this post was submitted on 31 Mar 2024
229 points (98.3% liked)

News

23387 readers
2716 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] 3volver 13 points 7 months ago (12 children)

Good, this will get people to start moving away from being under water and from wildfire zones. This is the beginning of the necessary movement, if it has to begin this way, then so be it.

[–] Cryophilia 9 points 7 months ago (11 children)

It fucking sucks that here in CA, the entire state is losing insurers despite the fact that a huge chunk of the population lives in coastal areas with no danger of wildfires.

[–] insight06 1 points 7 months ago* (last edited 7 months ago) (1 children)

I would have thought California EQ was the peril scaring them all away. Very expensive to reinsure - most commercial property catasrophy models (RMS & AIR are the big ones) peg it as the second most risky North American peril after Florida Hurricane.

[–] Cryophilia 1 points 7 months ago (1 children)

Then those models are fucking shit. San Francisco and Los Angeles are in no danger from wildfire.

[–] insight06 1 points 7 months ago* (last edited 7 months ago) (1 children)

EQ is earthquake. According to USGS, California faces a ~75% chance of a major earthquake in the next 100 years.

Have a quick google of "California quake risk" for a slew of in-depth (and somewhat scary) articles and research papers.

[–] Cryophilia 1 points 7 months ago

Home insurance already doesn't cover earthquakes though. That's a separate insurance product, and companies could just stop offering it.

load more comments (9 replies)
load more comments (9 replies)