Coronavirus does not have any direct impact over your homeowner’s insurance policy and premiums. However, given that your life is now primarily based at home, there are some considerations related to homeowners insurance. Below are a few things you may want to know about Massachusetts homeowner’s insurance and Coronavirus.
Employment & Premiums
If you lost your job due to Coronavirus shutdowns and find it difficult to pay your insurance premium, contact your insurance company for assistance. Many are offering payment solutions to assist during this crisis. If you have a mortgage, your payments may be rolled into your mortgage. In this case, contact your mortgage company for information. You may qualify for a forbearance or other type of assistance. The important thing is to make sure that your Massachusetts homeowners insurance policy does not lapse due to non-payment. This could end up costing you much more in the end.
Personal Liability Protection
You and your family are home more often now, as are other people in your neighborhood. The chances of a member of your household causing injury to other people or their property will be higher. For example, as your kids are playing ball outside, they may accidentally break a window on a neighbor’s house or car. Personal liability protection covers injuries or damages caused by a member of your household. Thus, it’s a good idea to make sure you have a sufficient coverage limit.
Additionally, make sure your property is safe in case any kids in the neighborhood wander onto your property. Be particularly cautious of hazards on your property such as dogs, pools, trampolines, playsets, etc. Even if you do not invite someone onto your property, if they get injured due to any of these hazards, you can be held liable. Securing pets, fencing off and locking pools, putting away trampolines, making sure playsets are safe and secure, and other similar precautions can reduce your risk.
Home Business Coverage
One of the most important considerations for Massachusetts homeowners insurance and Coronavirus is to think about added coverage that you may need. For instance, if you are working from home, you may have additional electronics and equipment stored at home. Whether this is short-term or long-term, you’ll want these items insured. Otherwise, a fire, theft, or other incident could leave you personally responsible for the cost of that equipment. Although standard homeowners insurance policies do have some coverage for personal property, the limits are very low and they do not cover business equipment. Contact your insurance company for a quote of coverage for both your personal property (if you don’t already have sufficient coverage) and any expensive equipment for working at home.
Summary of Massachusetts Homeowners Insurance and Coronavirus
Coronavirus precautions are prompting changes to our daily lives. Many of these changes do not directly impact our homeowner’s insurance but could increase the need for adequate coverage. The above are just a few examples. With more time spent at home, you’ll naturally want to make sure your home is safe and your risks are covered. This is a good time to review your policy and make adjustments as needed. We hope that you found this information on Massachusetts homeowners insurance and Coronavirus helpful. Please contact us for assistance with your home insurance needs.