The Norman Transcript


May 26, 2013

Don’t let your finances blow away

NORMAN — You know the drill. When spring rolls around, get ready for the thunderstorms. Listen for the tornado sirens.  Glue yourself in front of the television watching hours and hours of storm damage coverage.

Have you gotten your records in order?  If you still haven’t gotten around to it, now is a good time to start.  Here are a few tips to get you financially prepared for this spring’s storm season:

Tip No. 1 — Get an insurance checkup

Round up all your insurance policies.  Are they all up-to-date or did you forget to increase your homeowners coverage because of that extra room you added on?  Do you have the right amount of coverage?  Make sure you know how much your deductibles are because these are the amounts you will have to pay out-of-pocket before your insurance kicks in.

Tip No. 2 — Update beneficiaries

It may have been a while since you last updated the beneficiaries on your insurance policies, retirement plans, and investment and bank accounts.  Your family may have grown or you may have gotten remarried.  Do you really want your ex to be the primary beneficiary on your life insurance policy?

Tip No. 3 — Take inventory of your safe deposit box or home safe

Now where did you put that key to your safe deposit box?  Find it and then go to the bank and inventory everything you have in there.  Is there anything you need to add?  Are there any original documents you may want to make a copy of to keep with you at home?

Tip No. 4 — Create a financial “grab and go” kit

In case you need to evacuate or go to a shelter, you want to be able to grab your essential documents in a hurry.  This will make it easier to file an insurance claim afterwards.  Your kit should include:

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