Date: 23-Jul-2020
Hurricane Sandy was a Category 3 Storm – Florence will be a Category 5
The East Coast of the United States is bracing for the arrival of Hurricane Florence, as the massive storm – with howling winds expected to top over 156 mph – is expected to strike Thursday night as a Category 5 storm.
Florence is already forcing over 1 million people with mandatory evacuations and meteorologists are predicting that this could be one of the strongest storms to hit the East Coast in decades.
And while everyone is focused on Florence, there are more storms behind it – Isaac and Helene are spinning in the Atlantic and Olivia is churning towards Hawaii.
For perspective, Hurricane Sandy struck in 2012 and caused 117 U.S. deaths, damaged or destroyed more than 650,000 homes, caused 8 million to lose power and cost over $65 billion to clean up.
Sandy caused the New York Stock Exchange to close for two days – the first two-day weather related closure to the Exchange since 1888.
And here is the frightening part: Sandy was a Category 3 hurricane that was downgraded to a tropical storm before it made landfall. Florence is expected to be a Category 5 when it reaches land.
Sandy arrived and changed lives forever. And New York and New Jersey are still feeling the effects today. Unfortunately, it often takes disaster to remind us to be prepared.
How ready are you if disaster strikes again, on the scale of Hurricane Sandy, or worse?
One of Americans’ greatest virtues is a willingness to help others in time of need. Luckily many of us have friends and families nearby who can assist in times of need. But assistance from others is not a replacement for proper planning. Having an emergency plan in place is critical, no matter if it’s for a family or just a single individual.
Do you have the proper medical supplies, extra batteries, bottled water, etc.?
Beyond those immediate measures is how prepared you are financially to weather a catastrophe. To that end, it is critical that everyone:
Many stores may not take credit cards, so you should have cash available for things like food and clean water. A good rule of thumb is to have three to six months of household expenses saved in a bank account. And because bank ATMs may not be working, have one to two weeks of cash on hand.
Some folks not harmed directly by the storm may think: That’s what having insurance is for, isn’t it? Your flood insurance covers water damage, and you can probably file a claim on your homeowner’s insurance for the damage to the roof, right? For many, these are the types of big-ticket what-ifs to think about when planning for weather-related tragedies. But small practicalities loom large when a disaster disrupts society’s day-to-day functioning.
Risk management is far more than just buying an insurance policy. It understands the risks you incur and properly prepares for them, regardless of how remote they first appear. You can’t insure for everything. Understand the risk you are exposed to, and then take one of four courses of action:
The key is truly understanding what risks exist in your life and covering the highest probability exposure, as well as the least likely but most devastating possibilities.
Remember, it’s ok to retain some risk, because you simply can’t eliminate all of it. But with a few steps, you can dramatically reduce your risk profile.
And to our friends, family and fellow Americans on the East Coast, you have our prayers.
© 2018 RSW Publishing. All rights reserved. Distributed by Financial Media Exchange.
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