Discover the impact COVID-19 may have regarding three factors affecting homeowner’s insurance.

Learn how lifestyle changes resulting from COVID-19 may affect your homeowner’s insurance.

Stay-at-home, COVID-19 directives have changed our lifestyles and routines. Homebound and “home sweet home” have taken on new meaning due to COVID-19. More homeowners are working from home and tackling projects and chores on an aging “to do” list. If you are a homeowner who has started a home-based business, upgraded your home, or made certain concessions “for the kids,”  you need to carefully review your homeowner’s insurance.

Whether you have started a home-based business out of necessity or pursuit of a dream, most likely you now have new property and liability exposures. Maybe you have always loved dogs and want to run a dog-grooming business, which would require customers and pets to come in and out of your home. You likely would have to invest in special shears and grooming equipment, as well as a computer to keep track of services performed and for billing. Even if you only have a handful of customers, you indeed are engaged in a home-based business. Standard homeowner’s insurance policies severely limit, or exclude outright, any claim or loss arising out of business activity. Don’t risk running any type of business from your home without obtaining proper insurance protection.

Maybe you are a homeowner stuck-at-home and have decided there is no time like the present to tackle home remodeling or renovation projects. Perhaps it’s the kitchen, bathroom, or an addition to your home. All of these home improvements add to the value of your home, which in turn adds to the insurance company’s expense to rebuild in the event of an insured loss. As a homeowner, you want to fully protect the new investment you have made to your home. Contact your independent insurance agent before beginning major home improvements to discuss the impact that material upgrades and construction costs to rebuild will have on insuring to value.

Being homebound may be adding pressure to homeowners who find themselves making concessions “for the kids.” Before you cave in to the constant pleas, study up on what new risks you are opening yourself up to, as a homeowner. For example, trampolines and pools are popular with kids, but they are attractive nuisances. In a nutshell, you, the homeowner, may be liable for a third party’s injury while using a pool or trampoline, regardless of whether or not you gave permission to use either one. At the very least, you want to make sure your homeowner’s insurance liability limit adequately covers the increased exposure inherent in attractive nuisances.

Richey-Barrett Insurance is your Trusted Choice Independent Insurance Agent committed to providing quality homeowner’s insurance coverage. Contact us today to review your homeowner’s insurance policy.