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Wells Fargo recommends financially preparing for this year’s hurricane season

Source: Live 5
Published: Jun. 1, 2022 at 4:54 AM EDT|Updated: Jun. 1, 2022 at 9:09 AM EDT
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CHARLESTON, S.C. (WCSC) - Hurricane season is officially upon us, and many people are getting prepared now.

The National Oceanic and Atmospheric Administration is predicting this hurricane season will be an above normal one.

Wells Fargo held a study and 71% of people said they don’t have a detailed emergency plan in place for natural disasters like hurricanes. The bank decided to create a list of financial ways to prepare beforehand.

Justin Hawkins with Wells Fargo South Carolina says getting access to temporary housing, cash, and other necessities is extremely important during a hurricane. Hawkins says to access all of this, you need money.

Natural disasters often take people’s minds off everyday life because they are in fight or flight mode. Once the storm has passed, the financial burden tends to catch up.

Wells Fargo created 6 tips that should help people prepare financially for a natural disaster. A few of those tips include maintaining an emergency fund, gathering key documents, and reviewing insurance policies.

Hawkins understands that right now there is a savings crisis with inflation and other factors, but a little saving can go a long way.

“Three to six months’ worth of savings is a key part of any household budget but it’s really important in the event of an emergency. Those are funds that you can draw on very quickly and it can easily be a lifesaver in the wake of a natural disaster,” Hawkins says.

Wells Fargo also suggests keeping a few hundred dollars in cash on hand for times when the local ATM might be out of service. The company also recommends taking photos of your property inside and out beforehand and seeking help after a disaster for financial recovery.

Wells Fargo’s 6 financial natural disaster tips:

  • Stockpile savings
  • Gather key documents
  • Protect your credit
  • Review your insurance
  • Gather key documents
  • Take a virtual inventory

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