2020 has brought about many unexpected changes and challenges for everyone including churches. The economy was booming and everyone was enjoying life and hopefully reading lots of book and taking in God’s beautiful canvas He created.
It is important to never lose sight of the peace that God provides to those who are grounded in His love and part of His Kingdom. In a world that is gripped with fear believers have the opportunity to being that shinning light for those who are caught up in the troubles of this world.
Colossians 3:15 -Let the peace of Christ rule in your hearts, since as members of one body you were called to peace. And be thankful.
Insurance pricing had experienced a decrease in 2019 of 10 – 45 percent which most of us enjoyed those premium savings. For 2020 we expect a relatively flat pricing structure meaning no big increases and no big decreases for the church insurance market.
For those Churches who own their building they should expect a slight increase in their premium related to the replacement cost of their buildings going higher. Building and Content coverage typically increases between 1-4 percent depending on how much your building coverage goes up for your specific area.
Your policy has an inflation protection built into it to help ensure your insurance coverage will respond correctly in the event of a loss. This protection helps reduce the possibility that your churches insurance policy will pay your organization enough money to rebuild your church if and when a total or partial loss happens.
Our phones have been mainly ringing in the month of March 2020 from Churches who are being affected by the COVID-19 virus. One church reported that they went from 1,700 people per week down to a hand full of people coming to the church. The individuals showing up to church were Pastoral staff and audio visual staff so they can produce a live feed to their church family.
Churches are faced with a potential of a decreased income and are feeling the stress of wondering will they be able to continue to pay salaries, rent, mortgages, utilities, internet, insurance premium, and so on.
We have been asked if they can file a claim and do they have coverage for this type of incident. Our recommendation is simple. File a claim and let the insurance carrier tell you if coverage is available or not.
You might be wondering, can we increase or add additional coverages to your church insurance policy during this time of uncertainty.
The answer to this question is maybe and maybe not. Anytime there is a situation that has happened insurance carriers may not be as willing to add or increase specific coverages.
One example of this would be is if an earthquake happens in a specific area. Church Insurance carriers will issue a moratorium on issuing or increasing earthquake policies for a specified time period.
If your church would like to add or increase a coverage we recommend that you let us know what coverages you would like to add or increase and we will submit these changes to the carrier for their review and approval.
Even though the first quarter of 2020 has brought to us many different challenges, this has not stop us from helping our clients deal with our current situation. We are here for you and will continue to help your church solve your insurance needs. Please reach out to us with any questions you may have or if you simply need prayer and someone to talk with. We love all of our clients and only want what is best for you.
Integrity Now Insurance Brokers, Inc.