They wreck our homes, lives and communities and disrupt pretty much everything in their wake. Natural disasters such as floods and fires are something that, no matter how much we want to, we can’t completely avoid. That’s why we wanted to share some important ways to make sure a natural disaster doesn’t wipe out your financial records:
Use a fireproof safe. Store original copies of tax-related documents in a waterproof and fireproof safe. Even though a quality safe can be expensive, the protection it provides for your important tax documents and other financial documents can be well worth the investment.
Back up your records electronically. Consider backing up your information on an external hard drive, stored in your safe, or in the cloud.
Record valuables in your home with a video camera. This will simultaneously help with an insurance claim and help you with any casualty and theft loss deductions you might have in the event of a fire or flood. Update the video annually. Keep receipts for big purchases.
Don’t forget: Most property claims settle for less than the amount needed to make the repairs. If you have a large, disputed or complicated loss, we can help you recover a proper settlement from your insurance provider.