But the National Flood Insurance Program will, with plenty of federal bailouts.

Private insurers haven’t been willing to cover large parts of the south for decades. The NFIP was the backstop and already overstretched when Katrina hit New Orleans, which is when it first got bailed out. It’s been a downward spiral ever since.

We're already seeing other states struggling with soaring house insurance rates (California and Florida) and a pattern of spikes in rates leading government mandated caps on rates leading to insurers pulling out of the states.

I've no idea what the going rate for insurance is currently in New Orleans but it has to be crazy right?

My insurance agent told me that insurers in the US generally don't cover floods at all, because its expected that your compensation will come from the government.

There’s enough political power to force the government to pay for the belief systems that have been fostered by a captured media environment.

The rational part of the economy has less leverage when the irrational information market is so large and well funded.

at some point slightly sooner now thanks to parent comment

Wouldn’t plan it but sounds like could’ve been a solid strategy assuming trust in timely condemnations (out of homeowner control, I think).

They won’t pay out even outside risky areas if your stuff is too old. 35 year old roof blown off in a storm? Insurance will say it was at end of life anyhow and worth $0. Tough.