A home is one of the biggest investments you can make, so it stands to reason to protect it with adequate insurance. If something unexpected happens, you will have peace of mind knowing that the damage will be covered. It is important to get all the facts about home insurance so that you have proper coverage.
Here are a few things about home insurance that you should not believe.
Myth: It Is Not Necessary to Make an Inventory of Your Possessions
Your belongings, including your jewelry, furniture, and appliances, mean a lot to you. Therefore, you should take the time to create a detailed list of your possessions ahead of time. If you ever have to file a home insurance claim, you will have proof that you owned all of these items.
Myth: Home Insurance Covers Damage from Poor Maintenance
This is one of the most common myths about home insurance. The truth is that home insurance will not pay for damage that results from lack of maintenance. For instance, if you neglected to replace an old roof and it collapses, you will be responsible for the damages.
Myth: Home Insurance Covers All Your Valuables
This is not necessarily true. Home insurance can come with certain coverage limits for jewelry and other valuable possessions. If you have very expensive valuables, you may have to buy additional coverage.
Myth: Home Insurance Just Covers Your House and Personal Belongings
Believe it or not, home insurance can protect a lot more than your home and the possessions inside it. For example, you likely have third-party liability coverage. If another person suffers an injury on your property, you will be covered. Ask your insurance company about what your policy officially covers.
Myth: Home Insurance Will Pay for Your Medical Bills
This is yet another common misconception. Home insurance will only pay for the medical expenses of visitors who get injured on your property. If you or one of your family members sustain an injury from a fall or other accident, you will have to pay the medical bills yourself. Only a health insurance plan will cover your expenses if you are injured.
Now you can see that there are many misunderstandings about home insurance. It is a wise idea to educate yourself about the realities of home insurance. If you have additional questions about home insurance, do not hesitate to get in touch with an insurance agent right away.