The New Polar Vortex & Your Nest Egg
Thursday, January 23, 2014
A new Polar Vortex has been forecast to hit Long Island this week. Extreme weather like this can be far more of a threat to New Yorker’s nest eggs and livelihoods than most realize. So what can Long Islanders do now and in the wake of a storm to better protect themselves and their finances?
The early January polar vortex didn’t just hit Long Island but impacted a huge portion of the country. According to meteorologists another extreme cold weather pattern is to batter the Northeast this week. Then we are set up to run straight into another Atlantic Hurricane season like that which brought Sandy.
We all know it’s not a matter of if the area will be hit by severe weather again, but simply when, and how bad.
What most people still unfortunately underestimate is that it isn’t direct property damage itself which is really the most significant threat. It’s the financial hit. Specifically it is the financial devastation of being put out of work, and often having to juggle the holding costs of a property you can’t live in.
While we may not be able to fend off big storms yet, there are ways to be proactive…
- Get insurance, make sure it covers as much as possible, and is kept up to date
- Refinance and reduce mortgage payments now while rates are low, and maybe even access cash to have liquidity in emergencies
- Work with a professional property tax adjuster to lower property taxes now, and further if properties are damaged