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Author: DeltaOne81 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308847  
Subject: Re: When Renting is Better Than Owning Date: 9/19/2005 1:03 PM
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You have to remember that the floods hit the poorest areas of New Orleans - where people couldn't leave town because they didn't have a car or couldn't afford to put gas in it. These are people who were struggling to put food on the table and living paycheck to paycheck to house and feed their family. There was no way they could afford significant homeowners insurance, particuarly not what must be a significant premium for flood insurance in an underwater, oceanside city with known levee problems.

So the real point here is, that if you cannot afford to properly insure your property, renting should be an even more serious consideration. But there's a darn good reason why these properties weren't properly insured, it wasn't out of ignorance or laziness.

And yes, unless the gov't decides to help rebuild uninsured properties, those people are left with nothing, and, worse, serious debt at that.
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