Accidents happen at home in the light of the Covid-19 pandemic. With people spending most of their time at home, the wear and tear of the house most likely occur. Moreover, natural disasters such as typhoons, wildfires, and earthquakes happen concurrently with the ongoing pandemic. The pandemic highlights the importance of shelter at this time of adversity. Hence, knowing its repercussions on the homeowners’ insurance industry is essential.
- Importance of Homeowners Insurance
Home is the safest place to stay in during this pandemic. Since accidents, natural disasters, and even burglary are inevitable, having homeowners insurance will save everyone from spending a huge sum of money. It provides protection for one’s assets and covers legal expenses if one of the family members damages another's property. - Changes in Homeowners Insurance Claims
Because of the work-from-home setup and online learning, people spend most of their time at home. In effect, insurance companies have seen shifts in customer claims. With frequent usage, minor applications, such as water damage, have increased. In contrast, homeowners have so much time to catch potentially dangerous and damaging incidents before it worsens. As a result, broad claims decreased. - Homeowners Preferences
The pandemic has dramatically slowed home-buying and has given people the luxury of time to research companies that provide better coverage at a reasonable price. Homeowners will most likely prefer insurance companies that show efficiency in providing quotes, giving substantial coverage. Also, self-service programs such as instant online quoting, and intelligent text messaging to help process claims reflects a good customer care service. - Needs of Insurance Agents
With the work-from-home set up that benefits many employees, insurance agents find it hard to accomplish their regular duties at home. The nature of their work is face-to-face networking and personal referrals. Hence, banning public gatherings took away their opportunity to foster relationships that they can turn into new customers. Therefore, insurance companies should provide their strongest support to agents by quickly delivering quotes to customers.
Conclusion
Covid-19 pandemic made a significant impact on the homeowner’s insurance industry. The need for homeowner’s insurance intensified as people spend most of their time at home. Aspects such as claims, homeowners’ preferences, and insurance agents’ needs are also affected.
At Meyerson-Roth Co Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 432-5800. Get your free quote today by CLICKING HERE.
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