The home insurance market is crumbling in New Orleans, leaving Alfredo Herrera with few options for coverage — and skyrocketing insurance premiums.
Herrera, 35, works in finance for a local bank. He bought his 900-square-foot home in New Orleans’ Mid-City neighborhood in 2020 for $270,000, and lives there with his partner.
In 2022, he paid $1,600 a year for home insurance. But last July, his insurer canceled his coverage, saying it was leaving Louisiana.
In the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem.
But as climate change increases the frequency and severity of extreme weather, insurers — especially those in areas most impacted by floods and fires — are raising their premiums, or pulling out altogether, impacting the affordability and availability of home and fire insurance.
I’m sure you know we’re not going to do the right thing for anyone in the coming years. We won’t do anything to avoid the disaster and we won’t give a shit when disaster strikes others either. Greed and selfishness will be the end of us. We’ll all just say “Thank God it wasn’t me” until eventually it is.
Very true
Man whenever a hurricane is in the gulf and my family is all like “pray it doesn’t come our way” I’m just like… so you’re asking God to ruin someone else’s life? Shit is insane.
Tell us you’re from the USA without telling us you’re from the USA.
True, but show me the country prepared to protect its citizens from the consequences of climate change. There isn’t one.
I think the Dutch are prepared for rising sea levels.
Absolutely prophetic.