LMR June 2023 FINAL
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TREASURY NOTES<br />
Have a Financial Disaster Plan in Place<br />
As we embark on the <strong>2023</strong><br />
Hurricane Season, most<br />
Louisianans know the importance<br />
of having an emergency<br />
game plan in place<br />
for when disaster strikes. As<br />
you’re reviewing your plans<br />
for this year, why not include<br />
a financial disaster plan, too?<br />
And, it would be great if you<br />
would consider encouraging<br />
your citizens to do the same<br />
for their families and personal<br />
finances, as well as those<br />
of their businesses and workplaces.<br />
Water, batteries, and bread<br />
are good for immediate needs<br />
when a storm threatens, but<br />
it’s vital to specifically have<br />
your finances in order, too.<br />
Of course this is one of those<br />
situations where we certainly<br />
would prefer to have a plan in<br />
place that never needs to be<br />
activated. It’s always better<br />
to be prepared for a disaster<br />
that doesn’t happen than<br />
have a disaster happen and<br />
not be prepared.<br />
Here are a few suggestions<br />
you can implement as your<br />
financial disaster plan preparations:<br />
• Grab some cash if you can<br />
since banks and ATMs may<br />
not work after the storm.<br />
• Keep your financial records<br />
safe in a waterproof<br />
container – housing documents,<br />
rental agreements,<br />
insurance policies, bank<br />
accounts and tax statements.<br />
• While, you’re at it, make<br />
sure your insurance coverage<br />
will meet your needs<br />
to deal with all possible<br />
hazards. Check your property,<br />
health, life, and homeowners<br />
policies, and keep<br />
in mind that homeowners<br />
insurance does not typically<br />
cover flooding.<br />
• Start an emergency savings<br />
account that can be<br />
used in any crisis.<br />
• Before evacuating, take a<br />
video of the inside of your<br />
house, including your<br />
closets. This is a record of<br />
your belongings should<br />
your home suffer damage.<br />
Having a financial disaster<br />
plan is important no matter<br />
the size of an individual’s<br />
bank account because<br />
rebuilding after a disaster is<br />
challenging no matter your<br />
income level.<br />
John Schroder,<br />
State Treasurer<br />
Unfortunately, we know it’s<br />
not a matter of if another<br />
hurricane will hit. It’s a matter<br />
of when and how many. It’s<br />
our job to be as prepared as<br />
we can before they head our<br />
way. If your financial disaster<br />
plan is in place when disaster<br />
strikes, you can focus on recovery<br />
right away.<br />
<strong>LMR</strong> | JUNE <strong>2023</strong> Page 13
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