April 26, 2023

Insurance Commissioner: Prepare against the kind of financial harm you can’t always predict

Therese Apel

Money. Photo by Giorgio Trovato on Unsplash

Insurance Commissioner Mike Chaney’s office put out a release this week reminding Mississippians that April is designated Financial Capability Month. No matter how much or how little money you have, recovering from a disaster can be challenging and stressful. Preparing now makes rebuilding easier.

“Banks, bankruptcy, and insolvency are in the news a lot lately,” said Chaney. “Your home and your vehicle are two of your biggest assets. Protecting them could protect you from financial ruin. It’s my job to make sure your insurance company is sound and will take care of you in your moments of greatest need.”

· Before purchasing insurance, discuss your specific needs with an agent.
· Review your policy to make sure the amount and types of coverage you have meets the requirements for all possible hazards.
· Be sure to shop around, get quotes from more than one insurer, and look up company rates.
· Keep copies of your insurance policies and other important documents on hand.
· Keep a small amount of cash at home in a safe place.
· It is important to have small bills on hand because ATMs and credit cards may not work during a disaster when you need to purchase necessary supplies, fuel or food.
· Be cautious about sharing personal financial information, such as your bank account number, social security number, or credit card number.

The Emergency Financial First Aid Kit, a joint publication from Operation HOPE and FEMA, can help you prepare financially and provides tips to reduce the financial impact of disasters on you and your family.

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