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GOBanking Rates spoke to Garvin and other experts to gather four ways toavoid financial ruinfrom a natural disaster.
Planning could save you a lot of headaches and the risk of financial ruin after a natural disaster.
Silverman recommended knowing in advance what resources are available in case the worst happens.
Does your insurance provide for coverage in the event you could no longer live in your home?
Disasters need to be planned to be handled.
Stay prepared by reviewing your insurance policy every year to understandwhat your policy covers and doesnt.
If youre not carrying flood insurance, ask yourself if youre comfortable with that decision, McMurtrie said.
Having thisemergency fund or savings can cushion youagainst financial disasters when natural ones happen.
This will be essential if physical branches are closed, or ATMs are down.
Create digital copies of important documents and store them securely online as a backup.
Its a good practice and resource to have in the event a storm hits.
The deduction can be claimed in the year the loss is sustained, Luscombe said.
Caitlyn Moorheadcontributed to the reporting for this article.
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