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This must sound bizarre to you and you might be thinking that how would Covid-19 impact your home that you got to protect it with a Home Insurance policy. Since homeowner insurance is the type of insurance that protects you financially at the time you have to face burglary or theft. It also protects you from legal expenses and medical expenses if there was an accident.
As mentioned above that you might have found it a bit bizarre that how can you protect your home at the time of a pandemic. This coronavirus has impacted almost every person, every business sector in the entire world but how can it affect home insurance?
Well, the answer to that would be, sort of. These changing scenarios have highlighted the need for liability coverage, in case of enhancement in coverage of the policy. Since the insurance company sends their investigators in case you raise a claim then during the pandemic they would not send any and you get greater coverage through photo and video claim evidence that your insurer would ask you to send.
So how will it affect your homeowner insurance purchase during a pandemic? Let us tell you about that.
The coronavirus pandemic has not affected the coverage process but it has affected the aspect of purchasing the policy during this pandemic. If you are willing to purchase a homeowner insurance policy and still got a job then this would be a good time to apply for it. It has indirectly led to the lowest rate of interest rate.
Many insurers are providing home insurance policies at a lower premium rate than ever as the number of buyers has decreased since the coronavirus outbreak. This is why you can avail of the homeowner insurance policy at lower rates and get maximum benefits.
As mentioned above that the insurer would not send anyone for a home inspection when you raise the claim is because of the social distancing norms imposed by the government and world health organization due to the nature of this virus. You must be aware of the fact that how quickly it spreads through human contact.
Since the home structure and the content of your home cannot catch coronavirus, it would not affect the coverage of your existing policy. However, it can affect the liability coverage of your home insurance policy since you are working from home and your kids are not going to school.
Also, if you have rented a part of your home and the tenant has left the place and now you have to pay for the insurance policy that you would have purchased while renting a portion of your home can come as an extra expenditure.
This is the most crucial part of purchasing an insurance policy. Before the pandemic when you suffer any kind of damage and you raise a claim to get compensation for it, the insurance company would send an investigator to survey the damaged property and then provide cover as per what he would have inspected.
Now that we are going through a global pandemic and as a precautionary measure, the government and world health organization suggested that everyone should maintain social distancing, wear masks, and if possible stay at home, it is highly unlikely that the home insurance company would send anyone to inspect your home for the damage and request you to send photos and video files for inspection. There are chances that this would end up in your favour and you get better coverage.
The Final Verdict
Purchasing a home insurance policy during a pandemic can be beneficial for you because the number of buyers has decreased drastically and to sell their products, the home insurance companies are providing different kinds of offers to attaract as many buyers as possible. Since everything is available online, you can purchase insurance policies online at better rates and even compare them.
Apart from this, you can calculate the premium rates of the policy using the online premium calculator. This might come as a shock to you but you can utilize this global pandemic and make it work in your favour by utilizing the technology.