3 Questions Homeowners Should Be Asking Themselves

Living through a pandemic changed us. It changed our approach to personal wellness, our work environments, our shopping habits, and our overall economy.

And it probably changed your need for homeowner’s insurance.

Bottom line? You might need more coverage than you did before the pandemic. If you’re a homeowner, start by asking yourself these three questions.

Have I completed any home improvement or remodeling projects?

Living through a pandemic forced people to spend more time in their homes. As a result, many of us decided to fix things up. Despite the pandemic’s negative effects on our economy, the home improvement sector actually increased by 3.5%, with Americans spending nearly $420 billion on home improvement projects.¹

If you found yourself adding a home office, remodeling a kitchen, or even adding a pool, you most likely raised the value of your home.
Do I now work from home—even if it’s just a few days a week?

While we all became expert remote workers in 2020, many of us are likely to stay there –even if it’s part time. Workers have discovered the joy of worktime flexibility (and no commutes!) and employers now seem more open to the idea.

But with that comes risk. Cybersecurity became one of the other big headlines of the year, and it’s not going away. If you’re using your own home computer for work, or even a company-issued computer that you do personal tasks on, you’re opening yourself up to cyber security thieves. Protecting yourself from this digital risk will only increase as we all become more connected online.
Do I have a personal umbrella policy?

Here’s a new term for you: social inflation. Developing from a culture of fault — if something goes wrong, somebody’s to blame — social inflation is having big effects on the insurance industry (think higher premiums).

But it could also affect you personally. The blame game can start anytime someone comes into your yard or home. A personal umbrella policy can help protect you from injury claims and personal lawsuits, so make sure you have enough.

If you answered these questions and think you might be exposed to higher risks of loss because of inadequate coverage, it’s time to talk to your insurance agent. Give our Sea Mountain Homeowners Insurance specialists a call or send us an email. We’d be happy to answer your questions.

*Joint Center for Housing Studies, Harvard University, 2021