COVID-19 has undoubtedly made a massive impact on our lives. From cautious grocery shopping, to keeping everyone at a 10ft pole, or in this case, a 6ft pole, to singing “Happy Birthday” to yourself every time you wash your hands. We have a daily reminder to stay safe and stay healthy, but what does this mean for things like homeowners’ insurance? Will the COVID-19 have as big of an impact on our coverage or payments? Here’s what you need to know.
For New Homebuyers
Buying a home can take a while, so it’s no surprise that deals will be closing even throughout all of this. In fact, interest rates are at their lowest. Ironically now is the perfect time to look for a new home because of how the market is. You still need to prove you can afford to pay for the mortgage even with the low-interest rate, however.
For Current Homeowners
There won’t be any significant impact on your policy itself since it’s physical objects that can’t get sick. The most significant change is going to be if more liability coverage needs to be added since the kids are home from school for an unknown amount of time, and you’re working from home.
Working from home means that you might have things from work, such as a desktop or laptop. While standard homeowner insurance does cover business property, it’s not a very large amount. You might need to bump it up until you’re fully back in the office just in case of theft, storm damage, and more.
How can you file claims?
Accidents are going to happen whether the virus exists or not. Thankfully we live in a time where everything is digital. If you need to make a claim, it can be through a mobile app or a website. The biggest issue is that an adjuster or appraiser might not be able to get out to see the problem. In this case, you’ll need to contact your insurance agent to see what can be done. Report on the issue as soon as possible!
Not sure what your homeowners’ insurance can do for you? Contact us today!