The Effects of Coronavirus to Renters Insurance

Due to COVID-19, staying at home is everyone’s new normal. With the pandemic imposing lockdowns worldwide, the best way to stay safe from the virus is to remain isolated. Now, some might start asking how to keep their home protected in the middle of the virus. 
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Here are the things that might happen to renters insurance amid the coronavirus. 

Can’t Pay Rent?
Aside from bills and groceries, paying rent might be another massive liability to some due to COVID-19. With jobs lost due to the virus, some might not be able to pay rent.

Renting amid the virus is quite tricky because of the economic downturn. As a result, several states and municipalities nationwide have imposed eviction freezes. Additionally, it is recommended to contact local government offices to know more about eviction policies concerning renters.

Cost-cutting on Rent Payments
Due to non-existent policies on tenants and renters protection, signing an agreement with landlords can lower rental costs.

If paying rent is rugged, renters can request payment plans from their landlords, depending on payment capacity. It is suggested to contact landlords as soon as possible due to the existing circumstances. These payment plans might be especially helpful to renters whose landlords own fewer properties. It might also be a win-win because landlords have to pay property tax and depend on tenants’ rental fees.

COVID-19 and Renters Insurance
With home insurance affected by the pandemic, expect that similar changes can apply to renters’ insurance. Late-fee penalties have been lifted by most insurance agencies, including stopping cancellations for missed payments. A suggestion is to use the directions given by insurance providers to make claims. 

There are different ways to cut down costs on renters’ insurance. For one, looking for other insurance agencies to adjust to the insured’s needs and capacity can lower premiums. Another is to try and qualify for a stay-at-home payback, provided that the insured has car insurance. Since several insurance providers have reimbursed policyholders’ premiums, this payback can help offset renters’ insurance costs.

Conclusion
Just like any other industry, the impact of COVID-19 on insurance can’t be denied. Although these changes are little to none, everyone must stay safe and protected amid the virus. 

At AllRisk Auto Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (360) 693-4044. You can also request a free quote by CLICKING HERE.