Before posting this question I did read Is SIPC coverage on cash as strong as FDIC?, but the answer did not seem to make much sense/lacked many answers to help clarify for me.
I was doing some reading online, and from what I understand, they are basically the same thing, except one covers bank accounts, the other covers brokerage accounts (with SIPC covering 500,000 in total with 250,000 of it as cash).
I recently opened a brokerage account, and I noticed none of the companies (even big ones) have FDIC insurance. Even if banks have a brokerage, the money you have there would not be covered under the FDIC policy since it is a brokerage account and not a bank account.
It would also seem that since no brokerage has FDIC, that they are all equally at risk unless you put it into a high-interest savings account where you can have the backing of FDIC. I saw on a couple of the firms I looked up in their consumer report that complaints about not having FDIC. But this seems illogical since brokerages won't have FDIC in general.
So this leads me to wonder what the big deal is about not having FDIC if all brokerage accounts (at least the ones I looked at) have SIPC since they seem to cover things equally depending on the account type? Maybe my perception is really off, and I apologize. I am still new to personal finances and trying to learn.