NerdWallet's Smart Money Podcast
Disaster-Resistant Finances: What to Do Before and After Catastrophes
Jan 15, 2025
Join Caitlin Constantine, an insurance writer specializing in home coverage and disaster preparedness, along with Kate Bolger, a disaster recovery expert, as they dive into strategies for financial resilience in the face of natural disasters. Discover practical tips for preparing your finances, such as creating a home inventory and understanding insurance. They also tackle post-disaster recovery, discussing how to work with insurance companies, access aid from FEMA, and avoid scams. It's an essential listen for anyone looking to safeguard their financial future against climate impacts!
31:20
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Quick takeaways
- Proactive financial planning is essential for disaster preparedness, including creating a home inventory and understanding essential insurance policies.
- In the aftermath of a disaster, individuals should prioritize contacting insurance companies and exploring FEMA aid while avoiding scams targeting victims.
Deep dives
The Rising Impact of Natural Disasters on Finances
Climate change has led to a significant increase in the frequency of natural disasters, which in turn can have devastating long-term effects on individual finances. Research indicates that there has been a five-fold increase in weather-related disasters over the past 50 years, highlighting the urgency for preparedness. Events such as hurricanes, tornadoes, and wildfires can lead to immediate financial strain, including lower credit scores and increased debt. The consequences of these disasters extend beyond the initial damage, creating a ripple effect that can last for years, emphasizing the necessity for proactive financial planning.
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