Financial Recovering after a Natural Disasters
No matter how well you plan, a natural disaster can strike in a at a moment's notice and devastate you emotionally as well as financially.
PREPARE NOW - NOT LATER - for a quick FINANCIAL recovery!
Plan Ahead for Your Safety
Anticipate the "what if's" and what you can do when and if it does.
TIPS for ADVANCED PREPARATION:
- Keep a thorough inventory of valuables in your home for insurance claims.
- What natural disasters are most common in your area?
- What can you do to lessen the chances of damage to your property?
- What local disaster relief and emergency resources are available to you? How can they be reached?
- Your state or city's internet homepage can provide you with names and phone numbers to keep on hand.
- Local fire departments supply information regarding evacuation routes and plans.
- Prepare for the worst—learn where local food banks and emergency shelters are located and how to get to them.
- Local phone books have information for local government agencies.
If Disaster Strikes:
- Disaster relief funds and counseling are available through the Federal Emergency Management Agency (1-800-621-FEMA), or your state and local governments.
- Agencies like the American Red Cross can assist you with many of the after effects of a natural disaster.
- If you need legal help, the Young Lawyers Division of the American Bar Association offers free legal aid for lower-income disaster victims.
- For those who can't work, disaster unemployment insurance is available through the state and the U.S. Labor Department.
Maintaining Financial Stability
In the wake of disaster, the immediate concerns are usually focused on damaged property—the house, the car, the office. But financial experts say that other problems can linger long after a disaster strikes. Our CCCS credit counselors suggest some helpful tips to remember:
- Maintain consistent debt management. Still in shock, people often get behind in paying the mortgage, utility and credit card bills. Letting credit-card bills lapse can lead to increased interest rates and late fees. Getting consumer credit help after a disaster also can be extremely important in helping you recover. Nonprofit consumer services such as a CCCS agency can explore your financial options with you.
- Organize important papers. Make sure to gather all the important documents—deeds, wills, bank statements, insurance policies, etc.—make copies and put them in a safe place.
- File insurance claims immediately. The sooner the paperwork is completed, the sooner you'll be on the road to recovery. If your home or car is damaged, contact your insurance company and make a claim.
- Contact the Internal Revenue Service. The IRS allows individuals to deduct some casualty losses from the year the loss occurred, or through an immediate amendment to IRS return the year before.
Again, preparation can lead to peace of mind and help with the financial effects you may encounter if a disaster strikes. And keep in mind, assessing your finances in advance with the assistance of a Consumer Credit Counseling Services agency like CCCS can keep you focused on recovery when the time comes. Getting debt management help at any time, if you need it, from a CCCS credit counselor is an important part of financial health.
Whether or not you've recently experienced a natural disaster, it is important to know what options are available to consumers during those challenging times.
Call us Toll Free at
1.800.714.7963
Get a Kit
- Get an Emergency Supply Kit, which includes items like non-perishable food, water, a battery-powered or hand-crank radio, extra flashlights and batteries.
- Store it in your shelter location