NEW YORK (CNN/Money) - A chilling terror warning put key financial institutions in New York, New Jersey and Washington on alert this week.

But local governments aren't the only ones taking security precautions. After the latest warning, many Americans are taking a second look at their own safety and security situation.

What precautions should you take no matter where you live? Here are today's 5 Tips.

The Department of Homeland Security recommends having at least a 3-day supply of non-perishable food and drinking water in your home for each member of your family.

They advise 1 gallon of water per person per day but they note that nursing mothers, sick people and children may need more. Non-perishable food items should require little or no preparation. Don't forget a manual can opener and utensils.

Other emergency items include a battery-powered radio, flashlights, extra batteries, duct tape, scissors, plastic (for doors, windows and vents), facemasks and sanitation supplies (soap, water and bleach.)

You'll also want to assemble a first aid kit that's appropriate for your family. You may want to get some guidance from your family doctor about what prescription drugs and special needs items you'll need to gather.

Since you may not be at home when disaster strikes, the Red Cross recommends individuals prepare a special emergency kit for their workplace. Items on their extensive list include a flashlight, radio, batteries for each, a gallon of water, enough food for 1 day and a first aid kit.

Beginning next month, American Red Cross will sell a $5 "Safety Tube" packed with a facemask, light stick and water. It may not be a bad idea to brush up on basic first aid and CPR skills. Check out www.ready.gov, www.redcross.org and www.fema.gov for more information on preparedness.

Knowing what to do in the event of an emergency can save you valuable time and may even safe your life. In the event of a scare, attack or even a severe storm, you may be told to evacuate the area.

Don't wait for disaster to strike. Find out ahead of time where you'll be expected to evacuate to -- and where important emergency facilities are located. Know in advance which public buildings in your community will be designated as shelters by calling your local emergency management office.

CNNfn's Gerri Willis shares five tips on how to handle various emergency situations. Play video (Real or Windows Media)

Whether or not you work in an area at risk, you should know where emergency exits located are so you can exit the building you're in safely. You should also be familiar with your building's evacuation plan (ie: where you're supposed to meet up following an evacuation).

If you're told by authorities to stay where you are -- whether it's your home or office, you should know how to secure your surroundings.

According to the Federal Emergency Management Agency, nearly three million Americans live within 10 miles of an operating nuclear power plant. But it's far more likely that terrorists would use a device called a "dirty bomb" to launch a "radiological" attack. These bombs are a combination of conventional explosives mixed with radioactive materials.

You should also find out how to protect yourself from radiation and/or fallout in your home and workplace. To read up on what to do in the event of a conventional, chemical, biological, nuclear or natural disaster, visit www.fema.gov. Once you're there, you can download and/or print out their pamphlet called "Are You Ready? A Guide to Citizen Preparedness."

There may not be a "one size fits all" family disaster plan for every situation so it's a good idea to consider a variety of situations.

You should be prepared in the event you and your family are not together when disaster strikes. Ask about preparation plans at your children's school and familiarize yourself with them. Also, find out about your workplace's emergency procedures and share them with your family members.

If an emergency (like a fire or gas leak) forces you to evacuate your house, you may want to designate a safe meeting place nearby. These measures may also include using a relative (not in the immediate area) as a communications contact.

Having important landline phone numbers with you at all times is a smart idea as cell phone service might be interrupted and wireless networks could get overloaded.

Along these lines, there are other means of communication that may prove effective. Sending a text message might be easier than repeatedly hitting re-dial on your cell phone. Nextel, Sprint PCS, and Verizon Wireless currently offer walkie-talkie style "push to talk" (PTT) services that allow customers with PTT ready phones to communicate with each other. If you and your family are participants in one of these plans, it may be more effective than constantly dialing or waiting for phone service to return to normal.

One thing to consider about this technology: users on one company's network can't push-to-talk with someone on another company's network. You can look over the government's guidelines for creating a disaster plan at www.ready.gov.

There are lots of ways you can help your community prepare for emergencies. In January 2002, the USA Freedom Corps was created to help harness the spirit of service that emerged following the terrorist attacks of September 11th, 2001.

Citizen Corps, a part of the Freedom Corps, was created to help coordinate volunteer activities aimed at making communities safer, stronger, and better prepared to respond to emergency situations. The group says it provides opportunities for people to participate in a range of measures that will make their families, homes and communities safer from the threats of crime, terrorism, and disasters of all kinds. For more information on how you can get involved, go to www.citizencorps.gov.

The Department of Homeland Security administers the Community Emergency Response Team (CERT) program. It educates people about disaster preparedness and trains them in basic emergency response skills. The training allows CERT members to assist others in their neighborhood or workplace in the event of an emergency. For more information on CERT and other programs go to training.fema.gov and click on Emergency Management Institute.

The Medical Reserve Corps program allows medical, public health and other volunteers to offer their expertise throughout the year -- and in times of need. MRC volunteers work in coordination with existing local emergency response programs and supplement community health initiatives (like immunization programs, blood drives and other efforts.) The U.S. Department of Health & Human Services administers the MRC program. For more information, go to www.medicalreservecorps.gov.

The Volunteers in Police Service program allows state and local law enforcement expand their ranks through volunteers. VIPS is funded by the Department of Justice and managed by International Association of Chiefs of Police. For more information, check out www.policevolunteers.org.

Even if you don't live in or near an area that's been identified as a terror target, it might make sense to reassess your insurance coverage. Do you have life insurance? If you have it -- do you have enough?

According to Jeanne Salvatore, Vice President for Consumer Affairs at the Insurance Information Institute, if you're not sure you're sufficiently covered, you need to make an appointment to meet with an agent or a financial planner. They can help you gauge the right amount of coverage for you and your dependants.

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Salvatore says there's no rule of thumb or single formula out there for figuring this out. You have take into account your family's immediate and future needs when you're evaluating how much coverage you need.

Do you have home insurance, and if so do you need more? Salvatore says homeowners need to consider whether they have enough to rebuild their home and replace what's in it.

"If the answer is no-they need to adjust their policy," he says

It's also a good idea to have a written and photographic inventory of expensive items, your "master policy" (the one with original signatures) and your agent's contact information in a safe place -- like a safe deposit box or at a relative's house so you can have easy access to if tragedy strikes.

Renters also need to consider their insurance needs. According to Salvatore, less than half of renters have insurance at all. For more information on all types of insurance, visit www.iii.org.

Gerri Willis is a personal finance editor for CNN Business News. Willis also is co-host of CNNfn's Open House, weekdays from Noon to 12:30 p.m. (ET). E-mail comments to 5tips@cnn.com.