What is unclaimed property and how do I claim it?

(KLFY) -- This week is National Unclaimed Property Week, and the Louisiana State Treasury is sending out checks. So what is unclaimed property and how is it claimed?

The State Treasury defines unclaimed property as financial accounts or items of value in which the owner has not initiated any activity for several years. When the company cannot locate the owner, the money or properties are submitted to the state. Common examples include unpaid life insurance benefits, forgotten bank accounts, and unused rebate cards.

There is more than $900 millon in unclaimed property owed to the people of Louisiana.

To see if money is owed to you, you can utilize the Treasury's new website that was launched along with the campaign called Louisiana Cash Claim. The campaign also includes a series of digital promotions, commercials, and the introduction of a new Unclaimed Property mascot named "Cash."

"Unclaimed Property is not just for individuals; it's for businesses, nonprofits, and churches also," said Kathleen Lobell, Director of Louisiana Unclaimed Property and President of the National Association of Unclaimed Property Administrators (NAUPA). "Take advantage of the second annual Unclaimed Property Day, on February 1st, to search for your name and others."

According to State Treasurer John M. Shroder, Louisiana's unclaimed property program has gone from being ranked 38th in the nation to being one of the top outcomes in the last few years. One in six Louisianans has unclaimed money owed to them, according to Shroder.

"Thanks to enhanced technology and an incredible, dedicated staff, our office went from paying out an average of $40 million a year to more than $70.2 million last fiscal year," Shroder said.

Search at www.LACashClaim.org or call (888) 925-4127 to see if money is owed to you.