Coronavirus and Home Insurance: This is What You Need to Know - Ryan Braden Insurance Agency

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4 weeks ago · by · Comments Off on Coronavirus and Home Insurance: This is What You Need to Know

Coronavirus and Home Insurance: This is What You Need to Know

Projections show that the US could suffer as many as 100,000 coronavirus-related deaths by the time the crisis has ended.

With this tragedy so present in our lives, it can be easy to forget about practical considerations easily overlooked due to concern about the virus. However, they still exist, and must be attended to.

One such consideration is home insurance. Here, we share some worldwide predictions about the effects of coronavirus on the home insurance industry.

Will Home Insurance Premiums Increase?

It is too early to definitively say how the virus will affect home insurance premiums. However, there is a very plausible theory that states the virus might actually cause home insurance premiums to drop.

Basically, since everyone is at home most of the time, break-ins are a lot less likely. As the risk lowers, subsequently your premium will decrease over time.

Also, if something like a burst pipe causes damage, a homeowner will probably be around to try to mitigate it. This will lessen any residual damage that might be caused by the pipe and the contents within.

The problem with this theory is that this risk reduction will probably be too temporary for your insurance company to reduce your premium. This means that you won’t enjoy the benefits unless you’re taking out a new policy.

What If I Can’t Pay?

While provisions like the CARES Act are offering economic assistance to those who are unemployed because of the virus, many still struggle to pay bills like those for home insurance.

People in this situation are not alone, though. Regulatory bodies in many states have mandated that any shortfall in payment during the virus pandemic will not be punished by a loss of coverage.

Check with the relevant bodies in your state to see what the situation will be for you.

How Will Claims Be Processed During the Pandemic?

While claims are less likely during the pandemic for the reasons outlined above, they will still happen. Therefore, insurance providers have had to come up with strategies to process these claims.

Some providers have said that virtual inspections will be initiated for claims. 

In terms of fixing the damage, essential service providers such as plumbers and electricians are still allowed to work. This means that you shouldn’t be left without the necessary facilities for too long.

How Can Inspections Proceed During the Pandemic?

Many home insurance providers require customers to consent to a home inspection before providing coverage. Obviously, this could prove difficult with the movement restrictions in place in many areas.

Many providers have stated that they will accept smartphone photos and footage furnished by the homeowner. Others have stated that exterior inspections of the property will suffice.

How Worldwide Predictions Affect Your Home Insurance Situation

Worldwide predictions about coronavirus are still inexact. It is too early to tell how long the virus pandemic will last, or how much damage it will do in total.

If you’re looking for home insurance during this time, or have any insurance-related queries, contact us today.

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