One year later, many New Orleanians unable to find affordable insurance
Attorney Vallie Schwartz fell in love with the 130-year-old Victorian shotgun in the French Quarter, which like all grand houses in this former Spanish enclave has tall, cathedral ceilings and brightly painted cypress shutters.
A successful personal injury lawyer, she could comfortably afford the mortgage on the half-million-dollar house, so she made an offer — one that was soon accepted.
That was before she knew how much it would cost to insure the property: The best quote she got from a private insurer was nearly $10,000 per year, or over $800 a month on top of her monthly mortgage — far more than she had budgeted and enough to price her out of the house.