In this digital age, there's no need to lose crucial financial documents to flood, fire or other disasters. Hocutt advises scanning documents such as your will, insurance policies, tax records and bank statements, then uploading them with a reputable cloud storage service. If disaster occurs, essential information will remain intact and accessible.
Digitizing your documents serves another significant purpose: security. Certain disasters, such as hurricanes and tornadoes, can scatter sensitive financial documents for miles, says Hocutt. Having digital documents decreases the risk of your financial information falling into unscrupulous hands.
Creating and storing digital photos or videos of your property is also a fiscally smart move. It provides evidence of the pre-disaster condition of your physical assets, says Darras. He recommends digitally documenting your property every year, inside and out. Include structures such as the garage and attic, and remember all personal possessions including furniture, power tools and heirlooms.