Don’t Believe These Home Insurance Myths

If you want to purchase a home insurance policy, it may be time to speak with a home insurance agent in Scottsdale, AZ such as our friends over at Atkinson Insurance Team. An agent can help you select a policy that best fits your unique needs. Here are some common misconceptions about home insurance that you shouldn’t believe.

Myth #1: All Belongings in Your Home Are Covered

Many people assume that in the event of a fire or other disaster that all the belongings in their home will be covered. This isn’t necessarily true. Most home insurance policies set limits on high-value items, like jewelry. You may need to purchase additional coverage if you want all the high-value items in your house covered.

Myth #2: The Law Requires You to Buy Home Insurance

There’s nothing in the law that states you must have home insurance if you have a house. However, if you plan to apply for a loan for a house, the mortgage company will likely require you to purchase insurance. They want to make sure it will be covered from fires, storms and other disasters.

Myth #3: How Much Home Insurance I Needs Depends on the Market Value of My Home

This is another common misconception about home insurance. In reality, the amount of home insurance you need depends on the replacement cost of your home, not its market value.

Myth #4: Insurance Companies Can’t Refuse to Insure Your Home Because of the Dog Breed You Own

Your home insurance agent can verify if insurers are able to deny you coverage because of the dog breed you own. Certain dog breeds, like rottweilers and pit bulls, are known for being aggressive. Insurance companies may be reluctant to cover them because dog bite claims can be costly.

Myth #5: Home Insurance Isn’t Worth the Money

This couldn’t be further from the truth. A home is likely one of the biggest financial investments you’ll make in your life. If an unforeseen event, like a fire or burglary, should occur, you’ll be relieved that you have a solid home insurance policy in place. You won’t have to worry about paying for the damages out of your own pocket.

Myth #6: Home Insurance Covers Damage Due to Poor Maintenance

Your home insurance policy actually won’t pay for any damage that results from lack of maintenance. If your roof caves in because you neglected to repair it, for example, you will be responsible for paying the repair costs out of your own pocket.

Schedule an appointment with a home insurance agent today to dispel any other myths you might have heard about!

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