Thursday, July 3rd, 2014
New Orleans, Louisiana
HURRICANE SEASON — DO YOU FEEL LUCKY? WELL DO YA?
It’s the kickoff for hurricane season and forecasters are predicting 8 to13 named storms with anywhere from 3 to 6 of these storms growing into major hurricanes. Here on the Gulf Coast, we certainly perk up when this time of year rolls around. For years, a good story in south Louisiana went like this:
“I’m a Catholic, so I certainly know a good bit about suffering,” she would say.
“Yeah, I’m a Louisiana homeowner, he answered.
“Oh, so you understand.”
Louisiana homeowners know a good bit about suffering, particularly when it comes to being stuck with the highest property insurance rates in the nation. The New York Times reported earlier this year that Louisiana continues to lead the nation in having the highest annual premiums at $2,700. No other state in the South comes close. If you live in industrialized New Jersey, the cost is $1,697. New York home owners, on average, pay even less — only $1,369.
But that’s not the whole story. Congress merely put its finger in the flood insurance dike with legislation that supposedly capped the skyrocketing rates of property owners in flood prone areas. But what our minions in Washington didn’t tell us is that the rates will continue to climb dramatically in the years to come. The legislation is just a quick fix to hoodwink voters in order to get through the next election cycle. Continue Reading…………