One of the many terrible things coming out of the whole Katrina aftermath is the fact that so many people in the region (and other risky areas like Florida) are finding that the insurers are jacking up their premiums - forcing many to make the decision of whether to put food on the table or insure that a table will still be there after the next storm. Many are opting to go bare, that is, dropping their insurance altogether. The article correctly warns that doing this is very very risky, they liken it to playing Russian roulette with what is likely your biggest asset, and it’s something seniors on fixed incomes are more likely to do.
And some don’t have that option because insurance is something that a mortgage lender is going to require you to have as a condition of a mortgage loan - there’s no way they’re going to let you go without insuring the property.
The problem is if you don’t have the money to pay these ever increasing premiums, what are you supposed to do?
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