The Louisiana Department of Insurance is reminding property insurance policyholders about the upcoming deadline to claim a Citizens Property Insurance Corp. (Citizens) assessment rebate on their policies.
Commissioner of Insurance Jim Donelon said the deadline to claim a rebate for the Citizens Assessment charged on policyholders’ 2010 insurance policy is Dec. 31, 2014. More than $50 million, or 52 percent of the total assessment collected for 2010, remains unclaimed.
All property insurance policyholders in Louisiana, whether they are insured through Citizens or another insurer, pay the Citizens assessment each year as part of their property insurance bill and are entitled to the rebate. The opportunity to claim the assessment rebate expires after four years.
“The allotted time to claim assessment rebates for 2006 through 2009 has already expired and along with it, nearly 55 percent of the available assessment rebate,” said Commissioner Donelon. “That’s more than $255 million that went unclaimed. I strongly encourage all property insurance policyholders in the state to take the time to claim what is owed to them.”
The process of claiming the Citizens assessment rebate involves filling out a one-page form on paper or online. Residential property insurance policyholders use the Louisiana Department of Revenue (LDR) R-540INS tax form for the year in which the assessment was paid. Policyholders must attach a copy of the insurance policy’s declaration page which indicates that the assessment has been paid and mail it to the address located at the bottom of the form.
Another option for residential policyholders is to claim the assessment rebate online by visiting the LDR website at www.revenue.louisiana.gov/Eservices/LouisianaFileOnlineLinks and clicking on the “Claim Your Citizens Insurance Rebate” icon located at the bottom of the page. Residential policyholders may also claim the rebate by filing a current year or amended tax return. Businesses may also claim the Citizens assessment rebate by filling out the LDR R-620INS tax form for the corresponding year or filing a current year or amended tax return.
Policyholders can claim rebates for assessments charged in years 2010 through 2014. To date, 61 percent or $269 million of the funds assessed during those years remains unclaimed.
Source: Louisiana Department of Insurance
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