The home insurance market is crumbling. These owners are paying the price
CNN
The home insurance market is crumbling in New Orleans, leaving Alfredo Herrera with few options for coverage — and skyrocketing insurance premiums.
The home insurance market is crumbling in New Orleans, leaving Alfredo Herrera with few options for coverage — and skyrocketing insurance premiums. Herrera, 35, works in finance for a local bank. He bought his 900-square-foot home in New Orleans’ Mid-City neighborhood in 2020 for $270,000, and lives there with his partner. In 2022, he paid $1,600 a year for home insurance. But last July, his insurer canceled his coverage, saying it was leaving Louisiana. In the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem. But as climate change increases the frequency and severity of extreme weather, insurers — especially those in areas most impacted by floods and fires — are raising their premiums, or pulling out altogether, impacting the affordability and availability of home and fire insurance. Herrera shopped around for a new plan, but he struggled to find a policy. Louisiana Citizens, the insurer of last resort for property owners in the state, was out of the question. It would have cost more than $7,000 annually.
Fed officials are set to announce their latest rate decision Wednesday afternoon, along with a new forecast for the path of the American economy as the war in Iran stretches on.
“The speed with which American democracy is currently dismantled is unprecedented in modern history,” one of the world’s top democracy researchers says in a new report.
Oil prices held steady Wednesday after Iraq clinched a deal to resume some crude exports via Turkey. It’s not a ton of oil, but it’s what amounts for good news these days as the Strait of Hormuz remains largely blocked.
The US-Israeli war with Iran, now stretching into its third week, is dashing hopes that the Federal Reserve will lower interest rates at all this year.
A federal judge says the Trump administration must let more than 1,000 sidelined Voice of America employees return to work by next week.
Former judges side with Anthropic and raise concerns about Pentagon’s use of supply chain risk label
Nearly 150 retired federal and state judges have filed an amicus brief on Tuesday supporting AI company Anthropic in its lawsuit against the Trump administration for designating it a “supply chain risk,” CNN has learned.
Attacks on commercial ships in the Middle East this month have all but closed the vital Strait of Hormuz to oil tankers. One of the few alternative routes for oil exports from the region goes through the Red Sea. But now even that lifeline is in danger.
When Mona Panjwani opened One40 Rooftop, a swanky restaurant in lower Manhattan last year, one of the biggest dilemmas besides the menu was choosing the reservation platform.
What could get more expensive because of the war in Iran?
Gas prices have skyrocketed due to the US-Israel war on Iran, putting even more financial strain on many Americans’ wallets.
United Food and Commercial Union Local 7, the union representing the 3,800 striking workers, said that JBS failed to meet its demands during contract negotiations over higher wages, life-saving safety equipment and improved healthcare.
Every day brings a new complaint — or three — from the Trump administration about the American news media’s coverage of the Iran war.
Traffic through the strait, normally the conduit for a fifth of global oil output, has been severely curtailed since the start of the Iran conflict. But Iran itself is shipping oil through the waterway in almost the same volumes as before the war, earning the cash needed to sustain its economy and war effort.