Sherzer Insurance Blog
Insurance for homeowners is a form of financial insurance that protects your residence, personal possessions, and extra living expenses if the house is damaged or burglarized. The coronavirus pandemic should not affect your homeowner's policy, although there are a few coverages that may be affected due to the change in a temporary lifestyle.
Homeowner's Need for Coverage
Some aspects of the home-buying process have been affected by the COVID-19 pandemic. If you're looking to buy a home and have better job security, now might be as good a time to apply for a mortgage as ever. On the other hand, millions are still unemployed and unable to cover insurance premiums for mortgages or renters.
Homeowner's insurance providers provide their payment options for current policyholders and prospective homebuyers who need coverage to meet mortgage criteria but cannot afford to pay the monthly or annual premium due to financial difficulty associated with COVID-19.
The Pandemic May Affect the Insurance Coverage
Since the coronavirus can't affect your home and personal belongings, your policy's property coverage will not be affected. However, further liability coverage or a home business endorsement for your insurance may be appropriate for the current situation of working from home and children staying home from school. It may affect your:
Home Insurance Companies Response
Suppose the policy expires, and you cannot make a payment due to the coronavirus's effects. In that case, businesses will work with you to reinstate the policy, develop a payment schedule, and waive the reinstatement charge.
If your house needs repairs to keep the policy active but has a hard time meeting the inspection deadline, your insurer may give you more time to make home improvements.
If you look around for coverage and find a package that you like, but you cannot afford the premium quoted upfront, don't let that be the end of it. Reach out to the insurance provider to see if any payment accommodations for those affected by the current crisis are provided.
At Sherzer Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (239) 673-9301. Get your free quote today by CLICKING HERE.