As a homeowner you need to pay attention to maintaining and protecting your investment. Your electrical, water, gas and A/C systems may be working fine for now, but sooner or later, you can expect a major repair or replacement expense. All you need to do is be prepared.

Review your inspection report from when you purchase the home so you’ll be able to gauge how much life is left in your appliances and systems. If you know that your A/C unit is 10 years old and the life expectancy is seven to 15 years, you have the heads up to prepare for a major repair or replacement soon.

Review your homeowner’s insurance. How much is your deductible? That’s the amount you’re responsible for when you use your insurance for an expense like a hail-damaged roof. The higher the deductible, the more money you should set aside, just in case.

Build reserves. Many repairs or replacement costs won’t be covered by hazard insurance, so reserves are your rainy day fund. This money you’ve saved or set aside should be quickly and easily accessible through a savings account or a short-term certificate of deposit.

Set aside an emergency-only credit card. Keep one credit card at zero or a low balance so you’ll have a back-up source for payments.