They live under sea level and being buried under water again is inevitable. Truth is insurance is probably way too low in New Orleans to cover the risks.
Why not cancel the insurance and save the amount you would have paid on the monthly insurance premium to an emergency account, invest that amount while significant building an emergency fund without having to pay deduction in event you have to use it! It's a gamble but you are building a cash reserve!
yep, & coincidentally both homeowners insurance & county property tax revenues were implemented right after jekyll island's federal reserve scam & internal revenue service started up. also when rockefeller cooked up allopathic medicines & started a worldwide drug war to stamp out neighborhood herbal medicine growing. tyranny on the rise...
yeah lets build a whole city in swamp land pump all the water out -.- or even better lets build a city in the dessert where there is no water. All of these problems are a testament of mans arrogance
If she owns the house, she doesn't have to have insurance. I know a couple in Florida who went without homeowners insurance for 20 yrs and saved $100,000; it was a risk they were willing to take.
@@staceywilliams1863 Homeowner's insurance doesn't cover flood. You have to have flood insurance, and that is WAY more expensive than regular homeowner insurance.
Note that home owners insurance protects you from being personally liable if someone slips and falls on your property. Without insurance, they will sue you in to oblivion.
If she owns the home outright she can always drop the insurance, and pocket what the premiums would have been for a financial parachute. Why sell such a beautiful home? You're allowing the banks and insurance gangsters to win.
@@allthingsnu4673 And when a big storm moves to Florida, all these people aren’t going to have enough money to rebuild their homes. So what are they gonna do the man the federal government help them out or they just going to walk away?
@@neilkurzman4907 If you put away the equivalent of insurance each month, you will have plenty for repairs. Homes don't get damaged every single year, and with high unemployment, finding repair deals is easier.
The city is below sea level with an extraordinarily corrupt city government that pockets the money for repairs and up keep of the levees. The next Katrina scenario is just one hurricane away. I’m shocked they still insure homes and businesses in New Orleans.
The record low voter turn out for the 1998 presidential election set up the congressional session that allowed cooperations to be considered citizens is what caused this. I wish the older generation gave that issue attention instead of making fun of a 20 something year old intern that was exploited by her boss.
@@Chinaglo24 So you think the government should force people to buy houses? Or do you think they should force insurance companies to lose money? Florida and California tried that they simply left the state. The government can’t fix every problem.
@@safeandeffectivelol, it's a 5 unit rental in the heart of the French Quarter asking $1.2 million across from the Royal Orleans. I remember a time when it would have cost you close to that for one of the units.
@@Chinaglo24, fortunately our government doesn't force many people to sell their property just yet. ...but to answer your question more directly, because the government can't claim eminent domain without proving some sort of necessity. ...normally.
She needs to rent out a room or something. Insurance should not be a reason to sell such a beautiful home. Plus, I seriously don’t think she will find a nice to rent that’s much cheaper. She bought this home in 1995 and even buying a smaller place might cost way more. I absolutely love this home. I grew up in this neighborhood. I would totally be her housemate and help her out.
I agree. $2500 a month when she's not paying a mortgage seems high but doable with a few tenants. At least she can stay in the neighborhood so her quality of life wouldn't be too badly affected.
I pay $717 a year here in Indiana for home owner's insurance but we don't get a lot of hurricanes. Maybe before living on the streets, move to a more affordable area.
No its not. My homeowner's insurance is only $800/year and flood insurance is only $600/year. Maybe move somewhere less prone to natural disasters. It's not hard to figure out
I loathe insurance. It's what I call "throw away" money. You pay, pay, pay and get nothing out of it. CEO's make billions. If this lady owns her home, she should just self insure.
@@moondancer334 where u take responsibility for everything that happens to ur house, instead of paying some corporation to do it. like medical savings accounts
@@RodSherwood1 oh sure, its a choice, & the young r nudged into it. but u have freedom to wise up & opt out. how long it takes u is a measure of ur conformity, gullibillity, fear etc. 70+% will take UNTESTED EXPERIMENTAL injections if their screen 'authorities' tell them thats how to achieve security:) had ur boosters?...
@@RodSherwood1 oh sure, its a choice, & the young r nudged into it. but one has freedom to wise up & opt out. how long it takes u is a measure of ur conformity, gullibility, fear etc. 70% will take UNTESTED EXPERIMENTAL injections if their screen authorities suggest thats how to achieve security:) had ur boosters?
