3 FAQs About Home Insurance and the Coronavirus

​The entire country is encouraging everyone to stay at home to avoid the vast spreading of the coronavirus. While doing what you can to protect yourself and your family, insurance experts provide information on how to protect your home with your insurance better and ask for help if you need it.

Will Home Insurance Claims Get Affected?
Claims might not be as fast as before, but the insurance industry is adapting to it. Don't hesitate to file a complaint, but it might take a while before the results show. Due to the implementation of social distancing, it forces insurers to minimize in-person interaction with their clients. The claims process may not be what it used to be, depending on the company.

Will Homeowners Insurance Increase in Costs Due to the Virus?
Although the pandemic has significantly impacted the world's economy, plenty of experts still do not think it will have a substantial change in the expenses of homeowners' insurance. According to recent studies, there has not been a severe change in homeowners' insurance claims due to the pandemic.

And since loss ratios and claims expenses are the reason for changes in home insurance premiums, it is unlikely to increase costs.

What if I Can't Afford the Premium Due to the pandemic?
Consumers have several options if they have trouble with their finances at this time. They can contact the Department of Insurance of their state and check if they have taken additional measures to protect consumers, such as grace periods, advice, or deferment requirements as a national emergency response.

Plenty of significant insurance companies are also willing to provide support to their clients affected by the virus. Try to contact your insurer if you are currently in a dire financial situation. If you skip your payment, your policy could no longer be in effect or could lapse, which leaves you without crucial coverage - avoid it at all costs.

To get the best help, websites from insurance companies recommend that you try to manage your premiums and policies through their app. However, if you need to talk with your insurer for a grace period or payment plan, don't hesitate to reach out even if it takes longer than it used to.

At Cornerstone Insurance Agency, 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 (888) 661-8831 or Click Here to request a free quote.