Where people have to choose between food or home insurance

By Natalie Sherman & Brandon DrenonAs extreme weather events multiply, home insurance providers in the US are rapidly raising rates - or quitting the business altogether - forcing many into severe financial distress.The 59-year-old has lived her whole life in New Orleans, which sits on Louisiana's Gulf Coast in a zone climate experts call Hurricane Alley for the devastating storms - including Hurricane Katrina in 2005 - that routinely crash against its shores.

Across the country, home insurance prices are spiking, as companies raise rates and limit coverage, responding in part to the fallout from more frequent extreme weather, which scientists attribute to climate change. The situation has left many in the US - where, as in the UK, home insurance is typically required if you have a mortgage - facing desperate choices.

The family has cut back on food and clothing, but with a teenager in the house, he says it is still spending more than he and his wife, who works in education, bring in. In a high-risk city like New Orleans, homes - traditionally the source of most Americans' wealth - could appreciate 20% to 30% slower than expected, according to Climate Alpha, a start-up that works with property firms to analyse climate risk.

The 36-year-old small business owner had settled in the Big Easy after university, enjoying the night life and inspired to help the city rebuild after Hurricane Katrina.

Source: Energy Industry News (energyindustrynews.net)

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