3 Common Myths About Homeowners Insurance

outside of a home

3 Common Myths About Homeowners Insurance

Misconceptions about homeowners insurance.  

Ironically, home insurance is one of the most common types of insurance, but also one of the most miscalculated. The majority of property owners believe that homeowners insurance does things it doesn’t, or that they have more coverage than they actually do. To help you understand your policy better, take a look at just a few of the common myths about home insurance.

Myth: My policy covers my great-grandmother’s wedding ring

Just like any other insurance policy, your home policy has its limits. Although it does protect your home and belongings up to a certain dollar amount, it may not cover everything in your home – especially those items of high value. If you have fine jewelry, expensive artwork or valuable heirlooms, it’s a good idea to get additional coverage for those high-value items.

Myth: All in-home injuries are covered.

If your friend slips and falls on ice on your property, your home insurance will typically help to cover the medical claims. However, if you or another resident were to fall on that same patch of ice, you would turn to your health insurance policy to help cover those claims.

Myth: Homeowners policies cover water damage.

Some forms of water damage are covered by homeowners policies, but not all. There are forms of water damage that are not included without paying an additional premium. For example, you would get help from your home insurance if a pipe burst and caused water damage. However, you will need to purchase a separate flood insurance policy if you want protection for floods and not just water damage.

At Dougherty Insurance, we represent multiple carriers and are able to explore all of the best homeowners insurance options. We want to make sure that you have the coverage you need – it’s our job to help you! Contact us today for unparalleled insurance in Illinois, Wisconsin, and Indiana.

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