How to Protect your Financial Records
A new hurricane season has started and it's time to plan how to safeguard your valuables, including financial documents and tax records.
Here are three ways to protect yourself if a hurricane blows away -- or destroys -- years of records.
Backup records electronically. Keep a set of backup records, including birth certificates, passport, tax returns and insurance policies, in a safe place away from the original set.
Document valuables. Photograph or videotape the contents of your home, especially valuables. Adjustors prefer photos over video. Photos of possessions can help an individual prove the market value of items for insurance and casualty loss claims. The IRS also has a disaster loss workbook, Publication 584, Casualty, Disaster and Theft Loss Workbook, at irs.gov, which can help you compile a room-by-room list of belongings.
Update Emergency Plans. Those plans should be reviewed at least once a year with financial records updated. Keep handy your insurance agent's phone number. Call a water restoration company if you have water that needs to be extracted from your home.
We are here to help you if you need a good insurance agent. Suzanne@SuzanneBrownAgency.com