Hurricane Preparedness Tips

As hurricane season begins, it's essential to protect your financial stability. Proper preparation can minimise the impact of hurricanes and other natural disasters on you and your family. 

Here are 10 hurricane preparedness tips to help protect your financial stability and provide peace of mind before, during, and after a hurricane: 

1. Build a rainy day fund

 Start by saving 3-6 months' worth of living expenses in an easily accessible account. This fund acts as a financial cushion during emergencies. 

Consider opening a high-yield savings account with us if you haven’t already. Credit Union accounts typically offer competitive interest rates and lower fees than traditional banks, helping your savings grow faster. 

Prepare today to weather any storm tomorrow.

2. Ensure adequate insurance coverage

Before hurricane season ramps up, review your insurance policies to ensure they cover potential damage from hurricanes, including wind and flood damage. 

Consider adding extra coverage if needed to protect your property and belongings adequately. Also, double-check your auto insurance policy to confirm it includes comprehensive coverage for storm-related damages to your vehicle. 

Being properly insured gives you peace of mind during uncertain times.

3. Protect your important documents

Safeguard crucial documents during hurricane season. Keep originals like insurance policies, birth certificates, passports, and financial records in a waterproof and fireproof safe. 

For added security, digitise copies and store them safely online. 

Don't forget to secure your Credit Union account numbers, contact details, and access information in a safe place as well. 

Prepare now to protect your essentials.

4. Prepare your finances before the storm

Don't wait until the last minute! Withdraw cash before the storm hits, as ATMs and banks may be unavailable during and after a hurricane. 

Stay connected with our Credit Union’s mobile banking app. Familiarise yourself now to manage your finances and transfer funds electronically if physical branches are inaccessible. 

Being proactive ensures you're ready for any situation.

5. Explore loan deferment options

Planning ahead is crucial. Talk to your loans officer early about deferment or forbearance options if you're experiencing financial hardship due to the hurricane. 

Those affected can also inquire about emergency loans or lines of credit with favourable terms to help manage unexpected expenses. 

6. Budget and track your spending

Create a budget that prioritises essential expenses like food, water, shelter, and medication. Temporarily reduce or eliminate non-essential expenses to manage your finances better during a hurricane. 

Use budgeting tools or apps to keep track of your spending and stay on top of your financial situation during an emergency. 

Smart budgeting helps you stay prepared.

7. Keep emergency contacts handy

Keep a list of emergency contacts, including family members, your Credit Union, insurance companies, and local emergency services on-hand.

Also, stay informed by following updates from reliable sources like the CI National Weather Service and the Cayman Islands Government. 

Being prepared can make all the difference.

8. Prepare an emergency checklist

Create a checklist of financial tasks to complete before a hurricane, like reviewing insurance policies, securing important documents, and withdrawing cash. 

Also, develop a home preparedness plan: secure your property, stock up on essentials, and establish a safe evacuation route.

Preparation is key to staying safe.

9. Update your contact information 

Keep your contact information updated to receive Credit Union alerts before and after a hurricane. 

10. Plan your post-hurricane actions

After the storm, document and photograph any damage for insurance claims. Contact your insurance company and Credit Union promptly to start the claims process. 

Seek out financial assistance, such as emergency loans or fee waivers, and explore local disaster relief programmes. 

Stay proactive to recover quickly.