It’s a whole new world since the global pandemic. How we work, shop, play, save and learn have all changed. Those changes trickle down to all areas of our lives. This means, it also impacts things like our insurance policies. Most people don’t think about that. But here are 4 examples of things that should be considered due to our current economic position.
Dwelling Coverage
Most people have probably noticed the rise in costs for materials and labor. Not only does this increase the cost to finish those pandemic projects started during the shutdown, but it also increases the cost for replacement if something happens to your home. Due to this, it is important to speak with your agent to make sure you have the appropriate dwelling coverage amount set on your policy to cover your home in case of a loss.
Aside from the costs of labor and materials going up, it has been noticed by many that multiple products or materials are just not available altogether. This can cause some issues for older homes that needed specific products. It is possible for a homeowners policy to accommodate for any updated repairs ahead if the right coverages are applied. Speak to your agent if you have an older home to make sure you are covered for any unpredictable changes ahead.
Liability
Since the pandemic, more and more people have purchased new toys like boats, campers, motorcycles, jet skis, ATV’s and more. Not only is it important to protect the equipment itself, but it is vital to protect yourself from other risks like injuries. If you have not placed a policy on your new toy yet, please speak with an agent about placing one as soon as possible to protect not only yourself but the friends and loved ones you bring for the ride with you.
Property Insurance
Many people have recently found themselves working from home since the pandemic. This means more equipment, possible additional risks, maybe even a home-based business depending on where the pandemic led you. It is important to discuss these changes with your agent to see how they may affect your homeowner’s policy. Think higher value equipment that needs more coverage or a new candle-making business in your basement that may completely disrupt your coverage altogether.
