Preparing for Disaster

I live on the East Coast, and man, what a week it’s been!  Earthquake, hurricane, and tornadoes!!  Like most of the people in my city, I spent time preparing to protect both myself and my property this week.  That got me thinking – how often do we all take the time to prepare for unexpected financial disasters?

I set up a separate account with ING to serve as my Emergency Fund before I bought my house, and that’s been the extent of my financial emergency preparedness.  Unfortunately, I’ve had a series of unfortunate and unexpected home repairs that I will have to get taken care of in the next few weeks, and they will probably end up wiping out my E-fund (you’d think that on an almost-brand-new house, major appliances and essential components of the house would last more than 5 years…).  While I’m glad that I have the E-fund to be able to pay off these impending bills without having to go into debt, the thought of emptying that bank account just tears me up!  What else can I do in the future to better prepare for these sort of financial emergencies?  I’ve previously had a home warranty, but it was rather costly and I still had to pay a lot of money out of pocket for repairs.  Any suggestions?

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