Rising Insurance Costs and Choosing the Best Savings Account for Your Money

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 27 January 2025

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how rising climate risks impact home insurance costs and compare high-yield savings against money market accounts. How can you protect your home and finances as climate disasters increase? Should you choose a high-yield savings account or a money market account? Hosts Sean Pyles and Sara Rathner discuss rising home insurance costs and how to evaluate savings options to make informed financial decisions. First, they welcome home insurance Nerd, Caitlin Constantine, to discuss skyrocketing home insurance premiums in the wake of climate-related disasters, and share tips on shopping for competitive rates, raising deductibles responsibly, and understanding your policy’s exclusions and limitations. Then, savings expert Margarette Burnette joins Sean and Sara to break down the differences between high-yield savings accounts and money market accounts. She explains key distinctions, compares pros and cons, and shares practical tips on maximizing your savings. Compare homeowners insurance quotes using NerdWallet’s free tool: https://www.nerdwallet.com/article/insurance/home-insurance-quotes NerdWallet's list of the best high-yield savings accounts: https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts NerdWallet's list of the best money market accounts: https://www.nerdwallet.com/best/banking/money-market-accounts In their conversation, the Nerds discuss: home insurance costs, rising insurance premiums, climate disasters insurance, lowering home insurance premiums, high-yield savings accounts, money market accounts, money market vs high yield, flood insurance, insurance in wildfire zones, climate change impact on insurance, California home insurance, savings account tips, saving for emergencies, insurance deductibles, renters insurance costs, homeowners insurance increases, how to shop for insurance, emergency fund accounts, FDIC insurance, money market mutual funds, savings accounts explained, financial preparedness for disasters, best savings accounts 2024, smart insurance tips, financial impact of climate change, how to reduce insurance costs, flood insurance necessity, investment vs savings, interest rates on savings accounts, climate change financial impact, practical savings advice, emergency savings strategies, comparing savings products, pros and cons of money market accounts, and home insurance in high-risk areas. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Every runner knows the moment when everything clicks.
0:04.0	When your legs lock into a rhythm, the aches float away and doubts fade.
0:08.0	Replaced by a feeling of euphoria.
0:12.0	It's why you lace up at dawn.
0:15.0	Why little rain doesn't stop you.
0:17.0	Why one run turns into a habit.
0:20.0	So next time you go for a run, chase that runs high. why one run turns into a habit.
0:24.3	So next time you go for a run, chase that runs high.
0:28.1	Learn more about running and go wild at puma.com.
0:33.8	Insurance is designed to protect you from financial ruin when unlikely but potentially catastrophic events occur.
0:38.1	But what happens when those potentially catastrophic events become more and more likely to happen?
0:44.0	This episode will help you understand how to think about protecting your home and other assets
0:49.2	with insurance as climate disasters increase in frequency.
0:57.9	Thank you. as climate disasters increase in frequency. Welcome to NerdWallets Smart Money Podcast. I'm Sean Piles.
1:01.6	And I'm Sarah Raffner. This episode will answer a listener's question about whether money
1:06.1	market accounts are better than high-yield savings accounts and how to know which one to use to meet your
1:11.8	savings goals. But first, we're going to talk about a significant nationwide issue coming up in
1:17.7	the aftermath of the fires in and around Los Angeles. In fact, an issue that's been building
1:23.3	with each weather-related catastrophe. It's the skyrocketing cost of home insurance.
1:28.6	If you're a homeowner, you're probably already seeing this in your monthly bills.
1:32.6	And if you're a renter, this affects you too because your landlord has to pay insurance for your building.
1:37.5	We're joined now by Caitlin Constantine.
	...

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