Get Your Finances Hurricane-Ready

Get Your Finances Hurricane-Ready

Every August, Lake County residents revisit the same hurricane-prep list: water, batteries, gas for generators, and extra food. But there’s a second list most families haven’t considered, which determines whether you can pay your insurance deductible, keep your business running, or protect yourself from the wave of fraud that follows every major storm.

Florida’s hurricane season runs from June 1 through November 30. Peak activity typically falls between mid-August and mid-October, which means now is the time to get your finances ready before a named storm appears. Having served Lake County for the past 100 years and survived many storms, here’s what we recommend for residents and businesses.

1. Build a Storm-Specific Emergency Fund

A standard three-to-six-month emergency fund is good advice for ordinary life, but after a hurricane, you may need to pay additional expenses such as:

  • Costs for hotels, meals, and fuel for families who cannot stay in their homes due to excessive damage
  • Hurricane or wind deductibles, which are typically calculated as a percentage of your home’s insured value (often 2%)
  • Emergency repairs before your insurance adjuster arrives
  • Pet boarding fees if your chosen shelter does not accept animals

If your home is insured for $400,000 and your hurricane deductible is 2%, you’re responsible for the first $8,000 before insurance pays a dollar toward storm damage. Financial preparedness means having a separate savings account that can cover that number.

2. Know How to Access Money During an Outage

Power outages after a major storm can last for days. Card readers at gas stations and grocery stores go down. ATMs run out of cash or lose connectivity. Planning for these scenarios before the storm is critical.

Cash

We generally recommend keeping enough cash on hand to cover at least three to seven days of basic expenses. For a family of four, that’s probably $300 to $600 in small bills.

Cards and Transaction Limits

Log into your bank account now and check your daily debit card transaction limit. Some accounts cap daily purchases at $500 or $1,000 by default. Booking a hotel and fueling up your car on the same day could become a problem. Call your bank ahead of time to temporarily raise the limit.

Mobile and Online Banking

If you don’t already use mobile banking, set it up before storm season. Being able to check balances, transfer between accounts, and pay bills from your phone gives you additional options if you cannot get to one of our FNBMD branches. Confirm your login credentials so you’re not locked out during a security check.

FNBMD customers can manage accounts through the bank’s online banking portal and mobile app. If you haven’t set up access or have questions about your transfer limits, call us at 352-383-2111.

3. Protect Your Important Financial Documents

If your home sustains damage, you’ll need documents to file insurance claims, prove ownership, access accounts, and navigate legal and medical decisions. Gather these now, before there’s any pressure to do it quickly.

Documents to Collect and Protect

  • Insurance declarations pages (homeowner, auto, and flood, if applicable)
  • Home inventory with photos of valuables, electronics, furniture, and other belongings
  • Government-issued photo ID and Social Security cards for everyone in the household
  • Mortgage documents and your lender’s contact information
  • Bank account numbers and customer service phone numbers for each financial institution
  • Vehicle titles and registration
  • Estate planning documents: will, trust agreements, power of attorney, and healthcare directive
  • Birth certificates and passports
  • Vaccination records for pets

Storage Strategy

Keep originals in a waterproof, fireproof container. Scan or photograph everything and upload it to a secure, password-protected cloud storage account. A second set of key documents (or high-resolution photos of them) on a thumb drive in your go-bag is also worth doing.

4. Understand What Your Homeowner Policy Covers

Hurricane or Wind Deductibles

Florida homeowner policies typically carry a separate hurricane or wind deductible that is higher than the standard all-perils deductible. It is usually expressed as a percentage of the dwelling coverage amount. Read your declarations page now and locate this figure. It is not the standard $1,000 or $2,500 deductible.

Wind Versus Flood Damage

Coverage varies by policy, so homeowners should review their declarations page and discuss questions with their insurance agent or carrier. Standard homeowner policies cover wind damage but generally do not cover flooding. Flood insurance is a separate policy, usually through FEMA’s National Flood Insurance Program (NFIP), and it carries its own waiting period before it takes effect, typically 30 days from purchase.

Additional Living Expenses (ALE) or Loss of Use

Many policies include ALE coverage, which pays for hotel stays and meals if your home is uninhabitable after a covered event. Check your policy for the coverage limit and whether there is a time cap. This coverage applies to wind damage, not flood damage, under a standard policy.

5. Prepare Your Business or Payroll

Small business owners in Lake County have an additional layer of planning. A storm that closes your office for a week does not pause your obligations to employees, vendors, or lenders.

  • Automatic payments: Identify which bills are set to autopay and confirm those accounts have sufficient funds even if business revenue slows.
  • Employee payroll: Know how payroll will be processed if you cannot be in the office. Confirm that your payroll provider can process remotely.
  • Vendor obligations: Communicate with key vendors before a storm about your procedures for approving and paying invoices during a disruption.
  • Backup approval authority: If you’re the only person authorized to sign checks or initiate wire transfers, add a trusted employee or officer as a backup.

Our business banking team at FNBMD works with local businesses all year long on cash flow planning and account structures that support continuity. Talk to your banker before storm season peaks.

6. Watch for Post-Storm Fraud

After every major storm in Florida, scammers follow quickly. The types of fraud that appear most reliably include:

  • Unlicensed “storm-chaser” contractors: They show up door-to-door after a storm, often offering quick repairs for cash upfront. Verify any contractor through the Florida Department of Business and Professional Regulation before signing anything.
  • Fake charities: Impostor organizations use names similar to legitimate ones and solicit donations immediately after a disaster. Verify any charity through give.org or charitynavigator.org before donating.
  • Wire transfer and payment app scams: Legitimate contractors accept checks or credit cards. Be cautious about cash-only demands, full payment upfront, high-pressure payment requests, and payments that leave inadequate records. For final contractor payments, the Florida Department of Financial Services (DFS) specifically recommends a check or credit card rather than cash so a payment record exists.

Your bank’s fraud monitoring is your first line of defense. If you see unusual activity in your FNBMD accounts after a storm, call us immediately at 352-383-2111.

7. Your 24-Hour Post-Storm Financial Action Plan

The first 24 hours after a storm determine a lot about your financial recovery timeline. Here’s what to do in order:

  1. Take photos and video of all damage. Walk through every room and around the exterior. Document the date and time. Back up photos to the cloud before you do anything else.
  2. Contact your insurer. Most insurers have 24-hour claims lines. File your claim as soon as you have documentation, even if you are still away from home. Ask for a claim number and note the name of the representative.
  3. Save every receipt. Hotel stays, meals, fuel, temporary repairs, storage units, and pet boarding can all be relevant to your insurance claim. Photograph receipts immediately.
  4. Notify your mortgage lender if there is significant damage. Lenders may offer forbearance options for storm-affected borrowers, but you need to request them. Do not assume payments are automatically deferred.
  5. Avoid rushing major financial decisions. Contractors who push for immediate signatures and full payment upfront are not acting in your best interest. Get multiple estimates for significant repairs. Take time to read everything before signing.

We’re Here Before and After the Storm

The First National Bank of Mount Dora has served Lake County since 1925. We were here through numerous storms and hurricanes, the Great Depression, and other economic disruptions. Financial stability is part of our DNA.

If you have questions about setting up a storm emergency account, preparing your accounts for storm season, or support for business continuity, call us at 352-383-2111 or stop by one of our branches.