Louisiana Insurance Commissioner: Rebates, Incentives Available to Homeowners
Louisiana Insurance Commissioner Jim Donelon wants property insurance policyholders in his state to claim a possible rebate for the assessment from Louisiana Citizens Property Insurance Corp., and homeowners to take advantage of available tax deductions and insurance premium discounts.
Since 2005, the state has assessed property and casualty policyholders on their insurance policy in order to help pay Citizens claims from Hurricane Katrina and subsequent hurricanes. The Citizens assessment may be claimed as a state rebate as soon as it is paid by a property and casualty policyholder on their insurance policy. Policyholders should check their policy’s declaration page to see if the Citizens assessment is listed as a charge.
Donelon said 63 percent — or $362 million — of the money available in rebates has not been claimed. Almost 69 percent of the available rebates for 2006, or $133 million, was left unclaimed by policyholders as of the Dec. 31, 2010, cutoff date.
Property insurance policyholders may still file claims for assessments paid in 2007 through 2010.
Residential property storm mitigation incentives including tax deductions and insurance premium discounts also are available to homeowners who are willing to strengthen their homes against storms and hurricanes, Donelon said. These are available to the public this tax season and thereafter.
Tax deductions and premium discounts may be available for those who voluntarily build or retrofit their homes to comply with the Louisiana State Uniform Construction Code, which will make the home more hurricane resistant. This includes but is not limited to such building applications as roof deck attachment, roof bracing, roof covering, roof-to-wall connections, secondary water barrier, and opening protection, according to information released by the Louisiana Department of Insurance.
Citizens Assessments Unclaimed as of Dec. 31, 2010
*Estimated figure
Source: Louisiana Department of Insurance