Thirty years ago attorneys would not accept property claims, now Public Adjusters and their lawyers have devoured the Property & Casualty industry in just under 5-years. Lawmakers in every state helped by allowing one-way attorney fees and assignment of benefits abuse. Their corruption has left every homeowner in peril. The fact that lawmakers have skin in the game is a problem! It started as a Florida problem and everyone blamed it on storms, storms weren't our problem initially, fraud and abuse by some of the biggest names in the State brought us down.
That's exactly what is happening. We moved in our home in 2017 and taxes were $1,800 a year and now they are 3,500. House insurance went up 2200. bucks since we moved in. Sometimes wonder what the county does with all that extra money from every single house that the appraiser assessed at. Did no good to fight it, they said it is what it is and they pretty much said that to everybody that went into complain.
I’m ignorant about a lot of real estate however, if you buy a home, own the home, no more mortgage. But then property taxes and homeowners insurance is the real mortgage payment for life smh. So in America, you’ll always pay the government? We can’t ever just finally own our land and homes outright? We fukn fools. We will blame the blacks for this and whites for that oh and collectively say fuk the immigrants and the police etc smh all the while we’re separated on dumb shxt the gov is fukn everyone over. Ftw 💥
Wouldn't it be better to get a roommate to cover the expenses, rather than lose something you had with your husband? Maybe a family member, or someone you know and trust?
Not necessarily a roommate, but she can sub divide the space and make it safe for her to continue living in her own home without the invasion of privacy. The house is big enough. She can subdivide and give potential tenants private access to their unit only.
Then start an insurance co and do a better job. Seems that you would have an instant customer base by the end of the week. What is stopping you? Lame excuses to follow.
@@markbajek2541 I think it depends on how attached she is to the property, and how able she would be to cover the bills if she were to rent some spaces. She may be more ready to sell now that she is alone there and it is a big responsibility in her senior years. So many just want a more manageable space, but it's hard letting go of your past and your extensive collection of belongings. It is hard work downsizing, and very difficult emotionally.
Have a friend that lives in a 4bed house and circumstances resulted in severe finacial struggle...she rented out 2 rooms to young professionals.... huge financial ease. .
@@you-in-yourfeelings7166 Okay. Who listened to the video? She's not exempted from taxes. They are frozen. Her taxes and insurance is what costs her $2500 a month.
@@you-in-yourfeelings7166 Not exempt, but capped. I'm still sure it's expensive though. Lovely home so that's something the tax assessor loves about it. Best of luck to her.
As a Louisiana native/resident, my home is 200 miles inland from New Orleans. However, I am “still” paying a special assessment to the state run Citizens’ Insurance for Hurricane Katrina (2005) and there has never been a claim filed on my home in 50 years. But my homeowners’ insurance has doubled in the past 6 years. Let that sink in. Our entire system (education, housing, political, healthcare, food distribution, transportation, etc) is in a free fall. “The chickens have certainly come home to roost.”
@@redriderbbgun8018, I am still “on the fence” regarding self-insurance. But I have established a dollar threshold where self-insurance will be a viable option.
Imagine if she had put that mo $2500 into a brokerage account & invested it into the S&P 500 or nvda stock years ago?! 💸💵 instead it went into the pocket of insurance co.
Yes and no , let's say she cancels her insurance and banks $2K for 6 months and a big event happens, a tree falls and takes out the upper floor and living room or a fire , that $12K isn't going to cover much..
I agree. She currently owns that land and if she had enough money saved up, she could rebuild. Compared to paying insurance for her home only to wait for their approval or denial if she had property damages. For now, maybe get roommates and save up her money. I feel sorry for her.
Why doesn't the woman, just go without insurance? She can do this, because she owns the property outright. The risk of going without insurance is less than the price that you have to pay to get insurance. Just put the money that you would spend on insurance in the bank. The banks and insurance companies have made paying insurance premiums a must have over the past century. Centuries before that most people didn't buy insurance. Looks like her house has been there for a long time and it hasn't been a total loss yet. Chances are that nothing will happen to her home again this year. Keep in mind that buying insurance means that you are betting you will have a loss this year, where as the insurer is betting that you will not have a loss this year.
No home owners insurance exposes the owner to personal liability. Someone gets injured on your property and you will end up losing the house in a law suit.
@@johnbartholf777 said " I bet liability insurance is a lot less expensive than full replacement coverage. " I'm not so sure this can be had as a stand alone option. I do know that a person can buy personal umbrella insurance but this is typically for people that have major assets and is in addition to home owners insurance.
@@prettykitty5416 LOL You're right, best to have a plan in place before doing what I'm considering. Or maybe I'll just get a job that pays more and stay here? Haha. Thanks!!
