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Started By
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re: Will the astronomical rise in homeowners/flood insurance empty out the Southshore?
Posted on 5/22/23 at 5:38 pm to sidewalkside
Posted on 5/22/23 at 5:38 pm to sidewalkside
Reader Mode.
Posted on 5/22/23 at 6:47 pm to SuperSaint
quote:
Federal government never should have been subsidizing insurance to begin with... wouldn't have these issues coming to a head like this
Hmm, maybe LA should be voting in all Democrats for federal offices? It seems that it's only after events like Katrina do fiscal conservatives like Vitter become spendaholics.
Posted on 5/22/23 at 6:49 pm to MetrySaint24
Most of the areas around Lake Ponchartrain are seeing elevated flood insurance rates due to sea level rise related to climate change. Climate change MAY increase your flood risk sometime in the future. Pathetic
Posted on 5/22/23 at 6:49 pm to Gee Grenouille
quote:
I'm just looking for a different place to live. To hell with this shite.
So the Bogalusa Smell hasn't motivated you yet to leave?
Posted on 5/22/23 at 6:50 pm to bayoudude
quote:
Flood and home owners doubling. Costing upwards of $1000 a month to live in a home that paid off.
I hope you live in an old plantation. If not, you are getting robbed.
Posted on 5/22/23 at 6:52 pm to dgnx6
quote:
Dont look now, but the continuing rise in car insurance too. Basically, it's going to cost too much to live in Louisiana on the lower ages.
Ah, this reminds me of the good old days of Champion Insurance, where a 19 year old male LSU student in a beater family car (Oldsmobile Omega, LOL) could get minimum liability coverage for like $320/yr.
This post was edited on 5/22/23 at 6:53 pm
Posted on 5/22/23 at 7:04 pm to turnpiketiger
quote:
If it’s not the lack of economic opportunity and crime it’s the cost of living. Such a sad thing to sit by and watch honestly.
It's a combination of both - the Southshore (at least the core East Bank of Jefferson & Orleans upriver from the Industrial Canal) has prices that are in line with other places, but that have a labor market where the pay is enough to afford that housing. Enough folks have to make the pay-housing (including insurance) analysis to say "it's not worth it", so that there is enough of a labor shortage to boost wages up to a level to afford it.
That said, except for Slidell, the Northshore will have cheaper insurance (especially if the house is in flood zone X - the updated zones, of course), so folks can still live around here, just not on the Southshore unless they want to pay the price - or live in a new construction house that can take a Cat 5 storm. I think the problem is all the existing construction not being strong enough, or not high enough above grade, etc. (this presumes no Betsy/Katrina levee failure ).
Maybe this will motivate the poor people (who will experience much higher rents as the landlords will pass on the cost of insurance) to go somewhere else like Houston, and all the poor neighborhood housing can be demolished and replaced with super-strong housing. One thing that is for sure is that older houses will have such a high, extraneous cost (relative to a new house) will decrease in value.
Posted on 5/22/23 at 7:28 pm to swampwiz
quote:For a hurricane if you put it in a spot that doesn’t flood?
My current plan is to build a house in northern St. Tammany. I'm planning on putting a metal roof and as much structural resilience as possible. Will that be enough?
Probably.
Not for a tornado though.
And Louisiana is a shite domicile for writing insurance, reputable firms go elsewhere because the squeeze in Louisiana is not worth the juice to them.
Mississippi, Alabama, or Texas are better climates for insurance companies.
That’ll be reflected in their rates for similar risk areas.
Posted on 5/22/23 at 7:53 pm to swampwiz
quote:
I'm just looking for a different place to live. To hell with this shite. So the Bogalusa Smell hasn't motivated you yet to leave?
Where I live I never smell the mill. Also the DMSO plant moved to Alabama some years ago. That shite was toxic.
Posted on 5/22/23 at 9:23 pm to swampwiz
Can our attny general help?
Posted on 5/23/23 at 11:31 am to dgnx6
Go google it...Auto insurance in the state of texas went up 24% and specifically Geico in the state of texas went up 50%.
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