As a result of the COVID-19 pandemic, certain lifestyle changes may affect homeowners insurance as more people work from home. As both the home and workplace become the same, there may be opportunities to save on insurance policies.
Here are some things to keep in mind regarding homeowners insurance in the midst of the pandemic.
Certain homeowners insurance policies may not cover damages to any property that the homeowner doesn’t own, which may include commercial property. In the process, working from home might bring with it certain liability risks. To help mitigate any potential issues, people working from home may want to increase liability coverage if possible.
Insurance companies also anticipate that the number of damage claims will rise as risks increase with more people spending time at home. Many children will be attending school virtually while still at home, which may increase the chance of residential property damage. More people will also be using certain utilities while working from home, putting the home at an increased risk of other types of damage.
Coverage of Adult Children’s Property
Many young adults have been forced to move back home because of furloughs or lost jobs, resulting in the inability to live on their own due to financial constraints. Subsequently, the adult child may fall under the parents’ homeowner’s insurance policy. A majority of policies can cover adult children’s property while living in the home, but there may be limits.
If a homeowners insurance policy doesn’t provide any COVID-19 relief, it may be time to look for another provider. Homeowners can compare and contrast the relief that others provide and select the best option.
Individuals who are struggling to pay for a homeowners insurance policy may need to take some time to revise their budgets. Redirecting funding from unnecessary expenses to more essential expenses might be an option.
COVID-19 Sanitation Coverage
A majority of homeowners insurance policies solely cover direct property damage or loss. In some cases, the courts may consider the loss of habitability a factor in property damage. For instance, if someone in the home were to become ill due to COVID-19, some policies may be able to cover sanitation costs while the resident is receiving treatment and undergoing quarantine.
Keeping all of these considerations in mind can help homeowners make the most of this unusual situation and increase stability in the home.Go Back <<