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Myth busting: home insurance

When it comes to home insurance, there are a lot of misconceptions that can lead homeowners to make uninformed decisions about their coverage. Let’s take a closer look at some of these myths and set the record straight:

Myth #1: Home insurance is only necessary if you own a house.

Even if you don’t own your home, you still have valuable belongings that need protection, and liability coverage in case someone is injured while in your home.

Myth #2: All natural disasters are covered under home insurance.

While most home insurance policies cover damage from common natural disasters like lightning strikes and windstorms, not all policies include coverage for floods or earthquakes. If you live in an area prone to these types of disasters, you may need to purchase additional coverage.

Myth #3: Home insurance covers all of your personal belongings.

While your home insurance policy will likely cover your personal belongings, there are limits to how much coverage you’ll receive. If you have high-value items you may need to purchase additional coverage to fully protect them.

Myth #4: Home insurance covers damage caused by termites and other pests.

Most home insurance policies do not cover damage caused by pests like termites, rodents, or bed bugs. It’s important to take preventative measures to protect your home against these pests and to have regular inspections to catch any damage before it becomes severe.

Myth #5: Home insurance premiums are set in stone and cannot be changed.

Your home insurance premium can change based on a variety of factors including changes to your home, changes to your credit score, and changes in the market. It’s important to review your policy regularly and shop around to make sure you’re getting the most suitable deal.

Myth #6: Home insurance is too expensive for most people to afford.

While home insurance can be expensive, there are ways to save money on your policy. You can bundle your home and car insurance, and install safety features like a home security system or smoke detectors to lower your premium.

By understanding these common myths about home insurance, you can make informed decisions about your coverage and ensure that you have the protection you need to keep your home and belongings safe. It’s always a good idea to review your policy regularly and talk to a broker if you have any questions or concerns.

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