The internet holds a wealth of information about insurance and how it works. While much of the information is credible, there are bits of information that are less than accurate. It's important to separate homeowners insurance myths from the facts. This article deals with some common homeowners insurance myths.
Filing one claim won't necessarily cause your insurance premiums to increase. However, you may see a noticeable rise if you file several claims back to back. If you can avoid filing on small things, you can manage your premiums much easier and have fewer adjustments to your premium amounts.
This is not necessarily true. Yes, your homeowners' insurance is meant to cover your belongings. However, there are exceptions. If you have antiques or expensive jewelry worth more than what you originally paid for them., you will want to purchase additional insurance. Your basic homeowners' insurance will cover these items to an extent, but if they are appraised at a much higher value, you will need to buy additional coverage.
Flash floods can occur outside of a floodplain. Flood zones are recognized because they are located near some body of water. Indeed, regions close to rivers, lakes, ponds, and streams are more likely to flood when heavy rains occur. Heavy rains can also cause low-lying areas with no way for the water to drain away. If you have a home in a low-lying area, you may want to consider flood insurance to protect your home from any possible risk.
Your insurance will cover the market value of your home if that is what you choose, but that may pose a problem if you are planning on rebuilding. The market value of your home is often much less than what it will cost to rebuild your home. If you want to ensure that you will have the money to rebuild your home back to its current size and condition, you will want to insure it for the replacement value, not the market value. If the market value is higher than it costs to rebuild, you will only get the amount it costs to construct your home to its current condition.
The only time pest damage is covered is if you didn't know there was a problem. In most cases, pest infestations are preventable. Any pest damage or infestations would have been documented if your home had been inspected before purchasing it. Having your home treated according to a predetermined schedule will prevent pests from taking up residence and causing damage.
Your homeowners' insurance will not cover the cost of your injuries if you get hurt at home. The liability coverage that is part of your homeowners' policy is there to protect your guests. Your health insurance policy will cover any injuries that you receive.
There are many myths that circulate about your homeowners' insurance and many other types of policies. When you have questions or concerns, your first phone call should be to the agents of Little & Sons Insurance Services. We are among the most renowned providers of homeowners insurance in la Quinta, CA. Get the answers you need before an event requires you to file a claim.
Related Article: https://littlensons.com/blog/10-myths-insurance/
