Homeowner’s insurance – we all know it’s important, but how much do we really understand all the ins and outs? If you own or rent your home, you might think it is required, but it isn’t. You might think it covers floods, but it doesn’t.
Thank you for reading this post, don't forget to subscribe!There are many myths about this type of insurance. PA Auto Insurance Outlet is here to help you decipher what is true, and what will work best for you and your finances. Make a cup of tea or coffee and spend some time learning more about what our professionals can do to help you save money and time while ensuring you have the correct type and amount of coverage for your home or rental property.
Myth #1: Homeowner’s insurance is compulsory.
It is not required by law in any of the states. However, it is usually always required by lenders while they carry your loan. This makes certain to the lender that in the event of issues arising the repairs will be completed and their investment will remain protected.
Myth #2: Homeowner’s insurance covers floods and earthquakes.
Nope, not covered. Acts of God have differing interpretations among policies. Policies generally cover water damage to include a burst pipe or if your freezer dies. However, flood insurance is a separate type of coverage and something worth discussing with one of our professionals.
Myth #3: Pests and mold are covered under homeowner’s policies.
Damage from pests and vermin are not covered, as termites and rodents take time to do damage. Regular inspections combined with termite bonds or increased visits from your pest control for issues are part of home maintenance, so they are not covered by your homeowner’s insurance. Mold damage, however, is usually covered – but only within the limits described in your policy. Regular home inspections for both mold and pests will help minimize your financial impact by catching problems before they do too much damage.
Myth #4: Jewelry and other high cost items are covered.
True, but only up to a limit. Be sure the limits you started out with will now cover that new anniversary ring or high-priced home technology in the event of something being stolen or damaged. This is worth checking every few years and discussing with one of our pros. Be certain you won’t have a second unsettling discovery after a loss of your latest purchase.
Myth #5: You don’t need renter’s insurance — the landlord’s policy will cover you.
The landlord’s homeowner’s policy does cover all areas of your rental — for the owner of the property. It does not cover your possessions, anything you brought into the space you are renting. Your items are only covered under renter’s insurance, including your liability if someone visiting you gets hurt or loses property while in your home.
We know your cup of tea is chilly by now on this winter day. Please also know that the friendly and knowledgeable staff here at PA Auto Insurance Outlet has dealt with all the above and more. They are ready to share their know-how with you to provide the most coverage for you at a price you can live with. Call or reach out to us today!