With wildfires becoming more destructive in recent years, the 2008 tornado season one of the deadliest on record, and the 2008 Atlantic hurricane season forecast to be more active than usual, it’s smart to plan ahead for disaster. See my Yahoo!Finance column for the story. The Red Cross recommends you rent a safe deposit box ($30 a year) to store originals of records that would be difficult to replace in a disaster. Key documents include:
· Birth, death, and marriage certificates
· Divorce and child custody papers
· Adoption papers
· Passports
· Military records
· Social Security cards
· Copies of drivers’ licenses
· Mortgage/property deeds
· Stock and bond certificates
· Car titles
· List of insurance policies (life, health, disability, longterm care, auto, homeowners, renters), including the type, company, policy number, and name of insured
· Copies of power of attorney, living will, and other medical power
· Trust documents Don’t keep the original of your will in a safe deposit box because the bank may seal the box temporarily at your death, the Red Cross says. Keep the original of your will at your lawyer’s office and copies of it at home and in your safe deposit box. For more on records to keep in a disaster supply kit, see this link.
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August 28th, 2008 at 4:51 pm
Laura, thanks for a good reminder. Now, as a reminder to myself – I need to take a video camera and walk through the house for a half hour, zooming in on serial numbers and just generally proving what I have. I’m pretty financially responsible, but I admit to doing a bad job of keeping my household inventory up-to-date. A video is insufficient but it’s a better start than I’ve got now.
It’s worth pointing out that many banks provide a free safe deposit box rental with certain types of accounts. Usually, a minimum balance is required for a free S.D. box, but, sometimes paying for a checking account that includes a free safe deposit box is a good deal, too (as always, read the fine print).
The safe deposit box isn’t enough, though – I’d suggest keeping an onsite fireproof safe for your will, copies of any docs you’d grab in an evacuation, at least one year’s tax return, and emergency cash (at least enough for one night’s hotel, one tank of gas, and one day’s food, in small bills, plus a roll of quarters).