Home insurance might not be the first thing you think of with the current COVID-19 situation but many of you will have questions and concerns about how your policies could be affected.
At WeTrust we have seen the ways that some car insurance providers have offered small refunds to drivers based on the mass change of people’s driving habits and the reduction in claims nationwide.
But what does this mean for your home insurance? We have included some of the most frequently asked questions below that should be able to provide more clarity during this confusing time.
Could I be due a refund for my home insurance policy?
As mentioned above, we have been seeing car insurance providers offering refunds as premiums drop due to the decrease in claims across the board. This currently is not the case with home insurance. With the increase of people being at home most of the time, you may think that the number of people claiming for thefts and break-ins would be reduced, and you would correct.
However, some insurance providers have noticed an increase in accidental damage as well as other property damage claims as a result of properties being occupied for longer periods of time.
Although we have not yet seen many providers issuing refunds on home policies, the FCA (Financial Conduct Authority) have announced that they are now asking all providers to start offering payment holidays as well as refunds. These measures came into place on 18th May and you can see an outline with more info on the FCA website. We also recommend checking the information provided by your own provider.
Are any of my personal possessions covered if I am currently staying somewhere else during lockdown?
If you have decided to move in with friends or family members during this time, you will be covered if you have ‘personal possessions cover’ included in your policy. This will cover them for theft and damage. You will need to check your documentation from your provider for this as it is often an optional extra and is not always included in policies as default.
It is worth checking with your specific provider either way as some providers have stated that you will be covered even if you don’t have ‘Personal possessions cover’ as part of your policy.
Do I need to tell my insurance provider if I am working from home now?
If you are now working from home due to the lockdown, you do not need to make your insurer aware. Any equipment you are using at home that belongs to your employer, such as computers, should be covered by its own insurance.
If you are self-employed working from home and the way you conduct your business has changed since lockdown began you should inform your provider in case this could have any effect on what is covered such as an increase of holding stock or having visitors to your home.
At WeTrust we try to keep our customers up to date with the latest information.
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