Top 3 Myths About Home Insurance

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Your home is your sanctuary and likely the biggest investment you’ll make in your lifetime. Protect it by investing in home insurance which is suited to your lifestyle.

Most people know they need home insurance but sometimes, homeowners can be blindsided by myths. They only find out they have been duped when they need to make a claim. Don’t get caught up in myths which can have a negative impact on you and your investment in the long run. These are the top 5 house insurance myths debunked.

  1. Your home is insured for its market value: In the eyes of insurance agencies, home value is calculated by the amount of money it would cost to rebuild your home from the ground up NOT how much you paid for it or its current market value.
  2. All the items in your home are covered under your home insurance policy: Unfortunately, only a limited amount of your belongings are covered under your policy. If you have lots of business gadgets, expensive jewelry or a priced wine collection, it is best for you to get additional contents insurance.
  3. Your policy is active if you are home or not: If you leave for a short trip or a weekend away it is likely there will be no impact on your policy. However, if you are spending months away from home, you might be undermining your policy. Some homeowner’s insurance policies require you remain on site for a set number of days to care for your investment.

Insurance can be a complex matter. Don’t take the word on the street for fact. If you have questions about insurance — whether it be home, business or auto insurance — get in touch with the professionals so you’re not left wondering what went wrong when it comes time to make a claim.