The Home Insurance Crisis That Could Crash the Housing Market with Chloe Demrovsky

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**Nicole Lapin** (1:42)
I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.
It's time for some Money Rehab.
I used to find talking about home insurance policies to be so, so boring, like zero out of 10 did not want to do it. But now, I find it to be one of the most important personal finance stories in the country, and most people don't realize it yet. I learned this firsthand when I lost my home in the Palisades fire. Now, I have been through a lot of trauma in my life, but losing my home was maybe the hardest thing I have ever gone through. So I sincerely hope that you never have to go through anything like that, but if you do, I wanna make sure that you're prepared. So for this episode, I'm teaming up with the Coalition for an Insurable Future to tell you about what you need to know about this looming crisis and how to protect yourself. The Coalition for an Insurable Future is a nonpartisan group of independent experts in economics, insurance, finance, government and media, all working to raise awareness about what they believe could be the next big financial crisis in America. And the numbers do not lie. Insurance prices have risen 74% since 2008, far outpacing inflation and wages. To help us understand why we could be staring down the next 2008, and what to do about it, I'm talking with Chloe Demrovsky, one of the nation's leading voices on disaster risk and resilience. She was president and CEO of Disaster Recovery Institute International for seven years, and she served on FEMA's National Advisory Council. So she has literally been in the room after the flood, after the fire, when people discover what their insurance actually covers, or what it doesn't. I've already called my friends who are homeowners or those in the market to buy a home, to tell them about Chloe's advice, because now is the time to act. Chloe Demrovsky, welcome to Money Rehab.

**Chloe Demrovsky** (3:35)
I'm so happy to be here. Nicole, thanks for having me.

**Nicole Lapin** (3:37)
I'm so happy to have you here. This is a topic, as you know, that's very personal to me.
And I'm so honored that you're here to have the conversation with me. I gave some of your bona fides in the intro. I could not possibly do your life's work justice though. So I really want to get to the why. Why are you doing this work?

**Chloe Demrovsky** (3:57)
This is such important work. It's so deeply personal for so many families. It touches households, it touches families, it touches communities. I've been working in disaster recovery for nearly, for more than a decade. I ran a large disaster management institute. I was on FEMA's National Advisory Council, lots of blah, blah, blah, bona fides, like you said. But what that really translates into is helping people after a disaster, after a wildfire, after a hurricane, after a flood. There's so much that we have to do. There's so much we have to learn about preparing for responding to recovering from these sorts of tragedies. And it's really my life's work to help people build resilience and to help them to recover faster, to build a more resilient future for our kids.