This might be the best time for you to undergo a comprehensive insurance review. With coronavirus-related shutdowns, you may find yourself spending more time at home. Perhaps you’ve had time to tackle some of your home improvement projects or you’ve completed items on your to-do list. Have you also reviewed your insurance program?
Firstly, in your comprehensive insurance review, you should consider any recent changes in occupancy. Then review natural disaster coverage, cybercrimes, and more. Click here to read the full article, and view some excerpts below:
Occupancy Changes
Have you made any changes in your primary residence location as a result of the travel restrictions or social distancing measures? You wouldn’t be alone – given recent events, many families have decided to spend more time in their secondary or vacation homes. But there are some occupancy-related questions to consider: Is your secondary home now your primary home? Are you renting your primary or second home to others? If a residence is unoccupied, what measures were taken to secure and protect the property? Is someone regularly checking on the home?
Cybercrimes
From large-scale, highly publicized data breaches to more individualized cases of fraud, cybercrime is on the rise. Many specialized insurance carriers already include some level of coverage for cyber-related incidents in homeowners policies. This may address the loss of data after the introduction of a virus or malware, funds stolen from a financial account, or damages if you are a victim of libel or slander related to an online product review or personal blog. However, coverage amounts are often limited to $10,000 or less, and cyber risk scenarios are becoming more complex, leaving potential gaps in coverage. Understanding the evolving nature of cyber threats, some insurers have introduced separate cyber protection options. A personal risk advisor can discuss your available options.
Lastly, check out our post on how to maximize your insurance program.