For Hawaii residents, June marks the start of the hurricane season. While the number of tropical storms that affect the state is low, it’s important to prepare for not only the potential hazards of high winds and heavy rains but expenses they create. Hawaiian Tel Federal Credit Union has been providing financial plan services for more than 80 years and offers advice on safeguarding your finances against the risks of hurricane season.
3 Ways to Prepare Financially for Hurricane Season
Take Advantage of Personal Banking Services
If you have an account with a credit union or another financial institution, there are many online banking services to help you prepare for emergencies. For example, setting up your checking account with automatic bill payments and direct deposit service will ensure you don’t fall behind on your financial responsibilities. Putting vital documents such as property deeds and insurance paperwork in a safe deposit box also is a smart idea to protect them from loss and water damage.
Check Your Insurance Policies
Securing a comprehensive homeowners insurance policy is a critical step toward reducing your financial responsibilities due to storm damage. While most standard policies cover structural damage caused by high winds, it’s important to have a flood insurance policy as well. Review the conditions of each plan for damages covered and deductible amounts, then make necessary adjustments. Take inventory of personal property to determine whether your coverage limit matches the value of your belongings.
Boost Your Savings Account
If a hurricane displaces your family, you will need funds to pay for hotel, food, medical, and other bills. While your homeowners insurance policy will cover many expenses, getting access to the money takes time. Build a safety net by adding money to your savings account for use right away.
As a community financial institution on Oahu and Maui, Hawaiian Tel Federal Credit Union is committed to helping residents prepare for hurricane season. Whether you need a checking account or advice about financial strategies, these personal banking professionals can help. To learn more about their services and find your nearest location, visit them online or call them on Oahu at (808) 832-8700 or toll-free at (800) 272-5255. Follow them on Twitter for tips and news from the credit union.