As COVID-10 continues it's impact on the American economy, many homeowners find themselves in a place of financial insecurity. If you’re struggling to pay your home insurance bill, the first step is to contact the company and explain the situation. Remember that you’re not alone in the current financial crisis, and most insurance companies are willing to help. However, falling behind without informing your insurer could lead to your policy being canceled, so the earlier you reach out, the better.
Many home insurers have already announced initiatives to assist homeowners with payments. Progressive made over $1 billion in funds available through the Apron Relief Program, some of which have been put towards billing leniency and premium credits for customers. Liberty Mutual automatically waived late fees on all payments through June 15th, although the company is still offering flexible payment alternatives to those who ask for one. Farmers is offering extensions to allow homeowners to remain covered while pushing back their payment due date and waiving late fees.
State regulators have also acknowledged the financial burdens caused by COVID-19 and stepped in to make sure homeowners are protected. Regulations vary by state but may include mandates that prevent insurers from dropping policyholders due to nonpayment. Check with your local department of insurance to find out what protections are currently in place in your area.
If you have any questions, contact your Boss Insurance Group insurance advisor.
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