Why you need to care about the law suit Louisiana is preparing against the insurance companies in an effort to force them to pay for flood damage for customers who refused to purchase Federal Flood Insurance. If the insurance companies have to pay, they will go broke. I used to sell casualty insurance. I tried to sell flood insurance to every customer I ever had, and every other agent tried to sell Federal flood insurance to every customer they ever had because it meant extra commission. Most of the homeowners refused the coverage, but every agent on the planet told the customers that mudslides, dam breaks, and flood damage was NOT covered. If these Louisiana scumbags, who knew dam well they were not insured for flood damage prevail in a Southern Court, home insurance will become so expensive that nobody will be able to own a home.

This is a big big deal. Pay attention. No insurance company in their right mind would write flood insurance in New Orleans, a city that floods every time a woman cries and is built below sea level. Know this about insurance: the company writing your policy almost never assumes the risk. They pass it on to what are known as re-insurers, huge companies that in turn package the risk into bonds and re-sell them in the bond market. The main reason this works is that all read the policies, know what is covered and not covered, and then assume part of the risk. The entire insurance structure, including the bond markets, will collapse if these fucking free loaders prevail.