Snowbirds are encountering increased costs and higher insurance premiums as they prepare to spend their winter in the U.S. High inflation and a low Canadian dollar value contribute to these challenges, prompting some to adjust their plans and budgets.
Snowbirds preparing to migrate south this winter are experiencing financial challenges due to rising costs and higher insurance premiums. Recent high inflation and the low value of the Canadian dollar have increased expenses for those spending their winter in the U.S. Additionally, travel insurance premiums are on the rise, especially for older snowbirds. Homeowners in the U.S. face higher home insurance costs to cover increased risks, such as flooding.
Some snowbirds are opting to sell larger properties and purchase smaller, more affordable homes, or choose to rent rather than own property to reduce maintenance and insurance costs. Financial advisors recommend reviewing budgets regularly to account for inflation, foreign exchange rates, and higher insurance costs. Snowbirds should also maintain diversified investment portfolios and be prepared to reallocate their budgets
Snowbirds Winter Migration Financial Planning Insurance Costs Real Estate
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