There’s a sense of worry due to the uncertainty surrounding the policy direction of Washington concerning the cannabis market. The effect of this is that individuals, businesses, insurance companies are laid back and watching the guys in the white house to make their moves.
However, as a cannabis enthusiast, this period presents an ideal time to take stock of finances, especially your insurance and how your lifestyle --- pot smoking affects it.
According to Laura Adams, a personal finance expert with an article in US News, provided more information about the insurance industry and how key players --- insurance companies are adjusting their policies and strategies to accommodate weed smoking in their coverage.
She pointed out that firstly, under the federal law cannabis is a schedule 1 substance and hence illegal. However, in states which have legalized weed, the insurance companies are adapting on a state-by-state basis.
How Does Weed Affect Your Auto Insurance
Presently it is difficult to determine how stoned is too stoned for driving. This is because unlike alcohol which dissolves in water, THC ( potent element in the cannabis) is fat soluble. This presents a challenging situation to determine the amount of THC in the body.
However, if you ever get yourself to be charged with a DUI for stoned driving, then be sure you will definitely be seeing a hike in your premium rates or worst still dropped entirely by your auto insurer.
Your Home Insurance
Are you covered in the event of theft or your weed gets damaged from fire or water?
There is no easy answer to this question, said Laura. However, some insurers in states where medical marijuana and recreational pot are legal provide protection. The marijuana is viewed as any of your possessions. Though the amount you can claim for damaged weed is unclear, leaving it open for negotiation with your insurer.
As long as your weed is legal and you have obtained a renters’ insurance, then you’re covered in the event of theft or damage from fire or water just as home insurance.
This is where more work still needs to be done, you can’t claim the cost of medical marijuana for a refund, nor get covered with your health insurance.
According to an article published on the U.S Centers for Disease Control and Prevention website, One in five deaths in the United States can be traced to tobacco use --- this raises a major red flag for Insurers while providing coverage for smokers.
Though some insurers don’t consider marijuana users as risky as tobacco users. Hence they provide the policy for weed enthusiast but are more interested in understanding the underlying reason why you use cannabis. And there are still some Life insurance vendors that treats weed the same as cigarettes.
Due to lack of confidence in the new industry by insurance companies, you might find it a little difficult to get coverage for liabilities, or the ones you see will come with high premiums.
Though the marijuana industry is still evolving and there are still some public sentiments that need to be overcome. This should not dissuade you from seeking and getting coverage when possible. According to Laura,” ensure that your insurance agent knows about your situation so they can help protect you.”
You’ve seen how cannabis can affect your insurance, have been in a situation where you had difficulties in obtaining your coverage because of your use of weed?