Financial Impact of Disaster-Related Damage

Oct 3, 2018 8:30:00 AM

In the wake of hurricane season you can never be too prepared for the impact of a natural disaster. If you’re wondering what is the potential financial impact of disaster-related damage? GreenPath is here to help you navigate through this difficult time.

With hundreds of thousands of people dealing with the effects of flooding, power outages, and property damage, here’s some helpful information to help you manage the financial impact of a natural disaster.

1. If you haven’t already, contact your insurance companies to file a claim. Whether it’s auto, home or flood damage, your insurance company will help you take the necessary steps to make a claim. Don’t forget to take photos of any damage – use your smart phone and save the photos to a cloud-based account. This will help you make an inventory and prove damage.

2. Contact your credit card and mortgage companies, and other creditors. If the disaster impacts your ability to make payments on time, your creditors may waive late fees or even allow a deferred payment. GreenPath is available to help you communicate with your creditors or lenders and can offer additional financial guidance.

3. Check your credit report.
Go to annualcreditreport.com for a free copy of your credit report. If you notice that late payments have affected your score, you can add a short statement to your report explaining your situation. You still may see some impact to your credit report, but it can help with future lenders.

4. If you can’t live in your home due to damage, call your utility companies. Utilities can put a stop to your bills if you are not living in the home or not receiving utility services.

5. Look into other special programs that may offer assistance. For example, you may be eligible for veteran benefits, or assistance from FEMA, or American Red Cross.

6. Talk to GreenPath. Before taking out new loans or modifying existing loans, talk with one of our certified credit counselors for advice. For more assistance, we are here for you.

 

This article is provided via GreenPath Financial Wellness. If you are a member of HUECU, you have access to the GreenPath Financial Wellness Program. Learn more here.

 

Tags: Debt Management, Personal Finance, Money Tips, Financial wellness