There is no doubt that Covid-19 has affected every aspect or life. From jobs, to school, to shopping, to childcare, plus everything in between. Did you know that Covid-19 can also affect your personal insurance policy? You can save money by not driving your car as much or you might have to let your agent know you have recently gotten a pool or trampoline. Read below to find out 5 ways Covid-19 might affect your insurance policy:
Here are 5 ways Covid-19 can affect your personal insurance policy:
It is summer and everyone is home, so many people installed pools! Why not? It is great for family fun, be outside, and stay active. Having a pool can affect your Homeowner’s policy. Damage to your pool would be covered under the “other structures” portion of the policy. Most homeowners policies automatically have a certain percentage of the primary dwelling coverage for other structures. It is a good idea to call to verify your policy has enough coverage for your pool along with any additional detached structures you might have.If you’re adding a pool to your home, please let us know, since your insurance company may not cover a claim if they aren’t aware of it. You’ll have liability coverage for injuries sustained because of the pool. Liability coverage helps cover bodily injury, medical expenses and legal fees.For example, if a windstorm caused a tree to fall on your pool or blew patio furniture into your pool and tore the liner, your homeowners policy can help cover the costs to repair or replace the damages.
Another fun family activity, especially for the kids, is having a trampoline in the backyard. The statistics show that having a trampoline increases the likelihood that someone will be injured on your property. Therefore, it increases your chances of having a liability or medical payments. A trampoline is similar to having a pool or a playground, there can be a chance of someone getting hurt. These types of items are very attractive to kids in the neighborhood. The more kids or people on your property, the greater the likelihood that someone could be injured on the property. This increase in risk is something you should talk to your agent about adding extra coverage to your homeowners insurance policy.
There has been an adoption boom in cat and dogs during quarantine because everyone is home. It is great for all those homeless animals to find forever homes, but a lot of people do not know that having a dog may affect your homeowner’s policy.
Dogs are one of the most common pets, and they can also be the riskiest. According to the Centers for Disease Control and Prevention, more than 4.5 million people suffer dog bites each year. Many homeowners insurance policies cover dog bites and other incidents. Your policy’s liability insurance is intended to protect you financially by covering medical expenses if someone is injured on your property. A liability claim can come from any breed. Your insurer could have statistics that may inform its decisions about your homeowners policy.
A positive spin on being stuck at home so much is all the home improvements people are doing! However, if anything results in an increase in rebuild cost of more than $5,000, you should let your agent know. You may run a risk if the limits on your homeowners insurance policy aren’t high enough to cover the increase in your home’s reconstruction cost after a home renovation. Before construction begins, you may want to ask your agent whether your existing homeowners policy should be updated. Insurance Journal says that it often makes sense to incrementally increase your coverage limits as the project progresses. If it’s a major project — you’re adding on a new room or finishing your basement. If you plan on a do-it-yourself project and expect to have friends or family lending a hand, you should also check that your own liability coverage is up to snuff.
What car you drive, where you live, and your driving history are all determining factors of your Car insurance rates. It also includes how much time you actually spend traveling. If you don’t have a commute, that’s a lot less time on the road which translates into a lot fewer chances to get in an accident. Some insurance companies have caught on and now offer special telecommuter rates. And even if your auto insurance company doesn’t, it’s worth calling us to let us know about the reduced number of miles you’re now driving if you work at home.
If you have any questions or concerns about your personal insurance policy, contact us and we can help you. Visit our website to call us at 815-464-8800.