In this Issue:
Hurricane Season Approaching   Save on College Visits   Vacation Loan Special   Summer 2007 Newsletter

NEW YORK (6/5/07)—June is the official start of hurricane season, but even if you're not close to a coastal area, think "home inventory"—now—before you need one. Anyone who weathers a hurricane, tornado, fire, flood, or other natural disaster can attest: The claims process is a lot easier if you've documented your home's contents (Money Adviser June).

According to the Insurance Information Institute (I.I.I.), the 2007 hurricane season is expected to be an active one, with an 86% probability that hurricane activity this year will be in the top one-third of years historically (I.I.I. May 23).

To start listing your home's contents, take advantage of free software from I.I.I. Go to knowyourstuff.org and record details, including serial and model numbers, places and dates of purchase, and replacement costs. You can sort by room and track donations to charity. Make backups of inventory files for safekeeping outside your home.

No matter where you live, take additional steps to prepare for natural disasters:

1. Check for sufficient coverage. If you have to rebuild, do you have enough insurance to replace all your personal belongings? Tell your insurance agent about any improvements or alterations to your home so the increased value is reflected in your policy.
2. Check for Additional Living Expenses (ALE) coverage. This refers to the additional costs of living away from home while your house is being repaired or rebuilt and covers expenses such as hotel bills and restaurant meals. Some policies automatically provide coverage for 20% of the amount of insurance you have, but only for a specified time period. If you want more coverage, your premium goes up.
3. Ask about flood insurance. Standard home insurance policies don't cover flood damage. For more information, visit floodsmart.gov.
4. Prepare an evacuation plan. For each member of the family, gather a supply of medicines, prescriptions, food, water, change of clothing, flashlights, batteries, radio, and comfort items.
5. Compile a "grab 'n' go" packet of financial documents. If you have to leave your house quickly, could you find documents you'd need to prove identity, pay bills, and deal with insurance agents? Compile a folder with copies of insurance policies, birth and marriage certificates, wills, deeds, account numbers, recent tax returns, driver's licenses, and other personal information. Keep this in a safe—but easily accessible—place in your home.

For more information, read "Disaster-Proof Your Important Papers" in Home & Family Finance Resource Center.

Copyright © 2006 - Credit Union National Association, Inc.

ATLANTA (6/4/07)—As high school classes wind down, college visit season heats up. But taking your high-school-age son or daughter to visit college campuses can get expensive in a hurry, particularly if you're visiting several schools (CNNMoney.com May 29).

It's important for young adults to make in-person visits to the colleges and universities that interest them. Unfortunately, several nights in a hotel, gas or airfare, parking, meals, and other miscellaneous expenses can mimic college tuition expenses to come (Daily Herald May 6).

You can, however, give your child a productive college-visit experience without crushing your pocketbook. Follow these steps to help you and your child come away with a positive--and affordable--experience:

• Start with the web. If you have a junior or senior high-school student, your mailbox likely is brimming with several glossy brochures. These can be helpful, but they shouldn't be the only resource you use. Visit princetonreview.com to take a free inventory that will match a student's needs and wants with appropriate colleges.
• Take online tours. Virtual tours are no substitute for the real thing, but they can help a student rule out schools that are on the bubble or encourage them to consider a campus that previously hadn't been on the must-see list.
• Sign up in advance for a tour. Registering with the admissions office for a tour and information session sends a clear message that you're interested—and you may gain an edge (Money June 2007).
• Visit campuses near home first. Even if your child staunchly refuses to attend a college close to home, it's important to have a few trial visits before you spend money traveling a long distance. These initial visits may help a student set priorities and, after a few visits, both parent and child will learn to streamline future visits.
• Maximise the time you have. If you've traveled a long distance, always take the official tour, but while you're there don't miss out on the opportunity to walk around on your own.
• Look for discounts. Contact each school to see if it offers any travel discounts for prospective students. Some may offer reduced hotel or travel accommodations.
• Don't rule out community colleges. These schools offer a great bargain for general requirements. For students who haven't yet chosen a major field of study, community colleges can be a smart financial option.

For more information, read "College Costs Update" and "Plan Ahead to Get College Financial Aid" in Home & Family Finance Resource Center.

Copyright © 2006 - Credit Union National Association, Inc.

Download our Summer 2007 Newsletter (pdf).