Goodcover Monthly News Roundup | May 2023

Welcome to the Goodcover Monthly Roundup for May 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 this month:

Let’s Talk Parking Minimums:

This month, The Washington Post’s Climate Coach column discussed something interesting: parking rules in cities. Did you know there are requirements for the minimum number of parking spaces businesses and residences must have? These requirements are expensive, increase our car dependency, and make housing more scarce, which all trickles down to you paying more in rent. After all, the more parking spaces there are, the less space there is for a habitable home. The column advocates for repealing local parking minimums, letting developers decide how much parking is needed, and decreasing our car dependency to help lower carbon emissions and make our cities more pleasant and walkable.

“How much do you pay for rent?”:

Rents have been skyrocketing, and this month Washington Post profiled content creator Caleb Simpson and his popular TikTok series that showcases the reality of renting around the world, always starting with one straightforward question: “How much do you pay for rent?” Simpson’s series provides a look into the lives of renters and has gained massive popularity among viewers who appreciate the authenticity and relatability of the series.

Federal Aid for Homelessness:

Associated Press reports that The Biden Administration is rolling out the All Inside Initiative to reduce homelessness and provide federal assistance to unhoused residents in five major cities and the state of California. The impact will depend on local implementation, but it's great to see a focus on improving housing efforts nationwide.

The Case for Emergency Funds:

A recent CNBC survey revealed that more than half of Americans don't have an emergency fund. Financial experts suggest having three to six months' worth of living expenses saved up as a general guideline. An emergency fund is vital for renters because, unlike homeowners, you don't have the same security of home equity to fall back on. Without enough savings, you're just one job loss or emergency away from facing eviction or drowning in debt. Remember, it’s never too late to start saving, even if it’s just a few dollars at a time. Financial experts suggest creating a budget if you don’t have one already, and setting your sights on small savings goals to start.

That's it for Goodcover's May 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 for informational purposes; insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.

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