You know that you have to have homeowner’s insurance, but do you know all there is to know about keeping your assets safe? Today, we take a look at the top five myths about homeowner’s insurance.
Most homeowner insurance policies do cover common perils, such as fire, wind damage, and theft. However, they generally exclude specific risks, including earthquakes, landslides, and flooding. You’ll have to add the specific types of insurances for coverage for those types of perils in most cases. If you have questions on what your policy covers specifically, you can reach out to your local insurance agent.
This is blatantly false. Your insurance company needs to know if your home is occupied by others. You may be required to change policy types or will have a “rented to others” surcharge added to your policy premium.
Personal property insurance is crucial when you have contents you wish to protect. However, it may not cover certain items, such as fragile collections, jewelry, silverware, or art. In fact, most policies have specific limitations and policy limits that apply to certain “special items.”
If you’re planning to restore a historic home, you may mistakenly believe that older homes cost less to cover. But many older homes require extensive maintenance and may have outdated wiring or plumbing systems. These are hazard items that may increase your insurance expenditures.
Many luxury homes have pools, spas, and play equipment. Although these do increase the risk of accidents and your liability, you can still get homeowner’s insurance. Your premiums may be a bit higher, and you’ll likely be required to meet specific safety standards, but don’t let the fear of failing to qualify for insurance keep you from enjoying your home and all it has to offer.
There are many misconceptions about homeowner’s insurance. If you still have questions, contact your local office today, and let one of our experienced agents help you explore your options.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.