Almost any New Orleans resident who owns a home could tell you that they think their homeowners insurance is pretty damn high, but now there's evidence. While we're not paying as much as fellow hurricane-plagued state Florida — whose residents spend an average of $2,084 a year, versus our $1,742 a year, on homeowners insurance — a study from Nerdwallet finds that Louisiana residents' combined homeowners, health, auto and life insurance amounts to the us paying the highest percentage of our earnings toward insurance.
The Nerdwallet study, published today, says the cost Louisiana residents pay to insure their health, homes, lives and vehicles totals to $7,300 a year. While New Yorkers pay more than that, $8,495 a year, in insurance, Louisiana's lower median earnings ($40,423 versus $48,811) have Louisianians paying the highest percentage of their income in taxes — 18.1 percent.
Check the study for the methodology and other details, and then go cry into your piles and piles of bills. Maybe it is better to just be a renter.
· Where do People Pay the Most and Least for Homeowners, Health, Auto and Life Insurance? [Nerdwallet]
· New Orleans in Top 5 of National Rent vs. Buy Ranking [Curbed NOLA]