![]() “Losses from natural disasters are an equity issue,” the study’s authors write. The losses are incurred by flooding, hurricanes, landslides, and wildfires, among other unusual weather events, such as tornadoes. States with higher-than-average annual losses include California, Florida, Louisiana, Texas, and Washington, according to the Financial Health Network. “Some consumers prefer not to purchase insurance, especially if they are unaware of their risks or perceive their risks to be manageable.”Īsked why they choose not to purchase renters insurance, more than one in three polled said the cost was “too expensive” and they felt they had “no need for it,” according to the Financial Health Network. “The cost of insurance products can act as a barrier,” the researchers found. Only about 40 percent of rental households purchase renters insurance, according to a 2022 report by the Joint Center for Housing Studies by Harvard University, compared with 88 percent of homeowners who purchase coverage, according to a 2023 study by the Insurance Information Institute.Ī new analysis from the nonprofit Financial Health Network has found that the uneven distribution of insurance coverage tends to leave low-income households lacking policies, especially in states that have experienced the greatest losses due to climate disaster. That number’s based on a policy for a hypothetical 30-year-old with $30,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, but coverage rates vary widely by state and policy choices. The average cost of a renters insurance policy in 2023 was $148 per year, or about $12 per month, according to the most recent analysis by NerdWallet. It does not store any personal data.Even though she had trained to handle insurance claims, Klamm found the process of re-acquiring possessions, communicating with the insurance company, and rebuilding her life grueling - and that’s with a policy in place. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is used to store the user consent for the cookies in the category "Other. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. Browse through the photos taken at these past disaster recovery outreach event. Lone Star Legal Aid, BakerRipley, American Red Cross, and other community agencies partnered together for a Multi-Agency Resources Center (MARC) to help those affected by the recent tornado. Lone Star Legal Aid also participated in this outreach to provide legal assistance for disaster recovery victims. Referrals and more information was available for people seeking other assistance. Caseworkers were on-site to open cases for the families that had major damage and/or their apartment was destroyed by the tornado. The American Red Cross was at the Beamer Place apartment office, on Thursday, February 2nd and Friday, February 3rd. 265 relief items including comfort kits and other supplies. 261 overnight stays for more than 100 residents in 3 emergency shelters Since shelters were opened for survivors of the Pasadena tornado, the American Red Cross and its partners have served 407 households by providing:
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