Don't Live There!

"highway robbery"
"There's somethin' goin' on here."

Those were the words used by a local news radio morning show personality when describing the $10,000/year being charged for home insurance in New Orleans, to which I must say, game a break...please! A freaking H-U-R-R-I-C-A-N-E blew through there a year ago! What was it, a category 4 or 5, and the levees were only strong enough for a 3 (I'd have to research the facts, hence the question mark to follow)? The big one finally hit, and there's no guarantee there will not be another one in the future. Those (above) are the words of nutty conspiracy theorists. The residents of New Orleans were apparently getting by on the cheap with regard to insurance before. It should be expensive to live in (a) hurricane alley. They should have to contribute more to the pool, regardless of their income/wealth. People do NOT have to live there. As a lady called in and told the show this morning, the insurance industry is "highly regulated". They have extra, non-market costs (whether explicit or implicit) that they have to pay.

There is the solution to the problem; cut the red tape. As with many other issues (health care, K-12 education, smoking bans, etc.), there is too much government involvement/intervention. The more deregulation, the better. Let private enterprise take care of itself. If another insurance company deems insurance too expensive, it will swoop in, charge a lower price, gain market share and force others to follow. Everyone will benefit. If not, so be it. That's the going rate.