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Homeowners Insurance Myths Debunked

Make sure you don’t fall for these home insurance myths.

Navigating the home insurance market is complicated as it is and common coverage misconceptions only make things more confusing.  To ensure that you do not get sidetracked by these myths, here are some of the most common ones explained and debunked.

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 let these home insurance myths throw you for a loop.  Do you have further questions regarding your homeowners insurance?  If so, then contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California.  Our dedicated team is eager to assist you with all your coverage needs today.

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