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Keep Paying Your Insurance Premiums

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The recent coronavirus pandemic has certainly hit many Daytona Beach businesses hard. Consequently, they have laid off or furloughed many workers, who have seen their income drop to zero. In this economic environment, many business owners and individuals are looking for ways to cut expenses so that they can continue to make payroll or feed their families.

With hurricane season just around the corner, one thing people should not do is stop paying their insurance premiums. Doing so would be catastrophic should a serious storm hit Florida. And as we have previously written in our blog, the 2020 hurricane season is expected to be quite active, so maintaining insurance policies should be a key goal.

Look for Income Support

One thing businesses and individuals can do is try to supplement their income. A business, for example, could apply for grants or loans through the federal government. Individuals might qualify for unemployment insurance, which has been expanded during the pandemic to cover many self-employed freelancers and others in the gig economy.

Businesses might be surprised that the current pandemic does not trigger business interruption overage. As explained in a recent news article, business interruption usually applies if your business was struck by a hurricane or suffered some other disaster that causes you to shut your doors. Because people are simply not shopping due to the pandemic, most business interruption policies will not kick in and cover financial losses.

However, you should read your policy closely. Also, there is some discussion in the Florida legislature about passing a law so that your business interruption policy will cover this current pandemic. While waiting, you should nevertheless continue to pay your premiums.

Cut Expenses to Pay for Insurance

To ensure you continue to pay for hurricane and/or flooding insurance, you should find other ways to try and save. This might be easier said than done, but many people spend a decent amount of money on luxuries like morning coffees, restaurant meals, and gym memberships they don’t use. Try to cut these first to free up as much money as you can to continue to make payments on your insurance policies.

If you have debts, you should contact your creditors about possible deferment or forbearance. Many credit card companies are working with their clients to temporarily suspend or reduce payments for the duration of this pandemic. Once things get back to normal, clients can catch up on payments.

If you stop making payment on your insurance, then it could be much harder to get things going again once your income level returns to normal. Even worse, we could be in the teeth of the hurricane season by that point. Going without coverage could spell disaster if your home or business is impacted in a storm. Currently, forecasters expect over a dozen named hurricanes or tropical storms to hit Florida in the coming season.

Bundza & Rodriguez Can Handle Your Insurance Dispute

Our Daytona Beach hurricane insurance claim lawyers have helped many businesses and individuals make claims and appeal denials following a hurricane or other storm. If you need legal assistance, please contact us at Bundza & Rodriguez, P.A. today.

Resource:

msn.com/en-us/money/insurance/already-struggling-businesses-find-new-challenges-with-insurance-claims/ar-BB11Znq2

https://www.daytonalawyers.com/will-your-flood-insurance-premiums-rise/

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