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.

  • AA5B@lemmy.world
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    7 months ago

    I guess no one wants to leave their home, but it’s crazy to stay there, and it’s well past the point where they shouldn’t have a choice

    • Yokozuna@lemmy.world
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      7 months ago

      I mean, if idiots want to live there and own the property, that’s on them. But those are the same people who vote red and I 100% believe that when push comes to shove and they lose everything (again) they’ll be looking for government assistance.