How the Coronavirus is Affecting Homeowner’s Insurance Agencies
Learn how the COVID-19 pandemic is affecting Homeowner’s Insurance.
The coronavirus has proven that our daily lives can drastically change nearly at the drop of a hat. Much of the country has been affected in some way, whether you’ve become unemployed, are working on the front lines to provide essential items or medical assistance, or simply find yourself forced to wear a mask whenever you leave your home.
Across the country, millions of people are being given financial assistance in one way or another because of the situation. You may have questions about how this is affecting your homeowner’s insurance agency and your home insurance payments.
Awareness of the Situation
If there’s any true bright spot in the current situation, it’s that you don’t really need to explain yourself to anyone when discussing the possibility of not being able to make payments. Your insurance agency is well aware that millions of people have been forced to file for unemployment and that others are out of work but don’t have that option. Therefore, if you’re having difficulty making your homeowner’s insurance payments, they’ll understand why with little to no information being given and should be willing to work with you during this difficult time.
Slightly Altered Claims Process
When you make a claim with your homeowner’s insurance agency, they will typically send an adjuster to your home in order to assess the damage or situation. With the need to practice social distancing, some agencies may forgo a physical evaluation. Instead, they’ll most likely rely on photo and/or video evidence in order to process your claim.
Slightly Altered Home Inspections
For the time being, social distancing has become the new norm. As inferred above, your homeowner’s insurance agency will be reluctant to send someone physically to your home. If an interior inspection of a new home is required in order to insure it, the company will probably give you the option of an exterior-only inspection until the coronavirus situation has reached a safer point. And, yes, you will still be covered without an interior inspection. You simply need to have it completed at a later date, at which time billing adjustments will be made.
Deferred Monthly Payments
With millions of people out of work, measures have been taken to protect as many citizens as possible. In addition to stimulus payments either being direct deposited or sent as a check to most Americans, foreclosures and evictions have been frozen. Deferred monthly payments for a swath of industries have also become the norm, including credit cards, automobile loans, auto insurance, utilities, certain types of insurance, and other financial obligations.
Personalized Support from your Homeowner’s Insurance Agency
Even though a homeowner’s insurance agency isn’t bound by any specific rules or guidelines for payment deferment, they all seem more than willing to help out their policyholders as needed. If you’re already having trouble making your payments or anticipate a problem in the future, then call your agency and let them know. While some insurance companies may have devised their own set of guidelines for deferment, they may also have been instructed to provide personalized support based on your specific situation.
Potential Future Assistance from your Homeowner’s Insurance Agency
Right now, it’s impossible to predict exactly what the future holds in terms of ending the coronavirus pandemic, even though we’ll definitely get back to a more normal existence at some point. How your insurance agency and other entities will handle deferments and payment arrangements once the threat has lessened is up in the air. But, everyone realizes that some people who are out of work may not immediately find employment and will likely need more assistance.
Contact Coleman Insurance Agency for the Best Service in Clearwater
The Coleman Insurance Agency the most well-respected, trustworthy Clearwater homeowner’s insurance. We service multiple surrounding areas and can help you with your insurance needs. Give us a call at (727) 441-9911 to receive a no-obligation quote or for any questions. We’re also available to discuss your current financial situation regarding the coronavirus, so please don’t hesitate to reach out to our Clearwater homeowner’s insurance agency.