5 Home Insurance Myths Debunked

Most people can agree that home insurance is a worthwhile expense. Without a home insurance policy, trying to handle the cost of repairs after a certain accident or incident can feel impossible. Many people believe certain myths about home insurance and this can lead to problems. It's best to understand the trust behind home insurance so you can protect yourself and your property. Today we will debunk some common home insurance myths that you may have heard: 

Myth: A standard home insurance policy includes flooding

Most home insurance policies do not include flooding. You'll need to pay for extra coverage if you want to have flooding protection in place. Your insurance agent can help you take out a separate flood insurance policy.

Myth: A home-based business is covered

You need to talk to your agent about your home-based business and your business equipment. They will make it known in your policy that you operate a business inside of your home. If you don't make this known, you may be surprised to find out that your business is not covered at all. 

Myth: Everything in a home is covered by a home insurance policy

Your home insurance policy covers your property and your personal belongings. But, there may be limits in place. If you have very expensive jewelry or other valuables, make sure that you look into the details and talk to your agent to make sure that these items are actually protected. 

Myth: Home insurance is too expensive and not worth the cost

This is just not true! You can get an affordable home insurance policy with basic coverage if you're on a set budget. It's a worthwhile expense because it can get you out of a tough spot in the future. Without insurance, you'll have to spend so much more if something goes wrong. 

Myth: You can take out a home mortgage without purchasing insurance

It's very rare to find a lender that allows you to take out a mortgage without proper insurance. It's becoming standard practice to require homeowners to purchase a homeowners insurance policy when they take out a home mortgage. This protects you and the lender.

These are some of the most common myths about home insurance. Make sure that you educate yourself and get proper coverage so that you don't find yourself in a tough spot. If you want to look into the details of your home insurance policy or if you'd like to shop around for a new one, reach out to a home insurance provider.