Moved During the Pandemic? You May Need to Update Your Insurance.
Moved During the Pandemic? You May Need to Update Your Insurance.
Abstract
Is Your Primary Home Still Your Primary Home? "For those that moved or bought new homes, their primary apartments in New York became secondary homes, while secondary dwellings like their Hamptons or Westport home became primary residences. That comes with specific differences for insurance companies," said Adam Wolfson, the owner of Wolfson Global Insurance Brokerage, an independent insurance agency based in Manhattan. "These items fall under a valuable articles policy, which offers additional and extensive protection for higher-end assets that might not be covered under one's existing policy," said Jim Hickey, head of personal lines for World Insurance Associates, an independent brokerage firm based in Edison, N.J. "Since standard policies are extremely limited when it comes to covering expensive assets like these, it's important to find out what kind of additional coverage is right for what you now own," he added. "Most higher-end residential insurance companies offer this as an add-on to a home insurance policy," he said. If you are with a company that doesn't offer cyber liability protection you will most likely need to move your homeowner's insurance to a new carrier, Mr. Wolfson added. "Working from home isn't going away so quickly," said Sean Burgess, the chief claims officer for Lemonade, a global digital insurance company based in Manhattan. "Small-business insurance plans also add additional personal liability for damages and injuries than homeowner's do." Pandemic Pups Let's not forget your other addition - pets need insurance, too. "Because it's typically combined with an existing policy, insurance companies often offer a 10 to 15 percent discount for owning more than one plan with the same provider. There's also the convenience of having multiple policies with one provider and the additional convenience for the consumer to work with just one company." Auto Correct With rising inflation and most expenses increasing, some people have saved by letting go of unnecessary costs, like monthly garage spaces.