Photo: krisanapong detraphiphat / Moment / Getty Images
Local realtors say the rising cost of home insurance is driving first-time homebuyers away from the New Orleans area.
Higher home prices are leading to greater equity for current homeowners, but the high cost of insurance is wiping out that increase in equity.
Real estate analysts say the problem locally is that the hurricanes of recent years drove a number of insurance companies out of business and prompted others to stop writing policies in Louisiana.
Copyright © 2024 TTWN Media Networks Inc.