Hayek Insurance Blog
The COVID-19 pandemic has turned everyone's world upside down, sending businesses tumbling, unemployment rising, and confining us all into our homes. Most people are suddenly finding themselves without work and are now struggling to afford their monthly rents.
For that reason, here's how your landlord policy covers non-paying tenants and liability.
Does Landlord Insurance Cover Expenses from COVID-19?
Generally, your landlord policy includes liability claims related to the pandemic. However, it may not include coverage for lost rental income from non-paying tenants. Consider these factors about how your coverage will turn out to be during this pandemic:
Every insurance policy offers different exclusions and protections. You might want to re-evaluate yours before dismissing whether you have the necessary coverage. It is also applicable to lost coverage in income.
Can Landlords Receive Financial Support from the Government?
As of June 25, 2020, the government hasn't laid out policies on relief funds for landlords affected by Coronavirus. However, they may be qualified to obtain emergency relief and business funds under the federal government's stimulus package. It includes mortgage assistance, Small Business Administration, or SBA loans and programs.
Is it Too Late to Purchase Landlord Insurance?
You can get a landlord insurance policy today and still receive liability coverage for COVID-19. However, it would help if you talked with your insurance company about the possibility of liability claims or non-paying tenants. Your insurer can then discuss an accurate assessment of your insurance risks and answer questions about coronavirus coverage.
At Hayek Insurance, 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 (805) 496-8835. You can also request a free quote by CLICKING HERE.