The house that Kevin Hargrove built with the help of Habitat for Humanity volunteers had everything he wanted for his family: It was in the same New Orleans neighborhood where he'd grown up, with plenty of space for his daughters. The $550 he owed every month was not rent but a mortgage payment. The house would truly be his, something he could hand down to his daughters.
The pistachio-green house that Mr. Hargrave believed would be his legacy is now in serious danger of being taken away. The cost of the property insurance required by the mortgage agreement with Habitat has soared in the past couple of years, pumping up his payments significantly to $1,735 a month—making it unaffordable even with extra shifts at work.
This has been held up as a dire warning for other homeowners across the state: Insurance premiums are likely to keep rising as a changing climate poses threats of more frequent and intense natural disasters in Louisiana and other vulnerable states. Mr. Hargrove, 55, is struggling with the financial juggling act and seeking extensions for bills, unable to meet the increased payment demands.
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