How can brokers help clients’ finances thrive amidst any disaster

It is important to be prepared should disaster strike

How can brokers help clients’ finances thrive amidst any disaster

People First Bank has revealed five crucial financial steps that will allow consumers to weather any disaster, following numerous instances of bushfires and cyclones, among many others.

According to Stuart Symons, the head of corporate affairs and strategy at People First Bank, said being prepared is important. While most disaster preparations only take into account one’s personal safety and protecting property, Symons argued that taking the proactive steps to safeguard one’s financial wellness is also important.

One of the report’s recommendations is to check one’s home and contents insurance as it can help in saving significant stress later down the line.

“Ensure your coverage is adequate and up to date and note any recent changes to terms and conditions. Keep your insurer’s contact details in your phone or wallet so you can reach them quickly if needed,” said Symons.

The report also recommended securing important documents like medical records, bank details, wills, passports, and IDs. One thing that can help with this is storing physical copies in a waterproof and safe location.

“Easy access to these documents is critical during emergencies,” said Symons.

Taking a photo of one’s belongings and property is also a good idea, as it can be helpful in streamlining the insurance claims process. It can also greatly help if one’s property is either damaged or looted, as photographic evidence will give a clear record for insurers.

Having easy access to funds such as credit and debit cards can also be a life-saver as it allows consumers to immediately spend for essentials should they need it. Keeping a small amount of cash in case electronic payments may not work is also a smart idea.

Protecting one’s income is also important as even those who are self-employed or working from home may have their ability to earn be disrupted in the face of a natural disaster.

Plan ahead by identifying key documents, backup locations for work and essential equipment. Having a recovery strategy will help you return to work on your terms,” said Symons.