Hope for the Best, Prepare for the Worst

So get in touch with friends or relatives who live on the other side of the country and discuss this with them. You want them to know that you might be coming in case of a disaster, says Daroff. The last thing you want to do is show up unannounced with your whole family.

Where's the Money?

And finally, think about your accessibility to cash in an emergency situation.

To start, consider keeping a few hundred dollars in cash on hand, just in case you can't get to an ATM, or worse, they don't work, says Evensky.

But what if you need money to live for a while? Many of us -- including yours truly -- have opened home equity lines for just those situations. But if your home is destroyed, your line is cut off.

Now what?

You could always borrow against your retirement plan. Know that you'll most likely have to pay back the money within five years or you'll be hit with a 10% early withdrawal penalty. Depending on the plan, there may be limits on how much you can withdraw. So be sure to research all that so you know what you're getting into.

In addition, it wouldn't hurt to consider a life insurance policy with a cash value, suggests Daroff. These policies allow you to withdraw any accumulated money without any payback requirements or limits on the amount of the withdrawal. You would owe an interest charge each year because technically it's a loan from the policy and you theoretically should pay it back, even though you're not required to do so.

Tapping your brokerage accounts may also be an option, although not many of us have our account numbers memorized. The good news is that if your money is with a big firm, it will most likely have security procedures set up in case of an emergency. For instance, Fidelity, Vanguard and Schwab (SCH Quote), to name a few, currently have systems in place for Katrina victims. An account holder can call the company and will then be asked a series of specific questions to help confirm that the caller is the actual account holder.

Are Your Advisors Prepared?

Finally, make sure your advisors have a back-up plan as well. So check with your broker, financial planner, accountant and attorney. Something as simple as a fire can wipe out years of document accumulation.

As an example, Vanguard backs up all data in highly secure locations, says John Demming, spokesman for the company. In addition, it has three offices scattered across the country so in the event that one office is damaged, the others can provide service on their behalf.

We're all guilty of getting caught up in our day-to-day routines, and sometimes it takes a disaster like Hurricane Katrina to help us refocus. While it's important to be prepared for life's daily disturbances, it's imperative that we think about how we would handle a catastrophe that could change our lives forever.