Direct deposit is also a good practice, because it helps prevent fraud.
3. Stock emergency cash
Alongside financial preparation, consumers should be mindful of the scams that may follow after a major storm. "Unfortunately, scammers use disasters to prey on consumers, and even though we cannot stop a
Speaking of your banking needs, it is a good idea to have some emergency cash on hand. Banks and ATMs may not be up and running for days after a strong storm or hurricane. I recommend my clients have 3-5 days’ worth of spending money, just in case. This is just another example of why it is so important to have an emergency fund.
4. Organize Papers
hurricane from making landfall, there are a few things consumers can do to make sure they are not victimized in the wake of a storm," Attorney General Bondi said. To learn more information about
Think about the financial paperwork you would need if you were unable to go home for several weeks. Things like health, life and property insurance policies, credit and bank account information, vehicle registration as well as real estate deeds. You may need these documents to start filing claims after a hurricane so be sure to have them along with account numbers and claims contact information.
5. Create Secure Storage
how you can prepare for hurricane season and protect yourself from storm-related scams, download the Attorney General’s Hurricane Preparedness Guide here or request a printed copy by contacting the Citizen Services hotline at 1-866-9-NO-SCAM.
Put all of your important documents and emergency cash in a locked, waterproof and fireproof container that you can take with you in case you are evacuated. For many people, one of the most stressful parts after a disaster is finding documents and policies and knowing where to call. You can save yourself a lot of time and headaches by putting all these documents in one place now.
Follow Local 10 News Intern Samantha Bryant on Twitter @SheReportsNews
Comments The views expressed are not those of this company or its affiliated companies. Please note by clicking on "Post" you acknowledge that you have read the Terms Of Service and the comment you are posting is in compliance with such terms.
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