Federal Emergency Management Ageny - After A Disaster - Recover Financially

At a glance..

A disaster can cause significant financial loss. Your apartment or home may be severely damaged or destroyed. You may be forced to live in temporary housing. Income may be cut off or significantly reduced. Important financial records could be destroyed. This brochure can help you minimize the financial impact of a disaster.

The details..

When disasters strike, people are often at a loss for what to do next. This book aims to help those affected by natural or other disasters minimize their financial impact through practical advice. The National Endowment for Financial Education (NEFE), the American Red Cross, and the Federal Emergency Management Agency have collaborated in preparing this brochure that offers three immediate steps one should take when disaster strikes.

The first step is ensuring your residence is safe before removing any valuables you may have left behind. You must also be aware of potential hazards around your home until they can be stabilized temporarily with repairs such as patching roofs or boarding up windows. Notify your insurance company of your loss so it can give you an upfront check if necessary while advising you about making emergency repairs.

If you have renters' or homeowners' insurance coverage, it's essential to conduct an inventory list of damaged property and possessions destroyed during the calamity accurately. To prove that a loss took place and confirm its value, follow these steps: make preliminary lists; compare them against pre-disaster inventories; review surviving photographs/videos taken in/around homes; draw floor plans/sketches of interiors; collect receipts/canceled checks/invoices proving lost possession values.

Reconstructing lost records could prove challenging but vital when filing claims with insurers/taking tax deductions/applying for government aid programs due to losses incurred during disasters like floods/hurricanes/wildfires/etcetera. Contact lenders/contractors/probate courts/county assessors/I.R.S., requesting copies/transcripts/forms needed where applicable.