Welcome to the Goodcover Monthly News Roundup!
Each month we recap stories that we think may impact renters across the country. Stay up-to-date with news for renters and learn more about how Goodcover helps the modern renter plan ahead for life’s surprises with this new series.
Here’s what’s caught our attention this month:
Are You Yanking My (Supply) Chain? With the United States short on approximately 3 million homes nationally and supply chain concerns wreaking havoc on new construction, NPR says that the country faces the worst housing shortage in history. This is resulting in surging prices, costly teardowns, and a need for updated zoning regulations, according to the report.
PSA: GoFundMe is Not Insurance: A recent report from Racine, WI, shared that less than 40% of Americans have renters insurance. Following the destruction of a local apartment complex by fire, several residents turned to GoFundMe and Red Cross emergency relief. Local firefighters are urging the public to rely on renters insurance instead, as it’s a guaranteed bet for recouping your belongings in disasters like these.
Is it Time for Public-Ownership Rentals?: This month Shane Philips, writer for The Atlantic, made a compelling case for public-ownership rental options, in which renters build wealth and equity via their rent payments – without ever applying for a mortgage or saving for a downpayment. Could this be the relief that “forever renters” need?
Cargo & Russia’s Invasion of Ukraine: According to Bloomberg, insurers are charging “war-risk premiums” to ships transporting cargo to Black Sea ports. Furthermore, Lloyd’s of London, which grew massively by insuring ships against pirates in the 1700s and 1800s, has identified Russia as one of the riskiest areas to insure. We believe this is only the beginning of what’s to come on this front.
On a Lighter Note: This week, CNET shared 10 energy-saving recommendations for renters. As summer approaches, it may be a good idea to put some of these suggestions into action to help you save money.
That’s the recap! Check back next month as we share additional updates about what’s new in the insurance, finance, and housing worlds. You can also view previous months' recaps on the Goodcover blog.
Anything we missed? Join the conversation on Twitter and let us know. See you next month!
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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