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Peak hurricane season in the US is underway as Hurricane Francine barrels toward Louisiana. Bankrate senior economic analyst Mark Hamrick joins Wealth! to discuss how extreme weather events are impacting Americans' finances.

Hamrick notes that severe weather phenomena has caused insurance prices to rise for Americans. In some states, homeowners can no longer get coverage for climate and weather-related events, like wildfires in California. He adds that the latest Consumer Price Index (CPI) print is "coming down more in line with historical norms," but housing and automobiles remain high.

As the cost of living starts to fall, Hamrick emphasizes the importance of "bulletproofing your household finances to have more savings." By having more savings, Americans can feel prepared for emergencies and avoid having to go into debt.

"I have yet to meet anybody who said, 'I saved too much money. Boy, that was a big mistake.' Nope. It's always the other way around," Hamrick adds.

In an interview in August, Kyla Scanlon described rising home insurance costs tied to natural disasters and weather phenomena as turning the dream of homeownership into the "American Nightmare."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Melanie Riehl