Church Insurance News and Updates

2020 has brought about many unexpected changes and challenges for everyone, including churches.  The economy was booming, and everyone was enjoying life, hopefully reading lots of books and taking in God’s beautiful canvas He created.

It is important to never lose sight of God’s peace 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 be that shining 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.

What to expect for my Church Insurance Premiums – Don’t Panic!

Insurance pricing decreased 10 – 45 percent in 2019, and 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.

Those Churches who own their building 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 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.

Churches Affected by COVID-19

Our phones have been mainly ringing in March 2020 from Churches affected by the COVID-19 virus. One church reported that they went from 1,700 people per week to a handful of people coming to the church. The individuals showing up to church were Pastoral staff and audiovisual staff so they could produce a live feed for their church family.

Churches are faced with the potential of a decreased income and are feeling the stress of wondering if they can continue to pay salaries, rent, mortgages, utilities, internet, insurance premiums, etc.

We have been asked if they can file a claim and if they have coverage for this type of incident.  Our recommendation is simple.  File a claim and let the insurance carrier tell you whether coverage is available.

Updating our Church Insurance Coverages

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. Whenever a situation occurs, insurance carriers may not be as willing to add or increase specific coverages.

One example of this would be if an earthquake happens in a specific area.  Church Insurance carriers will issue a moratorium on issuing or increasing earthquake policies for a specified period.

If your church would like to add or increase coverage, we recommend that you let us know what coverages you would like to add or increase. We will then submit these changes to the carrier for their review and approval.

Even though the first quarter of 2020 has brought us many different challenges, this has not stopped us from helping our clients deal with their current situation. We are here for you and will continue to help your church solve its 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.

562-606-1030