How Does COVID-19 Impact Renters and Renters' Insurance?

​Work interruptions and suspensions are among the effects of the COVID-19 pandemic causing many renters to develop problems on their rental fees. Regarding your renters' insurance, you might wonder whether changes will occur during this coronavirus outbreak. The following takeaways may help you understand and answer the questions in your mind.

What are the Effects of COVID-19 to Your Renters Insurance?
Today's global health crisis brought many challenges and adjustments to almost every industry, and it does not excuse your renters' insurance. Several elements impact renters' insurance at some point. As a renter, you will notice a few changes in your insurance claims and billing procedures.

Insurers and agents provide online instructions that you can use when you want to file a claim. Insurance claims are managed electronically by the agents at their homes because some offices are still not operating. Insurance adjusters may ask you to provide photographs or video footage and submit them online to support your claims based on insurance policies. In this way, you can avoid person to person appointments and meetings.

Can Payments be Reduced Because of the Pandemic?
If you have difficulties paying your rent because of the current circumstances, the best way is to make a good deal with your landlord. You should communicate with your landlord immediately and explain your current financial status. You may ask your landlord for considerations like an alternative payment plan wherein you can make partial payments for each month.

This kind of deal is beneficial to both parties, knowing the ongoing health crisis. Just stick to the agreement and remember your responsibilities to your landlord.

What If You Can't Pay Your Rental Fees?
It is preferable that ahead of time or as soon as you realize that you cannot pay your rent, you must contact your landlord and negotiate. Negotiations are a must so that you and your landlord will arrive at an exact solution or option. You must commit to the opportunity provided by your landlord. There is also some housing assistance that offers auxiliary help on your rent and expenses, depending on your place.

Conclusion
With the current crisis in the world right now, your several challenges as a renter or tenant are understandable. Different alternatives are available as long as you communicate with honesty and check your renter insurance policies.

At Old Bay Insurance Agency Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (410) 777-5390. You can also request a free quote by CLICKING HERE.