Welcome to the Goodcover Monthly Roundup for September 2023.
Our monthly news roundup is here to help you stay informed on the latest stories in insurance and housing that can impact you. You can view our previous monthly recaps here.
Let's jump into news that caught our attention in September:
Climate Change and Insurance: This month, the biggest news was climate change. The Washington Post reports that at least five major insurers have cited extreme weather conditions as the reason they’ve stopped writing property coverage in certain states, have begun to exclude certain protections, and have raised monthly premiums. The insurance industry is rapidly trying to adapt to the changing climate, and the shifting landscape means that renters in areas previously considered safe may have a harder time finding insurance.
Similarly, car insurance rates are rising sharply due to the frequency of repairs, skyrocketing repair costs, and significant payouts due to natural disasters or other catastrophic events. In fact, car repairs have jumped 13% since July of last year! Since having a car is often a necessity in America, it may be a good idea to budget for the potential extra car insurance costs as your premiums may be going up. Of course, if you’re interested in searching for better rates to potentially bundle with your renters insurance you can visit Goodcover Auto in your Member Dashboard to scan the auto marketplace for free.
These issues affect low-income policyholders the most, and this month, witnesses voiced their concerns in front of the Senate Banking Committee. These witnesses shared that with so many companies pulling out, pausing policies, or increasing rates, it’s becoming more and more difficult to find insurance. The hearing came just days after the committee’s Democratic Senators urged Treasury Secretary Janet Yellen to collect data about the effects of the climate on the insurance industry.
It’s clear from these stories that the changing climate we’ve been warned about is no longer a distant threat – it’s here, right now, and it can affect anyone, anytime.
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See you next month.
-The Goodcover Team
Note: This post is for informational purposes; insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.
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