Don’t get caught up in these common home insurance myths.
Managing your home insurance is difficult enough as it is; the last thing that you need is for lies to complicate things even further. Unfortunately, there are many common home insurance myths that can trip up homeowners and leave them exposed to risks. To ensure that you have the comprehensive coverage that you need, here is the truth behind some of the most prevalent home insurance misconceptions.
“My Policy Protects Against Every Natural Disaster”
While it’s true that your home insurance will offer coverage for the damages caused by wind, hail, rain, lightning, and so on, this does not mean that you are covered for every type of natural disaster. For instance, all standard policies exclude coverage for floods, earthquakes, mud and landslides, pest infestations, and other risks. Homeowners will need to secure specialty coverage or policy endorsements to protect against these specifically excluded perils.
“All My Personal Belongings Are Covered”
Just like any other form of insurance, homeowners insurance has its limitations. While all standard home insurance policies offer some coverage for your personal belongings, this coverage is subject to certain coverage limits. This means that high-value items, such as valuable art or fine jewelry, will not be covered under a standard home policy. You will have to secure specialty insurance, such as a scheduled personal property policy, to cover these items.
“Lowering My Premiums Means Lowering My Coverage”
While you may assume that the only way to lower your rates is by reducing your coverage limits, there are other ways to make your home insurance more affordable. For instance, making safety upgrades to your property, accessing discounts available, such as bundling your policies, or raising your deductibles are some ways that you can save without compromising your coverage.
These are some of the most common home insurance myths debunked for your benefit. Do you have more questions about your homeowners insurance? Contact an insurance professional at Westwood Insurance Agency today to discuss your current coverage or ask any questions you may have.