The housing market has a huge impact on the economic health of different local areas. Homes typically represent a substantial amount of homeowner’s net worth, and when the fluctuation of the real estate market lowers their value, it can have a substantial impact on their financial state. This obviously evokes concern for those choosing whether to rent or buy homes in different areas. However, it’s not just homeowners who are affected. Those fluctuations and changes in the market affect both temporary housing needs and insurance for the area.
Temporary Accommodations continues to closely monitor developments related to the current outbreak of COVID-19 and we are dedicated to ensuring our customers have access to our services. As the situation evolves, we’re working closely with our employees, partners, and customers to support business operations and serve our customer’s needs. We are following the guidelines issued by the public health authorities, including the U.S.
Technology adds many benefits to our daily lives including convenience, communication, and productivity. Technology makes both life and work easier, but it also poses some risks. Most notably, businesses utilize technology to its fullest capacity, which in turn leads to automation replacing human jobs. If artificial intelligence can improve productivity while decreasing operating costs, then most businesses welcome its use over that of a human. What about insurance jobs? On the surface, insurance jobs seem technical in nature, however, many remain at risk of automation.
Anyone who relocates across state lines understands that costs for the same products often vary greatly. One example of this variance is homeowners insurance. The cost of a homeowners insurance policy covering a similar value property may be significantly different based on the state where the property resides. In addition to the cost, the coverage offered under a homeowners insurance policy is not the same across state lines. Certain specific exclusions apply in some states and not in others. Therefore, homeowners need to be aware of these differences.
Homeowners face a long list of difficult decisions following a significant property loss. As a result, property owners must lean on experts such as property insurers, contractors, salvage experts, and others to assist in the response and recovery process. One of the most important decision revolves around whether to repair or replace the major components of a home. Below is the third post in a three-part series focusing on how to analyze home damage to determine the best course of action following a claim.