Insurance agents would tell you that there are a number of popular homeowner’s insurance myths out there and most homeowners think they’re fact. In truth, they get asked many of the same questions over and over, but being misinformed can lead to great expense on a homeowner’s part.
Debunking Five Homeowner’s Insurance Myths
Homeowner’s insurance covers everything, and I mean everything.Your standard home insurance policy covers your personal property and only up to a maximum dollar figure. You policy contains details regarding any limits placed on damage. It’s crucial that you check your policy to ensure that you can live with those limits or if you need to increase your insurance value.
My home is covered for mold damage. It may be covered if the mold was caused by water damage. However, if you haven’t been maintaining the home properly, an insurance company may deny mold remediation claims.
I only need flood insurance if I live in a flood zone. Floods are not limited to areas designated as flood zones. If you want to be ensured that your home will be covered if flooded, you may need a flood insurance rider. Your agent will know.
Purchase price coverage is sufficient. Not all insurance policies are created equal. Have a frank conversation with your insurance agent and ask them if your policy includes the dwelling cost of your home, the value of your personal property, and liability coverage. They’ve had this conversation with others and shouldn’t have any problem letting you know what won’t be covered in case of disaster.
My insurance policy covers any injuries – including mine. Not true, most policies pay for injuries to anyone other than you or your family. If you slip on your property and hurt yourself, they won’t pay for medical costs.
You don’t want to find out if your home is covered after the damage occurs or an injury happens. Ask your agent. If you’re looking for an agent in the Sun City Center area, contact me. I can give you names of agents my clients have worked with.