Insurance is a very common word in today’s world. Buying a home is generally considered a great investment. However, a surprising number of people fail to take actions to protect their investment. Any number of misfortunes can befall a home at great cost to the owners. A simple way to avoid excessive payment for damages is purchasing home insurance.
But do you actually know the Home Insurance Myths.
Myth 1: Standard home insurance covers flood damage. Fact: Standard home insurance does NOT cover damage caused by a flood. If you feel that you need coverage for a flood you should purchase a separate flood insurance policy.
Myth 2: If my home is ever lost, my insurance company will reimburse me for whatever I tell them I owned at the time of loss. Fact: In the event of a covered loss your home insurance company will ask you to make a list of everything you own and include specific details such as purchase price, date of purchase, serial numbers, etc. (Imagine trying to do this from memory!) The best way to avoid this situation is to have a home inventory already put together.
Myth 3: If I file a home insurance claim, my home insurance premium will definitely go up. Fact: While many home insurance companies do look at your claims history, there are many other factors that determine how much you will pay for home insurance. Filing one claim over a period of a few years might increase your home insurance premium. To be on the safe side, always think twice before filing a claim for minor damages to your home.
Myth 4: All of my valuables- like jewelry -will be covered in the event of a burglary. Fact: There are limits on the amount of coverage you can receive for valuable such as jewelry, furs, etc. For example, most companies have a limit of some amount on total jewelry lost during a burglary of your home.
Myth 5: My home insurance covers mold or other issues related to lack of maintenance. Fact: Actually, a standard home insurance policy does not cover issues related to a lack of maintenance. For example if a plumbing leak that was left unfixed caused mold to grown in the interior walls of your home- mold removal and remediation would NOT be covered in your home insurance. Remember that your home insurance only protects you from damage caused by covered perils such as wind, hail, lightening, fire and theft.
Myth 6: Flood Insurance is only for people who live in a flood zone. Fact: Lending institutions, such as the bank that holds your mortgage, will require you to obtain flood insurance if you live in a major Flood Zone. However, keep in mind that all homes are at the risk for flood and standard home insurance policies do NOT cover flood related damage to your home.
Homeowners insurance is a must for all homeowners. Regardless of where you live and the types of natural disasters your area is prone to, you need to protect yourself from every angle and against any unforeseen events that could happen in the blink of an eye.
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