Answering FAQs About Homeowners Insurance Amid COVID-19
Undeniably, the COVID-19 pandemic has affected just about every industry. Unfortunately, the financial protection industry has not been spared. Financial protections like life, auto, travel, and disability insurance have been affected. And yes, homeowners insurance is no exception.
If you are like most people, you're probably wondering how the COVID-19 has affected your home insurance coverage. Essentially, homeowners insurance is the financial protection that covers the home, personal belongings, and other additional living expenses in case the house is burglarized or damaged.
The COVID-19 pandemic has affected the home insurance industry in various ways, and insurance agencies the world over had to implement specific changes to keep up with the ever-changing times. One of the most apparent changes is the use of technologies like video conferencing.
Homeowners Insurance in the Time of COVID-19
If you are considering getting homeowners insurance or already have one, it would be best to speak with your insurance agent. Below are homeowners' insurance FAQs that highlight some of the changes made in the light of the current pandemic:
Will I need more coverage during the pandemic?
COVID-19 won't directly affect your home insurance coverage as the virus won't infect structures, personal belongings, and homes. Also, most home insurance policies have no pandemic exposure provisions and coverage. Ensure you are aware of new changes, review your plan, and speak with your insurance agent.
If you're currently working at home, it would be a good idea to ask if there's additional liability coverage. Some insurance providers are offering coverage for homeowners who are staying at home. If you rented out rooms but had to stop because of COVID, check if you will need additional coverage.
What should I do if I want to file a claim?
Informing your insurance agent is the first thing you need to do if you want to file a claim. Since new processes are probably in place, it would be in your best interest to start processing your claims as soon as possible. Starting early would also give you ample time to find your way around the new processes.
If face-to-face interaction is still prohibited, going virtual is your current option. Since the pandemic hit, many home insurance providers have resorted to using online apps and tools to carry out some of their procedures, including home inspections and claims processing.
I want to get homeowners insurance now. How should I go about it?
Regardless if your home is new or not, one of the primary requirements you need to comply with is the inspection of the entire property. However, since person-to-person inspection is still prohibited, insurance providers have resorted to using technology to carry out the procedure.
Nowadays, some insurance agencies check properties through video conferences, while others require homeowners to send videos or photos of their properties and belongings. Insurers that allow in-person inspections are required to strictly adhere to the safety protocols that have been set.
In some cases, rather than walking around the property with the insurance representative, homeowners are made to stay in one area and oversee the property inspections from afar.
What options do I have if I can no longer afford to pay the rates?
Home insurance providers know how tough the pandemic has been to most people, especially those who have lost their jobs or businesses. Fortunately, state governments have implemented certain adjustments that can help homeowners pay off their policies. Many insurers are also offering payment plans that give homeowners some grace period.
Conclusion
It's safe to assume the insurance industry has implemented certain changes to adapt to the changing times. However, since not all insurance providers are executing the same changes, it is ideal to speak with your insurance provider to play safe.
Article Courtesy Of: Rachael Harper
