How has COVID-19 changed home and auto insurance coverage?

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Many of us are still adjusting to various lifestyle changes and new routines brought on by Covid-19 in 2020. For example, did your family get a dog, remodel, or stop going into the office? If the answer to any of these questions is yes, you may need to adjust your insurance policies.

A few situations that may affect your coverage are:

Are you still working from home? If so, you may need coverage of business equipment and operations. You may also qualify for mileage credits or reimbursements if you are not driving as much. Several major auto insurance carriers began offering credits to consumers who worked from home, lost their jobs, or stopped travelling all together. In addition to blanket savings, we may see a shift to usage-based insurance and telematics such as real-time mileage counters for auto insurance policies. This change may help lower premiums and overall annual cost.

Did you remodel or change the footprint of your home? You may have increased the value of your property by upgrading or adding space. If you installed new safety features like a virtual doorbell or purchased a generator you may qualify for previously unavailable discounts. A new property assessment can ensure that you have the appropriate amount of coverage.

Are there additional people living with you? If your adult children gave up their urban apartments in favor of a less crowded environment, or your elderly parents are currently staying with you for safety and convenience, you should make sure they are included on your homeowner’s policy.

Covid-19 also affected the way consumers communicate with their agents. Large companies with strong digital capabilities and mobile apps have seen increases in retention rates due to less “shopping around” for a policy. While this shift in technology is convenient, it may not work in the consumers favor. Working with an independent agent offers an array of insurance carriers and provides the consumer with various options to secure a more competitive rate.

Regardless of all the changes we have all experienced, having a close relationship with your insurance agent and continually reevaluating your coverage needs, ensures you are securing the right type of coverage and paying the appropriate price. If you are looking for a new insurance policy for your home, automobile, life, or supplemental needs, please reach out to us at Carminucci Agency Insurance. We will obtain the right coverage to fit your individual needs and guarantee competitive rates.

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