$200M available to La. landowners

Louisiana Insurance Commissioner Jim Donelon stopped in Thibodaux for his annual “Storm Tour” at Monday’s Bayou Industrial Group Luncheon.

Along with explaining the importance of flood insurance during hurricane season, Donelon mentioned a perk many Louisiana landowners may not be aware of.

The Louisiana Legislature is allowing landowners to get repaid for the assessment that was put on every property insurance policy sold in Louisiana 2007-09.

This money is available to individuals or businesses.

In 2007, Louisiana property owners were assessed 15 percent of their premium in order to generate $250 million in claims for losses from Hurricanes Katrina and Rita.

The assessment rate in 2008 and 2009 was 4.5 percent and is also available for rebate.

“It’s as easy as a one page form with four questions: name, address, policy number and the amount of your assessment,” Donelon said. “Fax it or mail it to the [Louisiana] Department of Revenue, and within two weeks, you’ll get a check back in the mail.”

The commissioner said a staggering $200 million has gone unclaimed, and only 40 percent of eligible Louisiana landowners have applied.

He said landowners can have a check mailed to them, or they can use the rebate as a “100-cent on the dollar” state tax credit.

Landowners who choose to take advantage of their large 15 percent assessment from 2007 need to act now, Donelon said.

“The urgency of that is at the end of this year, the first year proscribes. You will no longer be able to get that 2007, 15 percent assessment, because you will no longer be entitled to it by state law,” he said. “I urge you to talk to your friends, relatives, etc. about that rebate that’s available.”