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Louisiana Policyholders Get Money Back Now; LA Citizens Special Assessment Is Expected For The Next 15 Years

Many homeowners I know are unaware they may be entitled to a refund of the Louisiana Citizens Property Insurance Corporation Special Assessment paid along with their regular homeowners insurance premium. The assessment is paid in addition to her normal homeowners insurance premium and is listed separately on the Declaration page of the homeowner’s policy as a Louisiana Citizens Assessment. The State of Louisiana authorized the special assessment to pay for LA Citizens’ billion dollar deficit caused by Hurricanes Katrina and Rita. Bonds were issued so that LA Citizens could pay its Hurricane insurance claims. This assessment will remain in effect until the bonds are retired in 2025. To help Louisiana policyholders recoup this additional charge, the Louisiana Legislature passed a law, R.S. 47:6021, which authorizes a refundable income tax credit for the Louisiana Citizens assessment. Policyholders can only claim the refund in the year paid. The credit can be claimed on either the individual income tax return or by filing a “Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment”, Form R-540INS after the assessment has been paid. This credit is available only for the amount of the LA Citizens assessments and is not available for the normal homeowner’s premium. If you have questions concerning your eligibility for the refund, contact your CPA or the Louisiana Department of Revenue at 225-219-2700. Additional Resources: LA Citizens Emergency Assessment Calculation LA Citizens Reasons For Assessment

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New Minimum Liability Limits for Louisiana Auto Insurance; Bodily Injury Limits of Up To $15,000 for One Person, $30,000 for More Than One Person

Beginning January 1, 2010, the minimum Liability limits for Louisiana auto insurance will be 15/30/25 upon renewal or new application of a Louisiana automobile insurance policy.This mandatory insurance pays for property damages or personal injury for which you may be legally responsible. The old minumum limits required car owners to carry 10/20/10 Liability limits. The new limits provide payments of $15,000 for Bodily Injury to one person, $30,000 for Bodily Injury to more than one person in a single accident, and $25,000 coverage for damage to someone else’s vehicle or other property. Insurance premiums are expected to increase for those who only carry the minimum limits. Additional Resources: Car Insurance Premiums to Rise for Many Louisiana Drivers  

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