Effects of Coronavirus on Your Home Insurance

​Worldwide, the pandemic crisis has forced people to stay home to reduce virus transmission. With this significant change in people's daily lives, many are concerned about its effects on household bills, especially home insurance. Listed here are some impacts of coronavirus on the home insurance industry.

Home Insurance Coverage 
Property coverage in home insurance hasn't changed as the structure of your home and personal belongings will not be affected by the coronavirus. However, because you and your family spend most of your days at home, consider obtaining more personal liability coverage.  

If you are now working your business at home, a home business endorsement in your policy may come in hand. Some insurance coverage may also be unnecessary. An example of this is the home-share insurance coverage for those renting out their homes, such as in Airbnb. Below are further details regarding each home insurance coverage: 

Personal Liability Coverage 
Because you and your family are situated at home more often, the risk of damaging someone or someone's property may be high. Families with kids or pets playing around the neighborhood are profoundly affected. This insurance policy will make sure to cover your legal expenses if this happens. 

Home Business Coverage 
Nowadays, it is necessary to bring home your work and business equipment. Typically, standard home insurance will cover your business property; however, the liability is low and limited. Thus, moving your business at home may require additional coverage. 

Ensure that your specialized equipment and home-based livelihood are fully protected against theft or damage from natural disasters. Inquire about home business endorsement or higher liability for your business property. 

Home-Share Insurance Coverage 
As stated above, if you have a property that you rent-out, ask your insurance company if you can stop or pause this coverage. Because of the pandemic, rentals have suffered a lot of loss. Since it's not being used these days, it is best to cancel unnecessary insurance coverage. 

Home Insurance Payments 
If you can't pay your insurance on time, there is no need to worry. Insurance companies have responded to this crisis by being lenient on their customers. They imposed a 60-day grace period on payments of insurance premiums. Additionally, they can extend your deadlines and waive some fees. Don't be afraid to talk to your insurers if you're having financial difficulties due to COVID-19. 

Perks and Discounts
Save money by asking for available discounts. Some home insurance companies offer discounts when you add smart features in your home, such as smoke alarms, smart locks, security systems, wi-fi, etc. These will put your insurance company at ease and can provide you with discounted rates during the pandemic.

Home Inspections
If you are new to home insurance, you should know that an essential step before getting approved is home inspections. Usually, both exterior and interior inspection is required. However, due to the coronavirus, homeowners can request for exterior-only assessment. You can schedule the inspections inside your home on a safer date. 

Home Insurance Claims 
Most insurance companies are utilizing online processing of claims due to the coronavirus. You can expect this to be slower, but rest assured that your applications will still be acknowledged and reimbursed. Just submit your report online and include details such as property that is stolen, damaged, etc. For proof of your claim, it may consist of photos and videos of the damage. 

At Kapasu Insurance Services Inc, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (760) 995-3853 or Click Here to request a free quote.