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2024-12-06
By: Advocate Brokerage
You know that you have to have homeowners’ 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 homeowners’ 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 in most cases.
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 on 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 But many older homes require extensive maintenance and may have outdated wiring or plumbing systems.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 homeowners 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 insurance. If you still have questions, contact Advocate brokerage today, and let one of our experienced agents help you keep your assets covered with information you can trust.
