The situation has been held up as a dire warning for other homeowners across the state: Insurance premiums will most likely keep rising as a changing climate threatens more frequent and intense natural disasters in Louisiana, which is particularly vulnerable, and many other states.
Well the fucking whole city is below sea level. Its like that meme of Peggy Hill in Arizona. The city is a show of mans ignorance that they keep rebuilding in a city that will continue to flood especially with climate change on the rise. But I guess I don’t understand. So they have to pay 544 a month on top of insurance? My mortgage is 554 a month but my insurance is tied into that monthly price.
The key problem here is that people buy insurance in one-year increments, but with a multi-decade mortgage. So what looked like stable housing turns out not to be because assessments of risk have changed.