OMG! It's a cute home. Perhaps she could turn it into a Bed & Breakfast! There's lots of history as can be scene in the photos taken by her late husband. Or rent out a couple of rooms! I'm praying for her!
Hi Cheron. Maybe consider self insuring if you own home outright? That’s what I did….first I just lowered the amount I was insured for, example: Instead of a $1.1M policy, raise the deductible, then get a “cap” say $350k. So no matter the amount of damage, max insurance payout is only $350k . Costs much less. Then take the savings difference and put into a self insured account. Do this for 10 years and then , after building up some reserves, drop coverage altogether, and increase payments to your own insurance account. Think, you’re paying $2500 a month? Where will you live in the city , in a proper home and location, that doesn’t cost that much, or more? Sure, a small condo maybe but even then , perpetual HOA payments along with special assessments can be pricey as well. Good luck.
At 1:25 "Between property tax and property insurance, Brylski has been paying $2500 per month to stay in this home". According to Zillow, property tax on her home (3418 Coliseum st, New Orleans) is $10k/year, or $833/month, leaving $1667/month, or $20,000/year to insure a 3400 sf home. She owns it free and clear, so what stops her from self insuring? Which also begs the question, WHO is the state's Insurance commissioner and how did they get there?
@@dekaywill4572 If it were $1667 per year, I would agree. But holy crap, how can folks in New Orleans (where the average salary is $65k/year) afford to pay nearly half that salary (MORE than half of their take home pay) JUST for property tax and insurance, ignoring other costs like their mortgage, maintenance and upkeep, transportation, food, clothing, childcare, etc.
home price also keep increasing. You can get it cheaper if you value your home at much lower price. For example, you agreed that your home only wroth 200k instead of 1m, then if anything happen, insurance will only pay 200k max.
Then, she would have to deal with a shady HOA. Also, HOA fees and insurance have been escalating just as fast as this lady's insurance nationwide. Unless you live on some land in a rural area, there is no escaping this. This is happening in major metropolitan areas nationwide. The glut of natural disasters have forced these insurance companies to finally have to give up some of the money they have taken from property owners for years and they don't like the fact that the coffers are significantly lower than usual.
@@James-to7pi She’s not able to get a buyer at 1.1 million. So maybe she no longer has $1 million house. Historically housing prices have gone up and down.
They all enjoyed seeing the values of their properties increasing incredibly. This is the result. Higher property values does not benefit the homeowner unless you're selling. You've all been played.
It does benefit you. Property taxes are trailing and limited in rise depending in location. In addition for seniors or homestead they are capped. I you own your home you don't need insurance.
Dear, madam or sir.. You are wildly misinformed if you believe an increase in property values doesn't benefit the homeowner. Real estate is a HARD asset that increases one's net worth. A homeowner increases his or her net worth by holding onto that asset for an extended period of time until they want to cash in on that hard asset and sell. Either way, it is a positive for the homeowner, not a loss. I am baffled how many people don't understand the basics of assets, net worth and benefit of homeownership. EX: my uncle built a home for $277,000 dollars. He lived in his home for 20 years. We sold the house for $626,000 when he died. A large percentage of his $1,500,000 estate was from property value increasing over the years. Everyone's situation is different, but fortunately it worked out for my uncle and the family. $1,500,00 dollars will be passed down to multiple generations. Generational wealth.
Just cost too much to own a home around these costal and tornado prone area. Plus you have to contend with floods. Florida, Louisiana and all these areas have gotten ridiculous.
I wouldn't say most but I would sure say a lot. I know many where one or the other meaning husband and wife that are taking a second job. They have to just to make ends meet and it's still hard.
Yeah. I was thinking, that is a HUGE place for one person. A few renters would make her life financially easier, but take it from me, roommates can really SUCK.
@@SpotTheBorgCat man you got that right. I have a friend of 20 years lost his apartment due to doubling of the rent, let him rent a spare room on my place. Slovenly pig. Never cleans anything. I gave him notice to leave. Even people you have known for decades, you really never know until you live with them. Ugh.
I would sell at a reduced cost before moving anyone into my house. I have seen the nightmare of squatters and the homeowner has less rights. This government and legal system is corrupt and you will lose in court cost, so sell.
3400 square feet home for a single person? she can't afford the property because it's like something a factory owner would live in. Americans are insane when it comes to housing.
This should be criminal! Owning and paying off your home are your hedge against inflation and can make for a comfortable old age. She shouldn’t have to sell because of greedy insurance companies.
