I keep a "go kit" as, we call it in CERT's, which includes stuff to handle short term emergency deployments. Otherwise, many of us on this forum have so much "survival" gear in the way of....gear...that a 'bug out bag' is a matter of stuffing a pack and getting out of Dodge.
I keep "warmth, fire,water, and communications" in my cars, always. I can pretty much make anyplace home at any time.
A 'bug out bag' tends to be area specific. There is no chance of a flood in my area, fire is possible but nowhere near like the pine forests to the west. It's a good idea to think through possible reasons you'd need to 'bug out' and pack accordingly. 90% of the time, staying put is your best option.