What to Do if You Can’t Pay for Insurance Due to Coronavirus

Homeowners insurance:

Depending on states guidelines, some home insurance extends the grace period, lets go of the charging of late fees and as well won’t cancel your home insurance coverage during a stated period of time.

You can reduce your coverage if after the grace period you are still struggling to make payments. It should be your last move since it is very important to keep enough insurance to rebuild your house should the unfortunate happen.

Thinking about canceling coverage altogether? Even though homeowners insurance has no law requirement, if you have a mortgage, your lender likely requires it. Even without a mortgage, canceling your policy or even reducing coverage can leave you in dire financial straits should you be sued or your home or property damaged.

Health insurance:

A lot of states issued a ban on health insurers. Their order resisted them from canceling coverage of their customers due to the inability to pay or collect reinstatement or late fees.

To be sure, you would have to check from your insurer since it didn’t live past May 2021. If you have a Marketplace plan and qualify for reduced premiums, you’ll have a 90-day grace period to pay your monthly bill.

You can only get a health insurance plan during the yearly open enrollment period except that you have a life event that qualifies you like loss of job or increase or decrease in income.

These restrictions may definitely decline you from switching to cheaper insurance plans available.

If you have in your possession a marketplace insurance plan and your take-home income has changed, all you need to do is to update your health insurance application as soonest as you can.

This will aid you to be possibly qualified for additional savings and a lower monthly premium – isn’t that cool?

Read Also: Do You Need Personal Cyber Insurance For Cyberattacks?

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Written by Gustavo Franko

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