I'm so, so happy I never bought a home after an ugly divorce in 1997, choosing instead a modest, but nice, one bedroom apartment. After all I went through, I knew I wasn't psychologically able to deal with the stress of homeownership and everything that goes along with it. I've never regretted my decision.
Louisiana should have to pay higher insurance premiums than almost anywhere else in the country. You live in an area prone to large, destructive hurricanes. Most of New Orleans should have never been rebuilt since much of it sits below sea-level. You want to live in a high risk area, so these are the consequences
Her home is just lovely. If she owns if outright, does she still need insurance coverage? Maybe if a bad storm comes thru, she'll pay ouf of pocket, but heck insurance companies are denying claims left and right anyway. Might be a win win for her. Sorry she having to do this.
Stop buying homeownrs ins if you own your home. Have visitors sign a liability waiver. Btw-- Nationwide is canceling 100, 000 pet ins policies because "inflation". Looks like they will still make asinine profits by doubling other ins products.
For what reason, I may never know, but people are deliberately being priced out of their homes by insurance companies gouging us with unrealistic, unmanageable insurance rates. Senior citizens like myself, are severely impacted because many of us can't work anymore. WE no longer have a choice but to sell. The rates are so high though, others cannot afford to buy. Then what? Lose our homes through reverse mortgages until the money runs out??? Gulf Coast has always had hurricanes and the midwest has always had tornados. Why now? Why in just the last two to three years are the insurance companies suddenly unable to sustain their own business models? Not that much has changed except the salary increases for CEO's and profits for the shareholders....all going up, up, up, just like our RATES which pays for it all. It's corporate greed...they know they have the homeowner over a barrel. My insurance only a few years ago was $1200 a year. In 2023 it went up to $8000 a year. They predict a 20% increase by the end of the year???? I can barely afford $8000. I guess my choice will be to sell my home or give all my equity to the insurance company.
There's a lot of competition in insurance still. They're raising their prices to cover the mismanagement of the city which is resulting in increased crime and flooding issues. New Orleans is only PART the problem though. With the increase in inflation thanks to our dear leader's post covid spending habits, as well as increased crime from all out new friends pouring across the border, insurance companies are forced to adjust their premiums and deductibles to remain profitable. Higher costs for everything means higher payouts if something were to happen. ...but by all means, keep voting blue no matter who.
It’s the banking system. If the new buyer requires financing, then the bank owns the house until the mortgage is paid. Because many people own their house outright and have invested a lot of time, money and effort in their home, this has tied-up lots of money. If she sells, then that money goes back into the economy. This is totally messed up, I know but this is how our government and system works.
I'm facing the same problem. My home isn't big or beautiful but it keeps going up. And, I'm not sure why the state is charging me a fee when I have private insurance.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA, Desiree Ruth Hoffman, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Most of New Orleans is below sea level. I believe only the French Quarter is above sea level. It is super risky. There will likely be another incident like what happened from Hurricane Katrina.
I saw somewhere that 20% of home owners in Florida have dropped their home owners insurance. You’re gonna see a lot more homeowners doing what they can to buy their home outright so that they can dump their home owners insurance and simply be left with rapidly rising property taxes. I’m seriously considering taking a good chunk of my retirement money out of my Roth and doing just that.
If she owns the property outright then homeowners insurance is optional. She can self insure, instead of paying a premium, put the money in an investment fund. When disaster strikes, use the money you’ve saved.
23% is certainly not the highest in the country as an insurance agent in California. My clients would give up a kidney for only 23% try 280% is more realistic in the foothills of California.
Our area had wild fires and the insurance companies canceled insurance on a bunch of people.. what the hell good did it do to pay in all those years and let insurance companies make trillions of dollars in profit only to let them bail out when people need them…It’s criminal.
some have advised that if you own your home outright, don't carry homeowners insurance. Instead take what you would have paid in insurance, and put in a high yield savings account. It's a gamble, but at least you get to keep your home
They wanted $2500a month. She should cancel her insurance and put $1000 or what ever she can afford into an emergency account to be used for home repairs. Kind of like self insurance.
My mom canceled her insurance and she’s owned the house for 32 years. She now has enough money saved to replace it if something happens. Her insurance was VERY expensive! The insurance just kept going up and it didn’t matter if you shopped around. All of them gave her high quotes. I’ve noticed at least 30 homes in my area alone that are for sale.
Habitat For Humanity homes need help to avoid foreclosure? Those are interest free homes... *Stop building on flood plains!* Build homes capable of withstand strong winds. You can mitigate the risk using foresight. That lowers cost to insure dramatically....
