Financial Tips To Prepare For Disaster

  • Oct 31, 2007

The Illinois CPA Society offers tips for preparing and coping with the financial implications of a disaster:

1. Establish an emergency fund and save until you have enough for six months of basic expenses.

2. Check your home insurance coverage and address any shortfalls. Be sure you understand the exact coverage for flooding; you may need further coverage for basement sewer back-up or surface water flooding.

3. Inventory your household possessions by making a video recording and a back-up list of everything you own; you could also create a photo catalog. If disaster strikes, this documentation could:

  • Help you prove the value of what you owned if the possessions are damaged or destroyed.
  • Make it more likely you'll receive a fast, fair payment from your insurance company for your losses.
  • Provide evidence for tax deductions you claim for your losses.

4. Buy a lockable, durable "evacuation box" to easily grab in an emergency. Also make copies of the contents for a safe deposit box at another location; let a close relative or someone you trust know where it can be found. The box should be large enough to carry the following items:

  • A small amount of traveler's checks or cash.
  • A portable back-up of your computer hard drive, including your financial software files.
  • A flash drive back-up of irreplaceable personal photographs (or their negatives).
  • A flash drive of pdf copies of important documents and prior year tax returns.
  • Copies of important prescriptions for your entire family, including pets.
  • Health, dental or prescription insurance cards or information for your entire family and pets.
  • Copies of your auto, flood, renter's or homeowner's insurance policies (or at least policy numbers).
  • A list of the numbers and contact information for bank accounts, loans, credit cards, driver's licenses, investment accounts and Social Security cards.

5. Have daily essentials easily on hand in a place where they can be found quickly -- your driver's license, automated teller machine cards, a credit card and debit card.

"We all like to think we're ready for anything, but chances are we keep putting off tedious tasks like checking our home owner's insurance or making a list of important household items," said Elaine Weiss, President and CEO of the Illinois CPA Society. "Unfortunately, the disaster experienced by Californians should serve to remind us that a little preparation goes a long way when you're in the midst of a crisis that could have serious financial repercussions." She also recommends consulting a CPA or other professional advisor with questions and to get overall advice for planning ahead or creating a recovery plan.

Featured

  • The Evolution of IP Camera Intelligence

    As the 30th anniversary of the IP camera approaches in 2026, it is worth reflecting on how far we have come. The first network camera, launched in 1996, delivered one frame every 17 seconds—not impressive by today’s standards, but groundbreaking at the time. It did something that no analog system could: transmit video over a standard IP network. Read Now

  • From Surveillance to Intelligence

    Years ago, it would have been significantly more expensive to run an analytic like that — requiring a custom-built solution with burdensome infrastructure demands — but modern edge devices have made it accessible to everyone. It also saves time, which is a critical factor if a missing child is involved. Video compression technology has played a critical role as well. Over the years, significant advancements have been made in video coding standards — including H.263, MPEG formats, and H.264—alongside compression optimization technologies developed by IP video manufacturers to improve efficiency without sacrificing quality. The open-source AV1 codec developed by the Alliance for Open Media—a consortium including Google, Netflix, Microsoft, Amazon and others — is already the preferred decoder for cloud-based applications, and is quickly becoming the standard for video compression of all types. Read Now

  • Cost: Reactive vs. Proactive Security

    Security breaches often happen despite the availability of tools to prevent them. To combat this problem, the industry is shifting from reactive correction to proactive protection. This article will examine why so many security leaders have realized they must “lead before the breach” – not after. Read Now

  • Achieving Clear Audio

    In today’s ever-changing world of security and risk management, effective communication via an intercom and door entry communication system is a critical communication tool to keep a facility’s staff, visitors and vendors safe. Read Now

  • Beyond Apps: Access Control for Today’s Residents

    The modern resident lives in an app-saturated world. From banking to grocery delivery, fitness tracking to ridesharing, nearly every service demands another download. But when it comes to accessing the place you live, most people do not want to clutter their phone with yet another app, especially if its only purpose is to open a door. Read Now

Most   Popular

New Products

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.

  • Compact IP Video Intercom

    Viking’s X-205 Series of intercoms provide HD IP video and two-way voice communication - all wrapped up in an attractive compact chassis.

  • FEP GameChanger

    FEP GameChanger

    Paige Datacom Solutions Introduces Important and Innovative Cabling Products GameChanger Cable, a proven and patented solution that significantly exceeds the reach of traditional category cable will now have a FEP/FEP construction.