What a better way to remind the public about Mr Chaney’s upcoming insurance forum than to feature a warmup article about the massive pogey spill in the Mississippi sound and its accompanying pool of floating dead fish. Al Jones at the Sun Herald has the story:
Nearly half a million dead pogies were adrift Tuesday off Long Beach and Pass Christian.
An accident involving two Omega Protein pogy boats, based out of Pascagoula, resulted in a spill that sent an estimated 200,000 dead pogies, or menhaden, per boat into the water.
“Accidents do happen,’’ said Walter “Tiny” Chataginer, chief of law enforcement for the Mississippi Department of Marine Resources. “We are not sure what happened and how they got dumped.’’
Next up we’ll circle back to JR Welsh’s story in the Sun Herald from last month on the restoration of Buccaneer State Park in Waveland. I saw the C-L picked it up for today’s edition as they are manpower poor and no doubt very hungry for content. These are very challenging economic times for poorly run newspaper chains such as the C-L’s corporate parent Gannett but that is another post:
One of the Coast’s most beloved but hurricane-battered attractions is getting a $17 million overhaul and may be partially rebuilt by late fall, but won’t be back to full steam until at least 2010. Continue reading “Slabbed Daily July 15: Dead Fish Edition”
Indeed I did forget something earlier today when I profiled the latest coastal multi peril insurance plan, namely, the Travelers-Nationwide plan that was floated out 10 days or so ago. Before I get to the 4-pillars-plan I’m going to share a bit of insight I gained last night when, for the first time in literally months I was able to catch up with the guys from Soggy Bottom, shoot the breeze and a have few brews with them. What I heard last night reminded me my first finance board offline gathering after the storm in the Atlanta area, when my good cyberfriend Buford made a prediction about the coast real estate market after I described the problems with getting insurance coverage.
Don’t buy now, when the market capitulates you’ll be able to buy cheap.
Given real estate pricing here back in January 2006 I thought it was an awfully bold prediction but Buford, the sage college finance professor knows his stuff. Here is the dynamic of how the sky high costs of insurance can crater the real estate market despite pent up demand.
- Katrina floods but does not destroy the house. Owner, with help from the SBA, insurance and private lending fixes the residence and re-occupies. Or, house is destroyed and owner buys nearby at an inflated post storm demand driven price.
- Insurance renews for 2006-2007, the increase in premiums is astronomic. Family budgets are strained.
- Gasoline and rising food costs coupled with the out of sight costs of insurance pushes many residents into mortgage default, home is repossessed. Many were already active listings on the market.
- Bank gets first insurance bill Continue reading “Travelers to Sop. Ummm, You Forgot Something Bub.”