Citizens rebates are available to many property owners who pay taxes within the state.
Officials in Louisiana are reminding property tax payers in the state that they may be able to benefit from a tax rebate which could give back some of what they have been paying into homeowners insurance for Citizens assessments.
These payments have been made as a part of the overall property coverage bills and may be claimed.
According to the state officials, many people in Louisiana can receive rebates for the assessments that they have been paying for “Louisiana Citizens Property Insurance Corporation” as a part of their premiums. The key is to be aware that this option is available and to take advantage of it when making the filings.
According to experts, the majority of this homeowners insurance refund money is never claimed.
Most of the refund money is never seen by homeowners insurance customers who are eligible to receive it. They are missing out on an average rebate of $121 if they do not claim it. According to Jim Donelon, the state’s insurance commissioner, by the end of last year, rebates worth approximately $255 million were available but not claimed last year. This represents almost two thirds of all of the rebate money that is available for these property owners.
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Homeowners insurance customers still have the opportunity to submit their claims to take advantage of the rebates for the money that they paid from 2009 through 2012. Individuals who have been paying property taxes in the state can discover whether or not they have been paying into the Citizens program on the policy’s declaration page.
The money that is received is a payment for a bond that was issued by Citizens homeowners insurance in order to help to cover the damage that was left behind after Hurricane Katrina. There are now several ways that property owners can claim their rebates. This includes receiving it as a tax credit on the income tax return within the state, claiming the rebate online at the state official website, or filling out and submitting form R-540INS. It is recommended that this action be taken sooner, rather than later, as there is a time limit.