With marijuana use becoming legal in many states there is some confusion on what the laws really are and how marijuana use can affect your insurance. Although Cannabis is legal in some form in 29 states and the District of Columbia, most people don’t realize that at the federal level it is still a schedule I substance and is still against federal law to use. This brings confusion for insurers and policyholders who are trying to figure the whole thing out. Here are some ways that marijuana use affects different types of insurance.
A DUI, is still a DUI whether you are found to be under the influence of marijuana, or alcohol. Auto insurers are for the most part treating this the same as an alcohol related offence. Even though there isn’t an equivalent breathalyzer test for cannabis, you could be charged with a DUI and see a huge spike in your auto insurance rate or get dropped altogether.
Interestingly, home owner’s insurance may cover your losses if your marijuana is stolen or gets damaged from fire or water in your home. Some home insurers protect you from marijuana loss in states where it’s legal for both medical and recreational use. The same goes for renter’s insurance. As long as it’s legal, you may be covered for policy perils up to your limits for personal belongings.
Unfortunately for medical marijuana users, this is not something you can claim the cost of on your health insurance or buy it using your health savings account. Cannabis is a Schedule I drug and hasn’t been approved by the U.S. Food and Drug Administration, health insurers don’t reimburse users.
Smoking cigarettes is still a big negative as far as life insurance, but some insurers treat marijuana differently and may not consider users as risky as tobacco users.
This information won’t really change many minds as far as marijuana use, but it’s still interesting to know.
