The FHA’s move to eliminate a prepayment penalty starting next year will relieve borrowers of a financial hit that’s entirely out of their control.
At the top of most lists are water, nonperishable food items, a flashlight, batteries and a first-aid kit. Less obvious, however, are the items that may help you reconstruct your life after a disaster.
Inventory of personal possessions: To estimate replacement value, your insurance company will need to know what you own. Include photos or videos of your personal property, including your home’s interior and exterior.
Important documents: Most people keep their insurance policies, birth and marriage certificates, titles, deeds and Social Security cards in a sage location. However, consider storing copies of these documents in your kit as well.
Emergency cash: Edward Jones recommends having cash savings set aside to cover at least six months’ worth of living expenses for emergency needs. In addition, consider including some cash (preferably small bills) in your kit in case ATMs or credit cards are unavailable.