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Just a couple of quick thoughts:

Flood insurance usually only covers $250K. Before I get flamed, I did say "usually". It's been a problem for folks on the gulf coast who had it and lost a several hundred thousand dollar property.

NOLA was a place where a renting culture prevails...more like Europe than the rest of the US. Many folks in the ninth ward probably did own property, but the vast majority were renters (granted SOMEONE owned the property and should have had some kind of flood insurance, but I digress).

What will be interesting to see is whether NOLA -- or parts of it -- will be declared unisurable after this. It sits in a bowl, has been hit by two devastating hurricanes in 30 years, and may yet get hit again this year. Not a matter of if any more. Just a question of when.

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