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Will the astronomical rise in homeowners/flood insurance empty out the Southshore?
Posted on 5/22/23 at 2:40 pm
Posted on 5/22/23 at 2:40 pm
16
Posted on 5/22/23 at 2:42 pm to swampwiz
I believe it will. I have several family members in the Houma Thibodaux area raising hell. Flood and home owners doubling. Costing upwards of $1000 a month to live in a home that paid off.
This post was edited on 5/22/23 at 2:43 pm
Posted on 5/22/23 at 2:45 pm to swampwiz
quote:
FEMA argues that the new rating system corrects pricing inequities for policyholders living in low- and moderate-income communities
this should go over well
Posted on 5/22/23 at 2:46 pm to bayoudude
1k per month is pretty crazy for insurance. I'd move too.
Posted on 5/22/23 at 2:46 pm to swampwiz
My homeowners went down $200/year. Shocking after Ian made landfall here.
Posted on 5/22/23 at 2:47 pm to bayoudude
I guess in the end, classical economic theory will simply make property values go down to a level such that the net cost (i.e., including insurance) will equal that of a somewhat nearby with normal insurance costs. That said, at some point, folks would need to go to Shreveport or Jackson (MS) to get normal costs (i.e., because at least by then, hurricanes are not destructive).
Posted on 5/22/23 at 2:50 pm to liz18lsu
In 2 years , primary home insurance has more than doubled, rental property quadrupled, both on the Westbank and are/were anticipated to dramatically increase again next renewal.
Just sold the rental and trying to hold off until our son finishes high school (3 more years), then we are out of here.
Just sold the rental and trying to hold off until our son finishes high school (3 more years), then we are out of here.
Posted on 5/22/23 at 2:51 pm to bayoudude
quote:
I believe it will. I have several family members in the Houma Thibodaux area raising hell. Flood and home owners doubling. Costing upwards of $1000 a month to live in a home that paid off.
after Katrina, i told my mom to use that money to buy a new small house in Abita. at that time her homeowners + flood was in the $2800/yr mark. Told her to Live in your (existing) house.....and roll the dice. that house has never been flooded. ever.
Posted on 5/22/23 at 2:51 pm to swampwiz
quote:
I guess in the end, classical economic theory will simply make property values go down to a level such that the net cost (i.e., including insurance) will equal that of a somewhat nearby with normal insurance costs.
The sellers have not received that information yet, and it seems like the buyers don’t care. Even the rate hikes haven’t cut prices much in the Wild West of BR.
Posted on 5/22/23 at 2:51 pm to swampwiz
it does speak to the fact that large swathes of states like louisiana & florida are simply uninsurable from an objective risk perspective
unpopular opinion: this is the sort of market inefficiency the government should step in to address directly. fema/nfip should disincentivize building in absurdly high-flood hazard regions (or incentivize investment in flood-mitigation infrastructure), but i'm not convinced that's what we're seeing here - especially given the language in op's article about "addressing inequities." state & federal government needs to subsidize flood & homeowners insurance in these markets, at least in locations that aren't inexcusably prone to flooding.
unpopular opinion: this is the sort of market inefficiency the government should step in to address directly. fema/nfip should disincentivize building in absurdly high-flood hazard regions (or incentivize investment in flood-mitigation infrastructure), but i'm not convinced that's what we're seeing here - especially given the language in op's article about "addressing inequities." state & federal government needs to subsidize flood & homeowners insurance in these markets, at least in locations that aren't inexcusably prone to flooding.
Posted on 5/22/23 at 2:52 pm to swampwiz
I’m one of them 
Posted on 5/22/23 at 2:53 pm to swampwiz
quote:
That said, at some point, folks would need to go to Shreveport or Jackson (MS) to get normal costs (i.e., because at least by then, hurricanes are not destructive).
I live 200 miles from the coast. Laura put us out of power for 9 days. Almost everyone had roof damage and many homes had trees on or through them.
Posted on 5/22/23 at 2:54 pm to Monsieur le Duc
quote:
unpopular opinion: this is the sort of market inefficiency the government should step in to address directly. fema/nfip should disincentivize building in absurdly high-flood hazard regions (or incentivize investment in flood-mitigation infrastructure), but i'm not convinced that's what we're seeing here - especially given the language in op's article about "addressing inequities." state & federal government needs to subsidize flood & homeowners insurance in these markets, at least in locations that aren't inexcusably prone to flooding.
So are you trying to say that the descendants of the sugar plantation slaves that worked hard to build up Louisiana shouldn't get a break on insurance costs?
Posted on 5/22/23 at 2:55 pm to swampwiz
In our neighborhood in St. Bernard, the real estate market for houses between $250K and $350K has completely frozen since the start of the year.
Last year builders were throwing up spec houses at 180 / sqft and getting multiple offers during construction. Now, we have a number of new builds ready to go that have sat for months. Prices have barely moved down... maybe $5-$10K.
Last year builders were throwing up spec houses at 180 / sqft and getting multiple offers during construction. Now, we have a number of new builds ready to go that have sat for months. Prices have barely moved down... maybe $5-$10K.
Posted on 5/22/23 at 2:56 pm to Jim Rockford
quote:
I live 200 miles from the coast. Laura put us out of power for 9 days. Almost everyone had roof damage and many homes had trees on or through them.
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?
This post was edited on 5/22/23 at 2:57 pm
Posted on 5/22/23 at 2:58 pm to swampwiz
quote:
So are you trying to say that the descendants of the sugar plantation slaves that worked hard to build up Louisiana shouldn't get a break on insurance costs?
i'm not missing the sarcasm, but universal programs are considerably superior to programs directly targeting idiosyncratic segments of society (race X, gender Y, income Z), both in terms of efficiency (you don't need nearly as much bureaucracy to implement a universal program) to political resiliency (see, e.g., social security).
Posted on 5/22/23 at 3:00 pm to LSUFanHouston
quote:
Last year builders were throwing up spec houses at 180 / sqft and getting multiple offers during construction. Now, we have a number of new builds ready to go that have sat for months. Prices have barely moved down... maybe $5-$10K.
That's crazy. My mother sold her 3200 ft^2 house in Jumonville for only $350K. Must be the Arabi Arts District.
Posted on 5/22/23 at 3:02 pm to Monsieur le Duc
quote:
i'm not missing the sarcasm, but universal programs are considerably superior to programs directly targeting idiosyncratic segments of society (race X, gender Y, income Z), both in terms of efficiency (you don't need nearly as much bureaucracy to implement a universal program) to political resiliency (see, e.g., social security).
All I know is that as being considered "low income" (due to very early retirement, LOL), I got an extra $50K from the Road Home, so I kinds like these programs.
Posted on 5/22/23 at 3:02 pm to swampwiz
shite. I'm in Metairie and my homeowners went threw the roof.
Pun intended.
Pun intended.
Posted on 5/22/23 at 3:02 pm to swampwiz
quote:
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?
St Tammany got rocked hard by Ida.
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