Hurricane Dorian: How people in its path can financially prepare for the worst
As Hurricane Dorian heads toward Florida, “Everyday Millionaires” author Chris Hogan on Thursday explained how people can financially prepare for a severe storm.
“Well the first one...you want to make sure you have the right insurance coverages to be able to protect you,” he told FOX Business’ Neil Cavuto on “Cavuto: Coast to Coast.”
“For example, a typical homeowner's insurance policy does not necessarily cover flood damage or storm damage so you need to be really aware of what you have and what that policy covers.”
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Hurricane Dorian is expected to intensify into a Category 4 hurricane and will likely cause major damage to the southeastern part of the U.S.
Hogan said it’s important for people to set money aside in case of an emergency.
“It's so important for people to have an emergency fund. I tell people you want to have three to six months of expenses set aside to be able to help you in case of an emergency or situation such as this.”
Hogan also stressed the importance of getting out of debt.
“The last thing that you want to do when you're dealing with the stress and strain of a hurricane or storm is to be worried about money. So getting yourself out of debt, saving that emergency fund is absolutely important,” he said.
Hogan said losing your stuff may be difficult, but your health at the end of the today is what’s most important.
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“I want people to take a deep breath, at the end of the day Neil. This stuff is just stuff, your health is what's most important. And you can replace stuff later.”