Goodcover Monthly News Recap | January 2024

Welcome to the Goodcover Monthly Recap for January 2024

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 January:

New California Tenants’ Rights

Major changes are coming to California’s housing laws from the 2023 legislative session, with three significant wins for tenants' rights:

• Starting July 1, landlords in California can only charge one month’s rent as a security deposit, no matter what (AB 12). Although many landlords currently operate under this practice, this change ensures renters have a clear maximum for their upfront moving costs.
• SB 567, effective April 1, 2024, strengthens eviction protections. It addresses “renovictions,” where landlords evict tenants for significant repairs, and penalizes landlords falsely claiming to take properties off the rental market. 
• AB 1418 aims to modify crime-free housing policies, which require landlords to penalize – or not rent to – people who have criminal records. This is huge as it works to ensure fair treatment of renters. 

New Minnesota Tenants’ Rights

Minnesota, a state that in recent years has been known for its progressive policies, has also passed a series of impactful housing law changes for 2024. The updates include:

• Requiring landlords to disclose all fees in lease agreements and advertisements for their rental properties.
• Maintaining a minimum indoor temperature of 68 degrees from October to April.
• Providing a 14-day notice before filing an eviction for late rent payments.

Housing advocates champion these fantastic changes as they aim to improve relationships between landlords and tenants.

2024 Rental Market Outlook

Rental Housing Journal notes that rising mortgage rates are leading to a surge in long-term renters. This trend is evident among higher-income households because renting is considered a more prudent option in 2024. The Journal also predicts that 2024 will be the year that hybrid work cements itself as the new norm for office jobs, meaning renters will be looking for homes that serve as their living space and office. And, as the 2024 presidential election approaches in November, housing issues are expected to be a focal point of economic discussions, emphasizing the growing importance of the housing market in national policy debates.

Costly Misunderstandings

A renter in Florida faced a rude awakening when a fire destroyed his home and discovered that his renters insurance, managed by Invitation Homes, only covered the landlord’s liability, leaving his personal property completely uninsured. This story emphasizes the importance of understanding your coverage and rights when choosing your renters insurance. Insurance can save you when catastrophe strikes, but only if you’re adequately protected.

Thanks for reading. If you enjoyed this roundup, please check out more posts on our blog. Let us know what you'd like to learn more about in the next monthly recap. Follow us on Twitter and let us know.

See you next month.

-The Goodcover Team

Note: This post is meant for informational purposes; insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.

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