Columbia, SC (WLTX) - Florence made landfall in North Carolina as a category 1 hurricane on Friday before sweeping through South Carolina with wind and rain.
You or your loved ones may also have experienced property damage or bodily harm from Florence.
Money expert Steven Hughes from Know Money Inc. has a closer look at four tasks to complete after the storm:
- Filing an Insurance Claim - consistent rain and wind can really affect the amount of damage your property sees.
- In any case, talk to your neighbors and see what kind of damage their property has sustained. If there's a need to hire contractors, you all will be able to share and lower your costs. Be sure to take pictures of the property before and after the work is completed.
- Assessing Your Emergency Fund - If you've been stacking money this year for a rainy day, this is it.
- Make a list of how much cash you need on hand for deductibles and other costs from the storm. Add them up and withdraw the costs from your emergency fund. Although your emergency savings fund will take a hit in its balance, you'll save money by not having to finance costs of the natural disaster.
- Communicating with Creditors - during a storm, there may be some unforeseen financial costs that arise.
- If you have trouble making a payment on your car, home, student or any other loan, you may be granted deferred payment or forbearance program. Be sure to get all details of the change in your payment plan to avoid surprise costs down the road.
- Accepting a Total Loss - if there is a lot of damage to your car and the repairs exceed the value of your vehicle, your insurance company can determine it a total loss.
- A 'total loss' means the insurance company will pay you out for what they think the vehicle was worth.
- Be sure to write down any interactions you have with your lender and the insurance company regarding your vehicle to ensure clarity when determining how much is owed and how much will be paid by your insurance company.