What to do after natural disaster

Long version

The wildfires currently ravaging Southern California, and their tragic consequences, are reminders of just how exposed we are to natural disasters. If you’ve been affected by these fires, what steps should you take to begin the recovery process?

Once you and your loved ones are in a safe place, consider these suggestions:

  • Contact your insurance company. Call your homeowner's insurance company as soon as you can. You may need to be patient, though, as the company could be swamped with claims. You may also eventually need to contact a legal professional regarding your insurance coverage or your legal rights related to the disaster.
  • Review your financial options. If you have already established an emergency fund containing several months’ worth of living expenses, you may need to tap into it now. You also may need to access the ”cash” components of your investment portfolio.
  • Seek help from disaster relief organizations. If your home was destroyed or severely damaged, contact the Red Cross or another relief group for help with temporary housing, food, clothing and other necessities.
  • Contact your employer. If you are temporarily rendered homeless, it may well affect your ability to work. Contact your employer to explain the situation, though they will likely be quite familiar with what happened. Depending on where you work, you might even have access to some type of employee assistance program.
  • Photograph and document the damage. If it’s possible, and when it’s safe to do so, take pictures of the damage to your home and belongings, and create an inventory of lost or damaged items. You might also have existing photos that can be of use to your insurance company.
  • Go through your documents. Your paper documents — bank statements, insurance policies, investment account information — may have been destroyed in a fire or other disaster, but you may still have electronic copies on your computer, and they are likely also available online. Go through these documents to determine what you have and what you may be entitled to.
  • Look for temporary relief measures. In the wake of a hugely destructive fire or other disaster, you may be entitled to temporary relief measures, such as mortgage forbearance, loan deferments or government assistance programs. If you live in a Presidentially Declared Disaster area, you might be eligible for disaster relief from the Federal Emergency Management Agency (FEMA). Visit their website at fema.gov.
  • Evaluate your longer-term financial strategies. Once you have gotten past the short-term emergency period, you may need to review your entire financial picture and long-term strategies. This may involve reallocating your investment dollars, revising your budget or setting new financial goals. If you work with a financial professional, they can help you in this area.

Surviving a wildfire may be one of the most emotionally devastating experiences you will ever encounter. But you don’t have to go through it alone — a team of professionals, including a financial professional, can provide the resources and experience to help get you back on the path toward rebuilding your life.

By making the appropriate choices, you can help maximize your Social Security benefits — and possibly enjoy a more comfortable retirement.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Edward Jones, Member SIPC

Number of words: 500

Short version (radio/print/online)

PSA: What to do after natural disaster

TBA: Jan. 10, 2025

The wildfires in Southern California have devastated lives and property. If you’ve been affected by these fires, or any natural disaster, how can you begin the recovery process?

First, call your insurance company. Next, contact your financial professional, who may have suggestions for tapping into your emergency fund or cash accounts.

You may also want to seek help from disaster relief organizations, such as the Red Cross or FEMA.

And you may want to contact your employer, particularly if the disaster affects your ability to work. You could be eligible for some employee assistance programs.

You’ll may also want to photograph the damage done to your home, if that’s possible. And go through your financial and insurance documents to see what you have and what you’re entitled to. You should be able to find these materials online.

Finally, you may need to review your longer-term financial strategies, which might involve reallocating your investment dollars or setting new financial goals.

Surviving a wildfire or other natural disaster is emotionally draining. But by making the right moves, and getting the help you need, you can get you back on the path toward rebuilding your life.

This content was provided by Edward Jones for use by (FA’s NAME), your Edward Jones financial advisor at (Branch address or phone #).

Member SIPC

6:60

Number of words: 193 (excluding FA’s name, address/phone number)