Believing these misconceptions could leave you open to risks.
Many homeowners have limited knowledge when it comes to the world of insurance. Unfortunately, this lack of experience can result in dangerous myths. Because believing in home insurance myths can end up leaving you vulnerable to certain perils, it’s important that you know the truth. Here is the truth behind some of the most common home insurance misconceptions.
Myth 1: “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 ticket 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.
Myth 2: “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 strike, 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 so on. Homeowners will need to secure specialty coverage or policy endorsements to protect against these specifically excluded perils.
Myth 3: “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, bundling your policies, and raising your deductibles are all ways that you can save without compromising your coverage.
Don’t believe these common homeowners insurance myths. Do you have questions about your home insurance coverage? If so, then contact the experts at Pierce Insurance Group. Our dedicated team is eager to assist you with all your personal insurance needs today.