Goodcover Monthly News Roundup | July 2023

Welcome to the Goodcover Monthly Roundup for July 2023.

Our monthly news roundup is here to help you stay informed on the latest 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 July:

COVID-19 Rent Deadlines in Los Angeles

Today, August 1, is an important deadline for renters who suffered financial difficulty during the pandemic. Los Angeles residents who deferred rent payments between March 1, 2020, and September 30, 2021, must now pay the rent they owed during the period. Renters who don’t pay could face eviction. For Angelenos needing additional support, rental assistance may be available at stayhoused.org.

Insurance’s Climate Crisis Continues

CBS reports that AAA will not renew some auto and home insurance policies for some customers in Florida due to the state’s increasing risk for natural disasters, including hurricanes. In the last 18 months, 15 companies have stopped writing insurance in Florida. Another alarming stat: in 2022, there were 18 separate billion-dollar weather and climate disasters; this year, there have already been 12. This problem will continue to get worse, both for insurers and the people they insure.

Despite the danger, people keep moving to places impacted by weather extremes, citing affordability, warm weather, and low taxes in places like Florida, Arizona, and California’s Inland Empire. Renters should remember that affordable housing in these areas may come with increased vulnerability to natural disasters, which could impact you – and your insurance availability – in the future.

However, the insurance companies don’t always have the final word. In Georgia, Insurance Commissioner John F. King has ordered Farmers to withdraw tens of thousands of nonrenewal notices that would have affected customers next month. Farmers planned to put homeowners with roofs over 15 years old in the nonrenewal bucket, which is against state law. As renters, it’s important to stay informed about any changes in insurance guidelines that might impact your coverage. So if you’re reading this, you’re on the right track.

Will Drones Change Insurance?

Next, a California homeowner was denied insurance because their provider claimed that aerial imagery, possibly from a drone, revealed hazards and clutter in the homeowner’s yard, causing policy termination. While this seems like a rare occurrence, it highlights one potential new way to assess property risk. If you rent, it’s important to ensure your landlord addresses any potential property hazards so everyone can stay insured.

That's it for Goodcover's July Roundup. Thanks for reading. If you enjoyed it, 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.

For additional questions, reach out to us – we’re happy to help.