COVID Impacts on Insurance

Over the last 15 or so months COVID-19 has had a substantial impact on our lives. In addition to the concerns for our family's safety there are also many other things changing that people may be unaware of.  Insurance is one of the industries that has been changing to combat the effects of COVID. Some for the better, and some that could leave you open to lawsuits or serious out of pocket costs! That's why we wanted to take a few minutes and go over some highlights of what may be happening to you so you stay up to date and don't find out about these changes when you have to file a claim (The worst possible time). This is not to bash any company or agent out there, but merely some information for you to ensure that your family stays protected. We do not believe in bad-mouthing others, so this is all general industry changes, and if you are concerned with any of the points below we suggest you contact your current agent and have a discussion about your specific policy with them!

Good:

• Many companies are offering additional discounts or decreases in premium due to more people working from home and not driving as much. This helps your budget since many different industries all across the country have declined due to shut downs.​

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Bad:

• In lieu of increasing rates to keep people happy, some companies have started to exclude certain coverages from their existing policies. You should receive a notice from your company (Letter or email) if this is happening, but with emails being filtered to spam and the chance of a letter not getting to you it is best to double check with your agent.
• Some companies have either re-structured or been force to downsize, meaning there are less people available to keep up the same amount of work. One of the companies that has re-structured did away with their 'Service' department. So policy holders now have to contact their agency for any changes or questions with their policies and may experience a delay in getting things done due to the high workload. Keep in mind that claims are being affected also due to less people that are dealing with just as many (if not more) than typical claims due to all the storms we have had in GA over the last several months.
• Industry wide people are seeing changes on their homeowners policy. This is because insurance companies account for inflation on your Coverage A, or 'Dwelling' coverage. This coverage is the limit that the insurance company sets for the repair or reconstruction of your home in the event of a total loss. So with the increase in construction material prices and labor rates, the dwelling coverage has been increasing for policyholders causing an increase in premium at the policy renewal. This is why it is crucial to do a policy review with your agent and ensure your coverages are tailored to your specific needs, because some items will be out of your, and your agent's, control.

While there are many other changes that have occurred, I wanted to at least give you the highlights so you could try to take some time to review your current policies. No matter who you are with it is more important that you and your family are PROPERLY protected. That's all I care about. Being a licensed agent is something I take a lot of pride in, and my goal is to try and give a level of service that one would expect from a licensed professional. Not a meaningless, price based transaction. Your agent should WANT to know about you and your family so they can offer the guidance that is expected of them. Insurance is an intricate field that most people don't understand (Hence why you have an agent). And many people with transactional agents don't realize that they aren't properly protected until it's too late.

Just like in every industry, there are good and bad people. Don't think that every insurance agent is the same and wants the best for you. Some are just trying to meet quotas and some are never at the office to assist you when you need it. But there are plenty of great agents out there who take pride in what they do and genuinely want to help. It may take a little time to do your research and find a good agent, but the amount of time and stress that will be saved when you have to file a claim with a correctly written policy and an agent who cares will more than make up for that!

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If you would like to see if we can help you or just want some additional options when searching for insurance, we would love to give you a quote. Your families protection is what matters, and that is our highest priority!