With the start of hurricane season, Louisiana State Treasurer John M. Schroder urges Louisianans to make financial disaster plans when they do their hurricane preparations.
“In Louisiana, we all know how to prepare for hurricanes with water, batteries, and bread,” he said, “but it’s important to have your finances in order, too.”
Some of the tips he shared include the following:
- Grab some cash if you can since banks and ATMs may not work after the storm.
- Keep your financial records safe – housing payments, insurance policies, bank accounts, tax statements, and pay stubs.
- 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 for use in any crisis.
- Before evacuating, take a video of the inside of your house, including your closets. This video serves as a record of your belongings should your home suffer damage.
He stressed that having a financial disaster plan is essential no matter an individual’s bank account size. Rebuilding after a disaster is challenging, no matter your income level.
“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. It’s our job to be as prepared as possible before they head our way. If your financial disaster plan is in place when disaster strikes, you can focus on recovery right away.”
Make sure to add and update phone apps that will be helpful in the wake of a disaster, and for additional hurricane preparedness tips go to ready.gov/hurricanes.