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Dont Let Hurricanes Blow Away Your Retirement Plans: A Guide to Financial Preparedness

Dont Let Hurricanes Blow Away Your Retirement Plans: A Guide to Financial Preparedness

August 27, 2023

Hurricanes are powerful and unpredictable natural disasters that can cause significant damage to your home, business, and finances. According to the National Oceanic and Atmospheric Administration (NOAA), the 2023 Atlantic hurricane season is expected to be above-normal, with 15 to 21 named storms, 7 to 10 hurricanes, and 3 to 5 major hurricanes. Therefore, it is important to be prepared and take steps to protect your finances before a hurricane strikes.


At Intellicapital Advisors, we care about your financial well-being and security. That's why we have compiled a financial checklist to help you prepare for a hurricane.  Whether you are a family or a small business owner, this checklist will help you prepare for a hurricane financially and minimize the impact of the storm on your finances.


## Financial Checklist for Families


If you are a family, here are some steps you can take to protect your finances before a hurricane:


**Create or update your emergency fund**.


You should have enough money saved to cover at least three to six months of living expenses in case you lose your income or face unexpected costs due to the storm. You can use an online savings account or a tax-free money market fund to store your emergency fund .


**Review your insurance policies**.


Make sure you have adequate coverage for your home, car, and belongings. Check the deductibles, exclusions, and limits of your policies. If you live in a high-risk area, you may need to purchase flood insurance or windstorm insurance separately.


**Gather your important documents**.


You should have copies of your identification, bank statements, insurance policies, tax returns, wills, and other financial records in a safe place. You can also scan them and store them online using a secure cloud service or a password-protected flash drive.


**Pay your bills in advance**


If possible, pay your mortgage, utilities, credit cards, and other bills before the hurricane hits. This will help you avoid late fees, interest charges, and damage to your credit score. You can also set up automatic payments or alerts for your bills.


**Prepare a cash stash**


You may not be able to access ATMs or use credit cards during or after the storm. Therefore, it is wise to have some cash on hand for emergencies. You can withdraw some money from your bank account or use a cash-back option at grocery stores or gas stations.


## Financial Checklist for Small Businesses


If you are a small business owner, here are some steps you can take to protect your finances before a hurricane:


**Create or update your business continuity plan**.


This is a document that outlines how your business will operate during and after a disaster. It should include information such as your key contacts, backup locations, emergency procedures, and recovery strategies.


**Review your business insurance policies**.


Make sure you have adequate coverage for your property, equipment, inventory, and income. Check the deductibles, exclusions, and limits of your policies. You may need to purchase additional insurance for flood, windstorm, or business interruption.


**Gather your important documents**


You should have copies of your business license, tax records, contracts, invoices, and other financial records in a safe place. You can also scan them and store them online using a secure cloud service or a password-protected flash drive.


**Pay your bills in advance**


If possible, pay your rent, utilities, suppliers, employees, and other bills before the hurricane hits. This will help you avoid late fees, interest charges, and damage to your reputation. You can also set up automatic payments or alerts for your bills.


**Prepare a cash stash**


You may not be able to access ATMs or use credit cards during or after the storm. Therefore, it is wise to have some cash on hand for emergencies. You can withdraw some money from your business account or use a cash-back option at grocery stores or gas stations.


We hope this checklist helps you prepare for a hurricane financially. If you have any questions or need any assistance with your financial planning, please contact us at Intellicapital Advisors. We are here to help you achieve your financial goals and dreams.


Stay safe and take care! 😊