What Impact Has Covid-19 Had Upon Homeowners Insurance? Image

What Impact Has Covid-19 Had Upon Homeowners Insurance?

May 7, 2020


The current health crisis has affected us all in myriad different ways, and many of us have unanswered questions related to a wide range of industries. The insurance industry has of course been impacted upon by Covid-19, and you might have some questions about how it has affected your homeowner insurance. Here are some of those questions answered:

Do I need to buy more homeowners coverage because of the pandemic?

It would be wise under the current circumstances, to reach out to your insurance provider for a review of your existing policy. Homeowners insurance doesn’t cover pandemic exposure, but if your circumstances have changed as a result of Covid-19, then you might require additional coverage. 

Covid-19 won’t have affected the structure of your property, but if you’ve been working from home – and may continue to do so for the foreseeable future – then reassessing your coverage of personal property and of liability, makes a lot of sense.  

How might Covid-19 affect my home insurance claim?

The advice given by experts is to file your claim if you have one but be prepared to wait longer than usual for it to be processed. With social distancing measures in place, many insurers have closed their office doors to the public and are now using a variety of digital tools to process and pay claims.

What about the cost of my homeowner’s insurance?

Experts continue to predict that the cost of a homeowners’ insurance policy will not see any significant changes in the future, but again, a conversation with your insurance agent might help clarify the issue for you. 

What do I do if I can’t afford to pay my insurance because of the virus?

There are several options available if you find yourself unable to pay your homeowners premium and checking with your states Department of Insurance to see if they’ve offered any assistance, might be your first port of call. Some insurance providers are also offering support for their clients struggling to make payments, so reaching out to them would also be advisable. 

However, the most important thing to keep in mind is that you should avoid simply not making a payment; this could have a drastic effect on your policy and cause you to be unprotected in the event of an incident or emergency. Your insurance provider will be there to advise you, and while this currently can’t be done in person, all are available online or on the telephone during these difficult times. 

Many industries are experiencing changes to the way they usually do business, but by being patient and understanding that we are all simply trying to do our best, you’ll get the help and advice you need if you have any questions about your homeowners insurance coverage.