For nearly a year, we have been unable to make long-term plans or create a realistic budget due to the COVID-19 pandemic. Unemployment, furloughs, and pay cuts have made it difficult for many people worldwide to pay their bills.
Many of our radio show listeners have asked how the pandemic plays a part in their insurance policies. We have broken down how the pandemic may affect your various policies.
If you have a mortgage, most lenders require homeowners insurance.
“Homeowners insurance is typically less expensive than monthly mortgage payments. At the start of the pandemic some insurance companies began offering discounts, rebates, or other forms of relief to homeowners. It might not be too late to take advantage of these savings. Call your current insurance carrier to inquire if you can still take advantage of them,” explains Clay Janson of Phocus Insurance, a Rosie-certified Partner.
The pandemic has also slowed down response times for homeowner damage, repairs, and claims. With newly-issued health and safety restrictions, social distancing guidelines, and a current shortage of claims adjusters and insurance underwriters able to come by your home to inspect the damage, be prepared to experience a delay in the processing time for your claim. Homeowners often forget that it is their responsibility to secure and prevent further damage while you wait for the insurance company to jump into action. Taking pictures is a good way to document the damage.