{"id":9674,"date":"2025-02-05T19:59:12","date_gmt":"2025-02-05T19:59:12","guid":{"rendered":"https:\/\/finderica.com\/?p=9674"},"modified":"2025-02-05T19:59:12","modified_gmt":"2025-02-05T19:59:12","slug":"12-common-financial-mistakes-to-avoid-after-a-natural-disaster","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=9674","title":{"rendered":"12 Common Financial Mistakes To Avoid After A Natural Disaster"},"content":{"rendered":"\n
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Volunteers helping people after house destruction, flat vector illustration isolated on white … [+]<\/span> background. Volunteers give humanitarian aid to people affected by earthquake or shelling.<\/span><\/p>\n

<\/fbs-accordion>getty<\/small><\/figcaption><\/figure>\n

The aftermath of the Los Angeles wildfires, the Appalachian flooding, and other natural disasters have left many Americans with overwhelming challenges and a long road to recovery. If you need food, shelter, medical care, or any other urgent necessity, your immediate focus should be on acquiring them. Thankfully, there are many agencies and resources available for assistance to people who are experiencing physical and mental setbacks. Financial Finesse has created a guide<\/u><\/a> that can help you find local organizations to get the help you need<\/p>\n

I\u2019m going to focus here on the financial decisions that you may face as you navigate your life following a disaster. It is very difficult to make every decision perfectly and you may come out of this situation with a few regrets. However, you can minimize your mistakes by avoiding these common ones:<\/p>\n

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  1. Making impulsive decisions \u2014 When people are in a crisis, it can be difficult to stop and think about potential consequences of pressing decisions. Avoid short-term fixes that negatively impact the long-term future.<\/li>\n
  2. Not understanding your insurance coverage \u2014 Coverage terms can be confusing and not understanding can cost you. Ask your agent or adjustor to explain how each part works and discuss alternatives. You may even want to hire an attorney if you need help navigating insurance claims.<\/li>\n
  3. Not communicating with the insurance company \u2014 If there is a natural disaster in your area, chances are that your insurance company will be overwhelmed with claims. It\u2019s your responsibility to communicate timely with them so don\u2019t be afraid to overcommunicate.<\/li>\n
  4. Not communicating with lenders and payees \u2014 If you are unable to make your full monthly obligations, reach out to any lender or payee to inform them. Most will accommodate during a natural disaster.<\/li>\n
  5. Not documenting and inventorying everything \u2014 It\u2019s hard to prove ownership and value without evidence. Take pictures, make lists, and keep receipts. Make this a habit going forward.<\/li>\n
  6. Underestimating how long it will take and how much it will cost \u2014 Depending on the scale of the event, it could take a lot of time to get back to where you were before. Expect and plan for it to take longer. Costs are also often underestimated. Add a buffer to expected costs.<\/li>\n
  7. Falling for fraud and scams \u2014 Unfortunately, there are bad actors trying to take advantage of people in a crisis. Be aware of this and double-check any suspicious offer. Don\u2019t sign any agreement you don\u2019t completely understand.<\/li>\n
  8. Not getting good advice from the right people \u2014 Don\u2019t go it alone. Find trusted competent advisors to help you navigate this difficult time. If your employer offers a prepaid legal and\/or financial wellness benefit, discuss your options with a lawyer and\/or financial coach. If you are working with a financial advisor, schedule a meeting to discuss your short-term needs and how they might affect your investments.<\/li>\n
  9. Listening to the wrong people \u2014 Avoid listening to people who don\u2019t have experience or expertise on the subject. Everyone\u2019s situation is different, and someone else\u2019s best decisions could be your worst.<\/li>\n
  10. Foregoing assistance when needed \u2014 The available programs and assistance are there to help people get back on their feet. Explore these and apply in a timely manner if any pertain to you.<\/li>\n
  11. Using insurance proceeds for unrelated expenses \u2014 using proceeds for something other than the intended purpose can result in you having to repay it or being underinsured in the future.<\/li>\n
  12. Hiring bad contractors \u2014 Not every contractor is created equal. Hire the right one by checking references and viewing their status on the Better Business Bureau<\/u><\/a>. Get a clear understanding of the costs and scope of work and avoid large, upfront payments.<\/li>\n<\/ol>\n

    There was no way to prepare for the severe devastation of the recent natural disasters, and unfortunately, these aren\u2019t the last we will experience. While it\u2019s wonderful to see the kindness and generosity of mankind during these periods of distress, the attention eventually fades and people have to cope with the aftermath for a long time. As you navigate this difficult time, try to make wise, thoughtful decisions along the way that keep you moving toward recovery, but don\u2019t create future regrets.<\/p>\n<\/div>\n

    Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Volunteers helping people after house destruction, flat vector illustration isolated on white … [+] background. Volunteers give humanitarian aid to people affected by earthquake or shelling. getty The aftermath of the Los Angeles wildfires, the Appalachian flooding, and other natural disasters have left many Americans with overwhelming challenges and a long road to recovery. If<\/p>\n","protected":false},"author":1,"featured_media":9675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[196],"tags":[485,1279,796,191,1365,795],"class_list":{"0":"post-9674","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance-news","8":"tag-avoid","9":"tag-common","10":"tag-disaster","11":"tag-financial","12":"tag-mistakes","13":"tag-natural"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/9674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9674"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/9674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/9675"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}