Over the years, several common myths have surrounded homeowners insurance, raising questions such as whether specific forms of damages will be covered or not. If you are a homeowner, don't let these misconceptions and inaccuracies cost you.

Here are 4 common myths related to homeowners insurance and their debunked truths that will set your mind at ease:

1. Does My Homeowners Insurance Cover Floods?

Many people are under the mistaken impression that their homes are covered if a flood occurs and causes extensive damage. That isn't necessarily true. For your home to be protected against flood damage, you must have flood insurance added to your policy. While most homeowners policies do cover certain types of water damage like the ones caused by burst/frozen pipes or even sewage back-ups, the majority do not cover damage caused by floodwaters.

2. Are All My Possessions Covered?

In most cases, the majority of your possessions will be covered if they are stolen or damaged. However, there are certain types of items like antiques and collectibles that will not be fully covered. Such items are often valued at a much higher rate because they are worth much more than their original value. If you have extremely valuable items, you should have them appraised before you insure them. Once you know their true value, your agent will be able to write a policy that will sufficiently cover your losses in the event of destruction.

3. Will I Have Enough Coverage to Rebuild My Home If It's Destroyed?

Current market value can be deceiving, especially if you have an older home. When you first purchased your insurance policy, your home may have had a much higher value. As time passes, the market value of your home will tend to fluctuate. In the event of destruction, you will receive only the current market value of your home. Hence, the amount recovered may not be in line with what it would cost you to build a new home at today's prices, thereby leaving you with more money owed than had been previously expected.

4. Is Damage Caused by Mold and Termites Covered?

Homeowners insurance will cover many types of damage, but termite or mold-induced damage is not on the list. As a homeowner, you are expected to keep your home in good condition. With proper care, damage caused by mold and termites can be kept to a minimum. Because they are considered to be maintenance-related, most insurance policies will not cover any damage caused by them. Inspecting your home every year will help you keep both mold and termites under control. These are some of the common myths about homeowners insurance that you should steer clear of so as not to be caught unawares in the event of any unforeseen calamity. For assistance in getting the right homeowners insurance policy, contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California. We are ready to assist you with all your coverage needs today.