How to start saving money
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Why it is important to start saving
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How much money should I save?
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What percentege of my income should go to savings?
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State lawmakers are working on several important bills aimed at helping homeowners finance Fortified Roofs to lower their property insurance premiums here in Louisiana.
On Monday, May 12th, state lawmakers made progress on two bills aimed at strengthening our insurance market. One bill, authored by Representative Roger William Wilder, proposes increasing the tax deduction for individuals who invest in certified fortified roofs. Representative Wilder emphasized that by increasing the number of fortified roofs, we can contribute to lowering insurance rates for everyone. His bill suggests doubling the current deduction from $5,000 to $10,000 for retrofitting existing homes or installing a fortified roof on new constructions. This builds upon the state's Fortified Homes Program, launched in 2023, which offers grants up to $10,000 for homeowners to reinforce their roofs. Insurance Commissioner Tim Temple voiced his support for HB 145 during the House Ways and Means Committee hearing, noting that Alabama has a similar $10,000 tax deduction which serves as a good incentive for homeowners when replacing or building new roofs. While Representative Les Farnum raised questions about the current capacity of the fortified roof program, Commissioner Temple clarified that they are still processing grant applications and utilizing the funds already allocated by the legislature. Ultimately, HB 145 passed out of the committee without any opposition.
The same committee also advanced HB 663, a bill focused on establishing the Fortify Coastal Homes Fund. Representative Gabe Firment explained that this special fund within the state treasury would be dedicated to retrofitting and installing fortified roofs on homes in the coastal zone through the existing Louisiana Fortify Homes Program. The proposed funding mechanism involves allocating a portion of the sales and use taxes collected in coastal areas following a declared natural disaster. Specifically, for the first two full months after such an event, 5% of the sales revenue from the coastal zone would be deposited into the fund, with a cap of $60 million. Representative Firment highlighted the critical need for this initiative, especially considering the financial challenges faced by some insurers after Hurricanes Laura and Ida in 2020 and 2021. He stressed that building resilient structures through the Fortify Roof Program is vital for the future of South Louisiana and maintaining a stable property insurance market. State Rep. Gabe Firment said it well: “I don’t think it’s an exaggeration to say that, in many ways, the future of South Louisiana as we know it depends on our ability to build resilient structures, to make sure that we have a viable and healthy property insurance market in the future.”If this bill is enacted, it would empower the head of the Louisiana Department of Revenue and the insurance commissioner to develop the necessary rules for its implementation.
