Insurance costs threatening to drive people out of their homes and businesses
Property insurance rates keep climbing in Louisiana and other coastal states, leaving property owners increasingly desperate for a solution.
It's a crisis in Southeast Louisiana with the threat of a wave of foreclosures.
"People are having to do whatever they need to do be able to afford it... other than turn the keys back over to the bank," Real Estate Analyst Arthur Sterbcow told WWL's Tommy Tucker.
He advises home owners to consult several agents to try and find the best prices available.
On the commercial said, Sterbcow says owners are joining forces to combine resources and work around the insurance companies and their skyrocketing premiums.
"For example, the new Four Seasons Hotel has done that. They actually formed their own insurance pool, because their rates went crazy," Sterbcow explained. "They got with other large, large entities - companies - and have basically self insured themselves."
The cost of property insurance across the Gulf Coast has jumped from 40% to more than 80% for many owners.
