It's here. Hurricane season is among us — like the houseguest who might show up every year. You never know if they're actually coming until they're already on your doorstep. Some years, they breeze through without much trouble. Some years, they redecorate your entire life without asking. Either way, you prepare just in case.
The best time to start an emergency savings fund was yesterday. The second-best time is right now. Prevailing wisdom says to save three to six months of living expenses in a dedicated savings account. We understand that it may feel impossible for many, but the only way to eat an elephant is one bite at a time. Saving even a little will make life infinitely more navigable in the event of a storm. Hotel stays, gas, food, and temporary repairs are stressors people commonly face in these situations. You may also need savings to bridge the gap while you await insurance payments or for regular income to resume.
Before there's ever a storm in the Gulf, take time to review your insurance coverage. Insurance is notoriously tricky to navigate. Make sure your home is covered for floods, wind damage, and other hazards that may arise. Learn what your deductible is, what temporary housing coverage is available, what your policy limits are, and what documentation you'll need to file a claim. You can find all of this in your insurance paperwork, but we recommend connecting directly with your insurance agent to walk through it with confidence.
Gather all your important financial, medical, legal, and insurance paperwork in one easy-to-access location. A waterproof, portable case or folder works well. As a fail-safe, create digital copies in a cloud storage folder — Google Drive, iCloud, whatever you use. Here are the documents to track down ahead of time, before searching for Grandma's Social Security card is the one thing standing between you and getting in the car to evacuate:
· Social Security cards
· Birth, marriage, and adoption certificates
· Passports, driver's licenses, and other IDs
· Pet vaccinations and medical records
· Insurance policies
· Vehicle titles, property deeds, and leases
· Wills, trusts, and powers of attorney
· Bank account details and loan information
· A home inventory with photos or videos of valuable belongings (Often overlooked, but in the event of large-scale damage, it can be a tremendous resource.)
A 72-hour emergency kit might seem like overkill if you're the fly-by-the-seat-of-your-pants type — but you'll never regret having everything you need when a real emergency hits. Pack water, medications, chargers, flashlights, batteries, a crank radio, first-aid supplies, and non-perishable food.
Unless you operate with an old-school money ethic, most of us don't carry much cash these days. During hurricane season, it's worth bucking that trend. Power and internet outages can take down card readers and ATMs, and keeping a small amount of cash in a safe place can help you cover the essentials if things go sideways temporarily. Just don't forget to grab it if you evacuate.
Digital banking can make managing money significantly easier during a disaster. Even if you can't make it to a physical branch, Online and Mobile Banking lets you check balances, transfer funds, pay bills, and monitor your accounts. Setting up direct deposit for paychecks, government benefits, or other recurring income can also take one more thing off your plate during a stressful time. Make sure you know your usernames and passwords, have account alerts turned on, and that your contact information is current.
Hurricanes can stretch budgets and bring real financial strain. OnPath offers extra layers of protection for when things get tight. Overdraft Protection is your first line of defense — link your checking account to a savings, money market, or line of credit, and when your balance runs low, we automatically transfer exactly what's needed to cover your transaction for a small fee. Courtesy Pay is there when the money runs out entirely. It's our discretionary overdraft service — when a payment would take your balance into the red, we cover it so you avoid returned items, embarrassment, and extra hassle.
If you're facing big out-of-pocket expenses, remember that OnPath can also provide low-interest loans to help cover what you need.
We're part of this Gulf Coast community. We're your friends and neighbors — so when we say we're all in this together, we mean it.
OnPath branches will close when a Category 3 or higher hurricane is projected to make landfall on the Louisiana coast. For updates, visit this page, log into Digital Banking, or follow us on social media.