Could coronavirus affect renters and their insurance?

The coronavirus has taken the world by storm and changed a multitude of industries for better and worse. We have seen great innovation in times of uncertainty and the ability of so many to pivot their current status to survive in the midst of a pandemic. Work from home has become more prevalent than ever and the majority of social services are being done through limited personal interaction. From the doctor, grocery stores, school, gyms to the DMV. Jobs were created while others were eliminated To the unassuming eye it would seem that as a society we have handled this with reason and adjusted accordingly. But what about the people that suffered from covid and could not go to work, or people that worked as office coordinates, janitors, event servers, restaurant workers and so many others? What about their homes and their bills? We found ourselves looking for answers in a time where questions far outweighed the conversation.

A home looks so different for so many. As we all know the natural progression of homes goes from your parents home to sharing a room or apartment with roommates in college to then renting on your own and then eventually buying a home. This transition has changed drastically over time with more and more people renting for longer periods of time due to the lack of affordability in the housing market. According to iproperty management statistics nearly 36% of Americans are living in rental properties. The majority of these rental properties are shared by more than one renter on the lease. This means that two people are responsible for making the monthly rental payments and splitting the cost of the monthly bills. When coronavirus lockdowns began in the US, the layoffs were not far behind. In December of 2020 10 million Americans remained unemployed and were seeking financial assistance, according to the Bureau of Labor Statistics. With renting at an all time high alongside unemployment, people began to worry.

As a renter you have the responsibility to pay your bills on time and follow the rules of your lease. The majority of leasing agreements require you to purchase a renter’s insurance policy and follow the guidelines within the policy. Renter’s insurance policies will often list out the tenant of the property and not allow anyone else to be covered if they move in outside of the lease terms. This means if your roommate cannot pay rent and they move out, you are unable to get another roommate covered by your renters insurance policy until you are up for renewal. Unfortunately, this was happening often and putting many renters at risk of not having renters insurance coverage at a time of high financial vulnerability. Many states have responded to the housing and financial issue by placing a moratorium on evictions during the state of emergency. If you are a renter at risk of homelessness or not paying rent that is die, contact your landlord and review your payment options.

In times of uncertainty and financial crisis it is essential to have insurance and proper policies to protect you and your roommates/family. We do not recommend eliminating your renters insurance policy during the coronavirus pandemic, instead make sure to evaluate your options. Now more than ever, saving a few dollars every month can make a large impact. Use the tools available at Insuravita, including our free quote feature to help you save. Reevaluate your renters insurance policy and see if you are able to reduce your monthly cost. Insuravita will provide you and your family with the best policy for your current needs. Every home may look a little different but they are all just as important, protect yours today at Insuravita. The coronavirus has taken the world by storm and changed a multitude of industries for better and worse. We have seen great innovation in times of uncertainty and the ability of so many to pivot their current status to survive in the midst of a pandemic. Work from home has become more prevalent than ever and the majority of social services are being done through limited personal interaction. From the doctor, grocery stores, school, gyms to the DMV. Jobs were created while others were eliminated To the unassuming eye it would seem that as a society we have handled this with reason and adjusted accordingly. But what about the people that suffered from covid and could not go to work, or people that worked as office coordinates, janitors, event servers, restaurant workers and so many others? What about their homes and their bills? We found ourselves looking for answers in a time where questions far outweighed the conversation.

A home looks so different for so many. As we all know the natural progression of homes goes from your parents home to sharing a room or apartment with roommates in college to then renting on your own and then eventually buying a home. This transition has changed drastically over time with more and more people renting for longer periods of time due to the lack of affordability in the housing market. According to iproperty management statistics nearly 36% of Americans are living in rental properties. The majority of these rental properties are shared by more than one renter on the lease. This means that two people are responsible for making the monthly rental payments and splitting the cost of the monthly bills. When coronavirus lockdowns began in the US, the layoffs were not far behind. In December of 2020 10 million Americans remained unemployed and were seeking financial assistance, according to the Bureau of Labor Statistics. With renting at an all time high alongside unemployment, people began to worry.

As a renter you have the responsibility to pay your bills on time and follow the rules of your lease. The majority of leasing agreements require you to purchase a renter’s insurance policy and follow the guidelines within the policy. Renter’s insurance policies will often list out the tenant of the property and not allow anyone else to be covered if they move in outside of the lease terms. This means if your roommate cannot pay rent and they move out, you are unable to get another roommate covered by your renters insurance policy until you are up for renewal. Unfortunately, this was happening often and putting many renters at risk of not having renters insurance coverage at a time of high financial vulnerability. Many states have responded to the housing and financial issue by placing a moratorium on evictions during the state of emergency. If you are a renter at risk of homelessness or not paying rent that is die, contact your landlord and review your payment options.

In times of uncertainty and financial crisis it is essential to have insurance and proper policies to protect you and your roommates/family. We do not recommend eliminating your renters insurance policy during the coronavirus pandemic, instead make sure to evaluate your options. Now more than ever, saving a few dollars every month can make a large impact. Use the tools available at Insuravita, including our free quote feature to help you save. Reevaluate your renters insurance policy and see if you are able to reduce your monthly cost. Insuravita will provide you and your family with the best policy for your current needs. Every home may look a little different but they are all just as important, protect yours today at Insuravita.