This is a mandated assessment (or fee) applied to all property policy holders in the state of Louisiana. The assessment is designed to help recover the expenses from the devastation of hurricanes Katrina and Rita.
Here are a few points to help you to understand a little more without getting to technical:
- This charge can be recovered on your Louisiana State Tax Return. Ask your CPA for more information.
- This fee applies to both personal and commercial property policies. This includes: homeowners, dwellings, mobile homes, and commercial property policies.
- Applies to "admitted" insurance companies only. Most companies are "admitted". Some examples are: Kemper, Safeco, Foremost, Travelers, State Farm, and Farm Bureau.
- The time period in which this will remain in place is not determined at this time.