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Goodcover Monthly Roundup | December 2022

Goodcover Monthly Roundup | December 2022

Happy holidays, and welcome to the Goodcover Monthly Roundup for December 2022.

Every month we publish this series, which features news stories for renters. It’s our way of keeping our Members informed about news that may affect their lives and help them prepare for life’s surprises. Check out our previous recaps here.

Here’s what you need to know this month:

Renting While in Congress:

Maxwell Frost, the first Gen Z member elected to Congress, was denied an apartment in D.C. due to low credit based on the debt he accumulated funding his campaign. Stories like this and Alexandria Ocasio-Cortez’s trouble finding an apartment in D.C. in 2018 due to a three-month income gap highlight why Congress has historically been a monolith – disproportionately made up of older, wealthy folks and not many renters from the working class. It also highlights the challenges today’s young workers face when seeking upward mobility through moving to a new city for a better-paying job.

Tweet from Robert Reich (@RBReich): The first Gen Z Congress member was denied a D.C. apartment due to bad credit. Freshman reps don't get a paycheck until February even though they start working on January 3rd. Congress is inacessible to those who don't have wealth. It's designed to keep working people out.

Mapping Prejudice:

The Washington Post recently reported that Montgomery County, Virginia, has created a map to illustrate the neighborhoods which were designed to be exclusively inhabited by white people throughout most of the 20th century. This discrimination was achieved through agreements known as racial covenants, which barred minorities from owning property in certain areas of cities based on their race. Although the Fair Housing Act of 1968 abolished such segregation laws, historians maintain that many U.S. neighborhoods can still feel the consequences of these covenants. Maps of similar nature are being produced in Minneapolis, St. Louis, Chicago, and regions of Washington to raise public awareness of this shameful chapter in American history. Last year, Evanston, Illinois, made history by becoming the first U.S. city to offer housing grants to a portion of its Black citizens, citing racial covenant laws as one of their key justifications for doing so.

Climate Change & Insurance:

Every month, we hear stories about homeowners discovering they’re underinsured after a natural disaster. With climate change making floods and fires more severe, it can be hard to know if the place you rent is at risk – and even harder to keep up with changing risk levels. The Washington Post reported that FEMA’s maps that define high-risk flood regions might not accurately reflect your current risk. Simply put, the maps are based on historical data, and climate change is occurring so rapidly that the charts cannot keep up.

On top of that, more Americans are moving to areas prone to extreme heat and wildfires, like the Pacific Northwest, the Southwest, and Texas and Florida. While these areas of the country have much to offer, climate change scientists worry that people may underestimate the threat of extreme heat. Most people know that California is prone to wildfires, but did you know that Texas ranks #2 in wildfires every year?

Map of United States migration from 2010-2020, courtesy of CNBC and University of Vermont
Map courtesy of CNBC / University of Vermont

That’s why it’s essential to understand potential risks before moving and your options in case something happens. With a comprehensive renters insurance policy from Goodcover, you’ll be able to replace your belongings at their full replacement cost and cover any temporary housing costs in case you’re displaced due to a covered risk.

And with plans starting at $5/month, you can stop overpaying for coverage and use the money you save toward your financial goals – whether that’s building your credit, renting a nicer place, or saving for a home to own yourself.

Final Thoughts: December 2022 Monthly Recap

The world is rough out there for renters. We know because we read the news. But if there’s anything we missed or you’d like to learn about, join the conversation on Twitter and let us know.

Thanks for reading! We wish you and your family a healthy, happy, and accident-free new year. See you in 2023!

-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.

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