The economic impact of Hurricane Sandy to the East Coast could be equivalent to that of a major earthquake in California, according to a leading East Bay financial expert.November 3, 2012 by Reg Carter
Michelle Perry Higgins, an award-winning registered investment advisory representative based in San Ramon, California, says that the scale of devastation wreaked by Sandy could have similar financial consequences for Californians if an earthquake were to strike.
“Unlike the Atlantic states where hurricanes are forecasted and tracked days in advance, earthquakes strike without warning.” Higgins said. “This means that West Coast residents should be prepared at all times.”
The U.S. Geological Survey (USGS) advises Californians to prepare an earthquake plan and keep supply kits in your home and vehicle, among other things. In addition, Higgins says that you should also be financially prepared. “I advise my clients to meet with their property and casualty agent at least annually to ensure they are adequately covered. Many of the homeowners affected by Hurricane Sandy may find out that, sadly, their homeowner’s policies are lacking in coverage.”
According to the USGS, the Hayward-Rodgers Creek Fault would be most likely to affect Northern California and the San Francisco Bay Area, and has a 62% chance of striking the region with an earthquake of magnitude 6.7 or greater within the next 20 years.
“Proper financial planning now could yield enormous dividends in the face of disaster,” said Higgins. “My thoughts and prayers are with those affected by Hurricane Sandy.”
Michelle Perry Higgins is a financial planner and principal of California Financial Advisors in San Ramon, California. Ms. Higgins specializes in wealth management, and has built a successful practice advising executive professionals into retirement. Her passion for financial management has helped hundreds of individuals better understand the process of investing and financial planning. She was featured as a 2012 Five Star Wealth Manager Award winner by Diablo Magazine, and was also ranked in the Top 25 Women RIAs 2012, by WealthManagement.com. For more information please visit http://www.calfinad.com.