Homeowners Insurance And Coronavirus – What You Need To know

COVID-19 is not supposed to affect your homeowners insurance that much. However, due to the temporary lifestyle changes, there are a few coverage considerations to keep in mind. Also, the claims process may be a little different.

The changing circumstances emphasize the need for components in your current policy such as liability coverage, besides coverage enhancements such as home business coverage endorsement if your business was moved to your house. Keep in mind, insurance companies may no longer send an adjuster to your home, so you will rely more on video and photo claim evidence.  

Your personal belongings and home can’t catch the coronavirus, so the property coverages in your policy shouldn’t be impacted. Nevertheless, a  lot of people are working from home and the kids are staying home as well, so you may need more liability coverage or a home business endorsement for your policy. Also, if you are paying for extra home-sharing coverage for your rental property or room that you can no longer rent due to the pandemic, you may consider pausing that coverage that way you are not paying for something you don’t use. You may contact your insurer to do so.

The coronavirus pandemic is keeping a lot of kids home. You must be mindful of attractive nuisances such as a leached dog and the pool area – both can be potential hazards. Also, a guest or passerby may be injured. In such scenario, you will be covered by personal liability up to the limit in your policy. It’s advised you have at least $300,000 in liability coverage so that you are reimbursed for the extra-legal expenses. If you have a dog, check with your insurer to find out whether its specific breed is covered under your personal liability.

Your homeowners insurance will cover your business property but up to a limit of liability. Business property is covered from $1,000 to $2,000 in coverage. However, business owners and the self-employed when they are forced to move all their business equipment to their home due to coronavirus, they may not have enough coverage. Make sure your livelihood is fully covered against any perils whether due to theft or storm damage. You can contact your insurance company to find out if there are higher coverage limits for business property.

When it comes to filing a homeowner’s insurance claim, you can do so online or through a mobile. The pandemic has made virtual claims the only options available for homeowners who may need to file a claim since the adjusters and appraisers are unable to travel or make in-person visits during this time.

Keep in mind the mobile app or online claims process doesn’t differ much from the process of having an adjuster coming over to your place to inspect the damage. You will report what happened, whether your property was stolen or damaged, submit police reports, or video proof of the damage, proceed to file your claim and get reimbursed.

Not every insurance company responds to a global pandemic the same. Contact one of our licensed insurance agents to request a homeowners insurance quote.  


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