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BiggerPockets Money Podcast

Protecting Your Home (and Wealth!) When a Natural Disaster Strikes w/ Steve Longenecker (Bonus Episode)

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 12 January 2022

⏱️ 51 minutes

🧾️ Download transcript

Summary

Home insurance isn’t the sexiest topic, but in the world of financial independence, predictability is quite an attractive trait to have. That’s why money nerds across the world value insurance as a natural hedge against catastrophic wealth-ending disasters. Whether you’re a homeowner, a renter, or a landlord, home insurance could help you rebuild quicker after the unexpected happens. Recently, a large fire broke out around the Denver, Colorado area, affecting families in Mindy’s home city of Longmont. Thankfully, Mindy and her family are safe, but many didn’t share the same fate. Hundreds of households were left without homes, while they watched their old neighborhoods turn to ashes and embers. This prompted Mindy to invite her good friend and insurance expert, Steve Longenecker, onto the show to discuss how you can financially protect your family when disaster strikes. Are you underinsured thanks to rising home prices? How much will your insurance company pay you if your home is destroyed? How are renters protected during natural disasters? And who should you contact to make a claim? All these questions (and more) are answered in today’s bonus episode of the BiggerPockets Money Podcast.  In This Episode We Cover How home price appreciation greatly affects your insurance coverage  Checking to make sure you’re not underinsured or overinsured  “Binding restrictions” and how insurance companies use them during disasters  Tips for homeowners on getting the most appropriate insurance policy for their needs  Renters insurance and how renters can stay protected as well How to submit and process a claim with your insurance agent And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

The show notes for this episode can be found at biggerpockets.com slash

0:04.0

Money Show 265-5.

0:07.3

Welcome to the bigger pockets money podcast.

0:09.8

Homeowner's insurance fire bonus episode where we talk to Steve Longnecker

0:14.1

from Mountain Insurance Longmont about your homeowner's insurance policy.

0:17.8

I promise it's not as boring as it sounds.

0:20.4

It's a bit challenging for some of these folks because they're trying to

0:25.3

figure out, well, where am I going to live for this period of time?

0:28.6

How much is it going to cost me and how long will that loss of use coverage be

0:35.8

able to retain me?

0:37.0

If I need to spend a couple thousand bucks a month just to live in a

0:41.8

VRBO or somewhere that I find, and if I have a year's worth of coverage,

0:46.9

well, what happens next?

0:48.9

Hello, hello, hello.

0:49.9

My name is Mindy Jensen and I am here to make financial independence less scary,

0:53.8

less just for somebody else.

0:55.4

To introduce you to every money story because I truly believe that financial

0:58.8

freedom is attainable for everyone no matter when or where you're starting.

1:02.8

Whether you want to retire early in travel the world, go on to make big time

1:05.6

investments in assets like real estate or start your own business.

1:09.0

I will help you reach your financial goals and get money out of the way so you can

1:12.4

launch yourself towards your dreams.

...

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