Quick Take: Prepare Yourself for Hurricane Season

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With hurricane season upon us, the Fool wants you to be ready for anything. We've got lots of useful advice to help you prepare in case disaster strikes.

Forecasters predict 2007 will be an above average hurricane season and estimate three to five category 3 storms, with high odds that a major hurricane will hit land. So if you live along the Atlantic Coast or Gulf Coast, please take heed. What can you do to prepare yourself?

First things first: basic necessities. Experts advise stockpiling bottled water, nonperishable food, medicine and first aid supplies, in addition to flashlights, duct tape, radios (with extra batteries), tarps, and other necessities. Evacuation plans are advisable.

Economic precautions
Take inventory of your home and make a videotape of your house and personal belongings before a hurricane hits. These can be used as evidence of what you owned if destruction rolls through your neighborhood.

Homeowners should take out homeowner insurance policies to cover losses, but should be aware that regular homeowner policies do not cover flood damage. And it takes 30 days before a flood policy takes effect (meaning it may be too late if a homeowner waits until storms are forecast).

Homeowners should also review policies -- to understand how much coverage they have, if their valuables are adequately covered, what kind of deductibles they might have to pay, and if coverage reflects the current value of their property -- as well as store their insurance information in a place that would survive a disaster.

Related Foolishness:

• Naked in a Sea of Risk
• Batten Down Your Financial Hatches

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Fool contributor Emil Lee is an analyst and a disciple of value investing. He appreciates your comments, concerns, and complaints.