How 2020 Changed Insurance: What to consider in 2021 for auto, home, life and policies

How 2020 Changed Insurance: What to consider in 2021 for auto, home, life and policies

Mar 23 2021

How 2020 Changed Insurance: What to consider in 2021 for auto, home, life and policies

In 2020, life as we knew it came to an abrupt halt at the onset of the COVID-19 pandemic last March. Along with it came the need for everyone to adapt to a new normal.  For many, home has become their workplace, school, and gym.  When life changes – needs change as well.

We’ve put together some tips and information to consider for your insurance policies in 2021.

Homeowners Insurance

Personal Liability – Umbrella Insurance

With many schools still remote learning, children may be much more common in your neighborhood. Take extra precautions to ensure attractive nuisances such as swimming pools, trampolines, and playground equipment are secure to avoid potential injury. Be sure your dog is on a leash, behind a fence or indoors to avoid potential incidents. You are responsible for injuries even if you had no knowledge of uninvited guests coming onto your property.

Food and grocery deliveries are also more common these days. If a delivery person slips and falls while on your property, it’s possible that they could file a liability claim against you. Make sure walkways are clear and well lit to help ensure delivery drivers’ safety and avoid unwanted claims.

Your personal liability coverage protects you if you cause injury to another person or damage to their property. If the damages are more than what your policy offers, an umbrella policy can help you to be sure you’re fully covered.

Coverage for your home business equipment

A standard homeowners insurance covers business property but only up to a certain amount. For business owners and the self-employed who are now working from home permanently make sure your livelihood is fully covered against perils like storm damage and theft.  Contact us to see if you need a home business endorsement or higher coverage limits for business property.

Cyber Coverage

Many people are now balancing family and work-life under one roof and introducing new technologies into their homes. This may mean there are more ways to connect and store your personal and work life online, but it also leaves you exposed to a new range of cyber risks. Bearingstar, a member of the Arbella Insurance Group, offers Home Cyber Protection through Arbella’s innovative program. This coverage will help protect you and your family if you become the victims of:

  • Cyber Attack
  • Cyber Extortion
  • Online Fraud
  • Data Breach
  • Cyberbullying

Head over to our blog for more Cybersecurity Tips for Working From Home.

Auto Insurance

Driving was markedly down in 2020, yet a new report found a surprising and alarming statistic: Traffic deaths actually rose last year.  According to The National Safety Council, a 24% spike in roadway death rates was the highest in 13 years.  The NSC said it was “too soon to speculate on the contributing factors” of the uptick, but multiple reports of risky behavior and speeding are contributing factors.  “We are still seeing increased speeds on the road even as miles driven returns to normal, particularly during morning and afternoon rush hours,” the group wrote in February 2021.

The takeaway – be safe, be aware and make sure you have more than just your state’s minimum for auto coverage.  What looks like a good deal on paper in terms of cost can easily turn into your worst financial nightmare if you should have a bad auto accident. Interested in tips on how to save on your auto insurance without losing coverage?  Head over to our blog How to Save Money on Your Car Insurance Without Losing Coverage.

Life Insurance

One of the unseen benefits of the pandemic is that it has prompted Americans to tackle some financial tasks they have been putting off—such as getting life insurance.

In fact, 1 in 4 people surveyed by insurance industry group Life Happens said they bought life insurance for the first time because of the coronavirus. At Bearingstar we have many highly rated carriers that do not require a medical exam. Still think life insurance is too expensive or not for you just yet?  Head over to our blog to read about Life Insurance Facts and Common Misconceptions

Our team at Bearingstar is laser-focused on ease-of-doing-business and pride ourselves on packaging the highest level of planning into our client’s preferred means of communication. Most importantly, our team is on-hand and readily available to help you and your family get great coverage and answer any questions you may have. Contact us today for a quote!

Sources:

Motor Vehicle Deaths in 2020 Estimated to be Highest in 13 Years, Despite Dramatic Drops in Miles Driven  https://tinyurl.com/59sb5pnk

Huddleston, Karen 2021 Outlook For Life Insurance Buyers

https://www.forbes.com/advisor/life-insurance/2021-buyers-outlook/

COVID-19 Sparks New Family Conversations Around Financial Matters  https://lifehappens.org/press/covid-19-sparks-new-family-conversations-around-financial-matters/

 

 

Back to Blog
We are happy to confirm that all of our locations are open and welcoming the public to visit. Though we were able to provide our customers with uninterrupted service throughout the year, we very much look forward to seeing you in person again!