Even if Hurricane Joaquin fails to strike with full hurricane force, it will leave much of the East Coast with severe rains and likely flooding, so it pays to prepare. This evening, NBC News included my advice in its report recommending that viewers have their insurance “go kits” ready in advance. I like the metaphor of the “insurance go kit” because just as your physical “go kit” should be stocked with batteries, bottled water and other supplies, your insurance files should be ready to go on a moment’s notice.
That is because what you do in advance of a disaster will determine if your insurance claim is paid in a timely manner or paid at all. You need to set yourself up for success by ensuring you have appropriate coverage for your risks and that you can substantiate your losses, when needed. You need to have a flood insurance policy for thirty days before coverage takes effect, so if you are not appropriately insured, it may be too late for this storm, but start to put a plan in place for the next one.
Meanwhile, there are some basic steps you can take to be ready. If you have not already done so, give your insurance carrier wire instructions to electronically deposit paid insurance claims into your bank account. In the event of a severe storm, it may not be possible, or even safe, for you to retrieve a paper check and deposit it at your bank. Electronic banking services can reduce the risk of your cash flow disruption and are easy to set up. Thanks to Kristin Wong of NBC News for informative and helpful reporting.