Don’t Believe These Home Insurance Myths

The truth behind common homeowners insurance myths.

Just because you own a home does not mean that you are an expert on homeowners insurance. Unfortunately, this inexperience can cause many homeowners to buy into common misconceptions about their home coverage. To ensure that you do not leave yourself vulnerable, here is the truth behind some of the most common homeowners insurance myths.

Myth 1: “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, and pest infestations. Homeowners will need to secure specialty coverage or policy endorsements to protect against these specifically excluded perils.

Myth 2: “I Should Base My Coverage on My Home’s Market Value”

Over half of homeowners believe that they should buy home insurance based on their home’s market value. However, this is not the best way to determine your coverage needs. For most home insurance policies, rates are based on what it would cost to rebuild the home, not the home’s value. So, do not overestimate your home’s coverage needs as this will result in you spending more on insurance than you actually need to.

Myth 3: “Homeowners Insurance Is Not Mandatory”

While it’s true that home insurance is not a legally regulated form of coverage, this does not mean that you can get away without securing this type of insurance. This is because most mortgage lenders will require homeowners to carry home insurance in order to protect their investment. Even if you do not have a home loan, you should still secure a home insurance policy. This is because this coverage is the only thing that will protect your assets in the event of a personal liability or property damage claim.

These are some of the common home insurance misconceptions that you shouldn’t believe. Do you have additional questions regarding your homeowners insurance? If so, then contact the experts at Robert J. Los Insurance Agency in Hamburg, New York. We are ready to assist you with all your coverage needs today.

Robert J. Los Insurance Agency

Robert J. Los Insurance Agency

Address: 4167 Legion Drive,
Hamburg, NY 14075

Phone: (716) 648-6100
Toll Free: (800) 747-0780
Fax: (716) 648-6104

Office Hours:
Monday-Thursday, 8:30 AM - 5:00 PM
Friday, 8:30 AM - 4:00 PM

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