Louisiana Insurance Commissioner Jim Donelon reminded property insurance policyholders that the deadline for claiming a rebate on their insurance policies is due in about a month’s time.
The December 31, 2015, deadline is for claiming a rebate on the Citizens Assessment charged in 2011. It comes amid an ongoing shift of policies to the private market from the Louisiana Citizens Property Insurance Corporation. Donelon said that 52% (around $34 million) of 2011 refundable assessments is still available for claiming.
“If you pay property insurance in Louisiana, whether to Citizens or another insurer, you are entitled to the rebate,” said Donelon.
Per Act No. 125 of the 2015 Legislative Session, 72% of the assessment can be refunded. Policyholders can find the amount of the assessment on the declaration pages of their respective policies.
Policyholders can request rebates online or on paper. For greater flexibility, the state allows the rebate to be claimed as tax credit on the tax return for the appropriate year (in this case, 2011).
Donelon said that the opportunity to claim the rebate expires after four years. Over $306 million of available rebates for the period between 2006 and 2010 have already expired.
