In recognition of National Preparedness Month, Spencer Savings Bank and the Independent Community Bankers of America® (ICBA) are reminding consumers to take proactive steps to safeguard their financial well-being and better prepare for, and recover from, unplanned life events.
ICBA and Spencer Savings Bank offer several financial preparedness tips as customers prepare and regain their financial wherewithal following a natural disaster.
- Establish an emergency fund specifically for crises and keep some cash on hand in case ATMs or digital banking services are temporarily down.
- Secure essential documents such as insurance policies, property deeds, and medial powers of attorney in a waterproof and fireproof container or digitally on a secure platform.
- Maintain an up-to-date inventory of personal and household valuables and use photo or video to document their value and determine replacement costs.
- Prepare backup communications plans if both cellular and landline services falter.
Evaluate your coverage for natural disasters, especially flood insurance, which is often separate from homeowners’ policies. Consult your insurance agent or visit Federal Emergency Management Agency’s (FEMA) website for more information and to download an Emergency Financial First Aid Kit with additional resources to get started planning today.