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September 6, 2020  •   5 minute read

How Will Coronavirus Impact Your Home Insurance?

Preventative Measures

The COVID-19 coronavirus has affected every human being throughout the world, not just temporarily like most disasters but also long-term. Not only did this virus take many lives, but it cost some people their livelihoods as well, causing many individuals to have to cut corners and save anyway they can. Incidentally, nobody knows what the future will bring since this is something we never had to deal with before.

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Does Spending More Time at Home Affect Your Insurance Rates?

While this disaster struck; fortunately, it wasn't one to tear down the walls to where we would have to rebuild anything. Therefore, our premiums shouldn't be affected much by the coronavirus, as the benefits and risks may weigh themselves out. Insurance companies may see us changing our lifestyles and spending more time at home as beneficial since there will be less risk of theft, which should bring our premiums down. Then again, staying at home more also increases the risk of house fires, accidents, and damages, which could weigh things out.

Home Insurance During Coronavirus

How the Insurance Industry is responding, to those affected By COVID-19

According to the latest report, the unemployment rate in Canada for April was at 13.0 percent, as nearly two million Canadians lost their jobs due to the COVID-19 pandemic. It means that people will be looking for ways to lower their bills and reduce their spending habits. Even those who were fortunate enough to keep their jobs are looking to save money due to this rude awakening.

The "Office of the Superintendent of Financial Institutions" (OSFI) has made regulatory adjustments that support insurance companies' operational and financial resiliency and federally regulated banks. These include capital adequacy requirements for insurance financial institutions, along with changes in reporting requirements. OSFI is focusing on ensuring that deposits are available so that banks will still be able to give loans needed by insurance companies to pay policyholders. Keep in mind that OSFI does not offer standardized criteria to help insurers decide on granting deferrals. Insurers must do their due diligence following their frameworks for risk management to determine whether or not to approve deferrals case-by-case; however, most are offering leniency for payment deadlines.

What to Do If You Can't Afford to Make Payments on your Homeowners Insurance Due to COVID-19

You are not alone if you can't afford your premium payments due to the coronavirus. Many individuals have been affected by COVID-19 in different ways; all of them not good. The good news is, there are options for those running behind on paying their homeowners premiums.

Start by checking with the OSFI regularly to see if steps are taken to protect consumers during this devastation, in response to this national emergency, such as requiring grace periods, deferment plans, or if any advice was posted for struggling consumers as things can change.

Next, you want to reach out to your insurer as many large insurance agencies are providing support to customers who have been affected by the outbreak. By all means, do not just skip a payment. It can cause your insurance policy to lapse, leaving you without coverage. Because so many people are in the same boat as you are, you can expect a long wait time when you call your provider. Still, even if you have to wait on the phone for hours, you must get the help you need to keep and manage your policy. Whether you need a grace period or a payment plan, your insurance provider may be willing to work with you at this time of need.

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Social Distancing Has Changed the Way We Live and Do Business

Social distancing is now the new norm, not only for Canada but also for countries all over the world, and you may as well get used to it because it's here to stay. It changes the way we live our lives and the way we do business everywhere. Most companies were already doing business online, but usually had a local office that you can go to and speak to someone face to face. Now, business is being done strictly online or by phone, and until we get a better grasp of things, consumers will have longer wait times. The insurance industry is also moving forward with social distancing to keep you and your family safe, but claims may take longer to pursue. If you need to file a claim, you can still do so, but you must remember to be patient.

Social distancing is driving insurers to limit in-person interaction to a bare minimum, meaning claims processes may not be what you are used to. The only way to find out the new guidelines to file a claim is by contacting your insurance provider. Keep in mind that there will be a long wait time, especially when calling your provider, as there are many individuals who are also trying to get through to speak to a representative.

Many insurance companies are now turning to digital tools to process claims; however, there is no getting around inspections, as they have to be done in-person. Therefore, your provider may have to send a representative to access damages if online apps are not reliable to investigate damages and process claims properly.

Why You Need an Insurance Broker to Assist You During These Hard Times

During these times of hardship, it's easy to get overwhelmed with changes being made and so much going on. The insurance industry is already a complex system, and now things are getting even harder to understand. The good news is, there is help. You can always turn to an insurance broker to assist you with getting the right coverage you need. It takes so much weight off your shoulders since you won't have to spend hours of your time shopping around for insurance companies. If you are seeking high-risk home insurance companies in Ontario, which is not easy to get without some help, brokers do all the hard work and help you find the best policy to fit your budget.

How to Find High-Risk Home Insurance Companies in Ontario

Finding high-risk home insurance companies in Ontariois as easy as contacting an insurance broker who already knows all about the insurance agencies and their available plans. Imagine having to read through all the fine print of a policy yourself not understanding hardly any of it. A broker knows the policies provided by high-risk home insurance companies in Ontario and can help walk you through the process of getting homeowners coverage that's right for you.

My Insurance Brokercan help take the hard work out of searching for the right coverage and help save you hundreds of dollars each month. Of course, you can search for yourself, but you may lose money by doing this since you are not aware of some of the loopholes put in place by some agencies, which could end up costing you more. When working with us, you will get unique opportunities from 25 trusted partners to choose from by comparing plans and prices. It takes a matter of minutes to find an insurance plan that is the most cost-efficient for you to fit your budget. Moreover, you can rest assured that we collaborate with the best insurance providers in Canada, so you are guaranteed to get the best price and service without searching through hundreds of high-risk home insurance companies in Ontario.

It Takes 6 Easy Steps to Get the Best Coverage Available in Canada Without All the Hassle

Step 1. Reach Out:

To get the search started, book a call with us.

Step 2. Tell Us All About Yourself:

This includes your basic information, budget, insurance needs, and any other information that would be useful during your search.

Step 3. Get Your Plans:

We will give you a list of 25 insurance plans hand-picked from its trusted partners in the insurance industry. These plans will be custom-picked to fit in with your preferences and needs.

Step 4. Compare & Analyze:

Next, you can compare and analyze your choice of insurance plans to find the perfect plan solution for you and your business.

Step 5. Apply:

The next step is to apply for the plans you are interested in and then wait to be approved.

Step 6. Relax:

Once you are approved, you will be content knowing you are covered.

Contact MyInsuranceBroker.com today and get the best coverage for your budget.

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