Top 5 Myths Debunked: Homeowners Insurance Edition
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Contents
- 1 Introduction
- 2 Myth #1: If you have insurance, you don’t need a homeowners policy
- 3 Myth #2: If your house is damaged in a flood, you’ll get paid right away
- 4 Myth #3: All homeowners policies cover floods and earthquakes
- 5 Myth #4: Homeowners insurance will cover my damage caused by burglary or robbery
- 6 Myth #5: Your insurer will pay your legal expenses if you’re sued over an accident at your home
- 7 Homeowners insurance is an essential part of protecting your property, but there are some common misunderstandings about what it covers.
- 8 Conclusion
Introduction
Homeowners insurance is an essential part of protecting your property, but there are some common misunderstandings about what it covers. Here are five myths about homeowners insurance that we think you should know the truth about:
Myth #1: If you have insurance, you don’t need a homeowners policy
This is a common myth that many people believe to be true. While it’s true that your car and health insurance can cover some of the expenses related to damage or loss of personal items, they won’t cover everything–and they won’t pay out until after your deductible has been met. A homeowner’s policy will help fill in those gaps and protect against unexpected losses like burglary, fire damage or natural disasters like tornadoes or floods.
Myth #2: If your house is damaged in a flood, you’ll get paid right away
The truth is that most homeowners policies have deductibles that must be met before any money is paid out for repairs or replacement. This means that you may need to pay out of pocket for repairs and then submit receipts for reimbursement from the insurance company. Additionally, the insurer will inspect the damage and may not cover all of it (or at all). Finally, some companies do not offer coverage against flooding–so even if they do pay out after a flood has occurred, it will likely not be enough money to cover all of your losses!
Myth #3: All homeowners policies cover floods and earthquakes
While it’s true that most homeowners insurance policies do cover floods, earthquakes aren’t always covered. For example, if you live in California and have an earthquake policy through the California Earthquake Authority (CEA), you won’t receive any coverage from your CEA policy for damages caused by flooding.
Floods are not as common as earthquakes but still happen frequently enough to warrant their own form of insurance: National Flood Insurance Program (NFIP). The NFIP provides flood insurance for people who live in areas where there is a high risk of flooding and/or who cannot get private coverage because their homes are considered too risky due to their location or construction materials used. If your home isn’t insured through an organization like NFIP then chances are good that it doesn’t have any flood protection at all–which means if disaster strikes, you could be left footing the bill yourself!
Myth #4: Homeowners insurance will cover my damage caused by burglary or robbery
This is another common misconception that home insurance policies do not cover theft and vandalism, but rather only the damage caused by them. This means that if someone breaks into your home and steals all of your belongings, you won’t be reimbursed for those items under a typical homeowners policy because they were stolen rather than damaged. However, many homeowners policies do offer additional coverage for these types of losses; however, it comes at an additional cost (and sometimes involves some paperwork). If you want more information on how much it will cost to add onto your current policy or how much coverage is available in general before purchasing a new one from another company altogether then check out this link here: https://www
Myth #5: Your insurer will pay your legal expenses if you’re sued over an accident at your home
The myth that your insurer will pay your legal expenses if you’re sued over an accident at your home is simply not true. You need to buy a separate policy to cover legal expenses, and it can be purchased from either the insurance company or as a third-party policy.
Homeowners insurance is an essential part of protecting your property, but there are some common misunderstandings about what it covers.
- What is homeowners insurance?
Homeowners insurance protects you and your family in the event of damage or loss to your home, its contents and related structures. It also provides liability coverage for injuries that may occur on your property.
- What does homeowners insurance cover?
In general terms, it covers the following: fire; lightning; windstorm/hurricane; hail; explosions; riots/civil commotion; aircraft damage (if you own a plane); vehicle damage from accidents occurring on or off the premises caused by someone who has permission to be there (for example, if someone hits their car while visiting); theft of personal belongings such as jewelry or electronics from inside your home even if they weren’t locked up at night when everyone was asleep
Conclusion
We hope that this article has helped dispel some of the myths about homeowners insurance and its benefits. We encourage you to do your own research and make sure that you’re getting the best coverage for your needs. If you have any questions about what your policy covers or how much it costs, contact us today!
