Schroder stresses need for financial disaster plans

Published 7:34 am Wednesday, July 19, 2023

 

As the 2023 Hurricane Season unfolds, Louisiana State Treasurer John Schroder is urging Louisianans to make a financial disaster plan part of their hurricane preparedness activities.

“We all know to get water, batteries and bread when we prepare for hurricanes,” Schroder said, “but it’s important to have your finances in order, too.”

He shared the following suggestions, most of which can be done ahead of time before a storm enters the Gulf of Mexico:

  • Grab some cash if you can since banks may not be open and ATMs may not work after the storm.
  • Print out a copy of the following so you have account numbers and balances – housing payments, insurance policies, bank accounts, tax statements and pay stubs.
  • While you’re at it, make sure your insurance coverage will meet your needs to deal with all possible hazards. Check your property, health, life, and homeowners policies, and keep in mind that homeowners insurance does not typically cover flooding.
  • Start an emergency savings account that can be used in any crisis.
  • Video the inside of your house, including your closets. This is a record of your belongings should your home suffer damage.
  • “Unfortunately, we know it’s not a matter of if another hurricane will hit,” Schroder said. “It’s a matter of when and how many. If your financial disaster plan is in place when disaster strikes, you can focus on recovery right away.”

Schroder stressed that having a financial disaster plan is important no matter the size of an individual’s bank account. He added that rebuilding after a disaster is challenging no matter your income level.

 

For additional hurricane preparedness tips, go to ready.gov/hurricanes.