For many homeowners, their house is their biggest investment, meaning it’s essential to have insurance to protect that asset. Unfortunately, there are many misconceptions about this type of policy, so let’s look at some home insurance myths and facts.
Myth: If I’m Injured in My Home, My Healthcare Is Covered
If a visitor to your home or someone performing a job on your property suffers an injury, your insurance covers their medical bills. Your own bills from injury within your home are not covered.
Myth: I’m Not in a Flood Zone, so I Don’t Need Flood Insurance
Floods can happen due to sewer problems, heavy rain or natural disasters, which means they can be an issue everywhere. While it costs extra to get flood coverage, it makes sense to consider this additional investment since standard policies for homeowners do not cover this risk.
Myth: I Don’t Have to Do an Inventory of What I Own
Creating an inventory list of everything you own will take some time, but if you ever have to file a claim, having details about what has been lost or damaged increases the chances you will get fair compensation. Create a list, store it in a safe spot and update it often. Consider taking photos, too. Today, you can digitize them and store them securely in the cloud for easy access.
Myth: Home Insurance Covers Everything in My Home
There is a limit on the dollar amount covering your valuables. If you have electronics, jewelry, art or other pieces worth more than that limit, get extra coverage for these items.
Myth: Insurance Gives Me My Market Value if My Home Is Destroyed
Insurance is meant to give you the rebuild value of your home in the event of total destruction, and this can be a problem as building costs increase. If you have an older home, your replacement property will need to be brought up to code, and this may be expensive. Regularly speak with your insurer to verify you have enough coverage to replace your home in the event of a devastating fire or other catastrophic event.
Myth: I Can’t Lower My Premiums Because of My Home’s Value
Your home’s value is only part of the equation, so you can lower your insurance premiums by speaking with an agent about different policies and by increasing your deductible, which is what you pay out of pocket when you file a claim. Your insurance provider pays the rest, up to your limit. If you do increase your deductible, make sure it is an amount you can afford.
You may also want to get a quote from Strock Insurance and speak to our team about ways to lower the insurance for your central Pennsylvania home. In some cases, installing a burglar alarm and taking additional steps can help you lower your premiums without reducing your coverage. Strock Insurance has been helping homeowners in Lancaster, Camp Hill, Harrisburg and surrounding areas get affordable coverage since 1983, and we’re here to protect what matters to you.
