Home insurance is usually a rather straight forward topic. However, it seems that a number of rather interesting myths surrounding home insurance have surfaced once again. It seems that these myths will have to be put to rest, yet again. Here is a look at some of the most common myths surrounding home insurance and why they are nothing but myths.
My Insurance Company Covers Everything
Contrary to popular belief, your insurance company will never cover everything. Furthermore, there are limits to everything.
For example, if a rusted pipe breaks and the home floods, an insurance company will not cover the damage caused. It is the owner’s responsibility to maintain their own home. The damage could have been averted if the pipe was replaced.
In case a home was destroyed by a natural disaster or any calamity, the homeowner is required to provide a recent inventory of all the items that were in their home. The list should contain product names, purchasing cost and date and even the serial number of the item. Any faults in providing a complete list, or miscalculation, can result in denial of reimbursement.
Insurance Covers All My Jewelry
If you were robbed and a great deal of jewelry was stolen, your insurance company will only reimburse the amount of jewelry noted in the policy. Extra cover must be bought for extra jewelry.
You Get Medical Insurance With Home Insurance
While it is true that there is a medical section in a home insurance policy, it is not medical insurance. If someone enters your home and is injured, your home insurance only settles the cost to avoid being sued, that too up to a certain limit.
Evidently, it is nothing but common confusions that give birth to these home insurance myths, and all others like them. To avoid them, it is highly advised to always read the terms of your home insurance policy, especially before you sign it. If there is something you don’t understand, ask your policy provider.
by Morgan Moran