Ready for Disaster?

Are you ready for a disaster? Many of us have done inventories and copied important records. I learned last week that you should supplement your inventory with digital pictures rather than video tape. Time to get with the times.

What I found out a few years ago as I endorsed insurance checks for hurricane damage is that those who had money to pay the contractor before the insurance money arrived had their lives back together much much sooner.

If you do not have several thousand dollars in your bank account, the next best thing is a Home Equity Line of Credit. You secure a line of credit with your home. You pay interest only on the money you have drawn out of the line. Some times, for a lower interest rate or better terms you may take a draw from the line at closing. Usually you can pay this back within a month.

Your bank, credit union and mortgage company are good sources to check. As always, low fees and low interest rates are best.

Just remember, the line needs to be in place before the disaster strikes!