Local expert shares crucial disaster preparedness financial tips

MILWAUKEE (CBS 58) -- In 2022, natural disasters caused over $313 billion in damages, emphasizing the need for financial preparedness.

Tony Drake, CEO of Drake and Associates, joined us on Friday, March 24 to share tips to help individuals and families during natural catastrophes, considering that a quarter of Americans lack an emergency fund designated for such disasters.

Drake's recommendations include keeping emergency cash on hand, building a three-to-six-month emergency fund, consolidating important documents in a secure, waterproof, and fireproof container and reviewing insurance policies for adequate coverage against disasters like earthquakes and floods.

These measures aim to mitigate the financial impact of calamities, which have been increasing in severity and damage.

With 18 weather-related events in 2022 causing over $1 billion in damages each, Drake says that being financially prepared for catastrophes is more critical than ever.