6 Misconceptions About Home Insurance That Homeowners Need to Know
For a homeowner or buyer based in Florida, homeowners insurance is one of the most important things to have. Even so, it can be a confusing topic, mostly for first-time home buyers and owners. When I was thinking about getting home insurance, I was oblivious to a lot of things. I had believed so many misconceptions about the insurance policy that in the event of several things, I would have been disappointed.
However, after taking the time to understand home insurance, I was enlightened about a few things. Below are six myths about your home insurance that you may have believed were true, like many Florida home buyers and owners:
1. I can be negligent if I have a policy
I came to learn that you should never ignore taking care of your home because you have insurance. You will be surprised to know that the policy will not help you cover the damages that are a result of general wear and tear. Therefore, even while you pay for it, take the best care of your house. Make all the necessary repairs when you get the chance. Paint it once in a while to make sure that it looks fantastic at all times. This will ensure that your home is always in excellent condition. It will also prevent you from incurring higher expenses in the future.
2. Home insurance will cover all-natural disasters
I also realized that my home insurance does not include all-natural disasters. Instead, it only covers some like hail, lightning, and hurricanes. Hence, if there is an earthquake that ruins my entire home, I will be on my own. The same case will happen if there are floods. To get coverage for damage caused by a flood, I would have to get flood insurance.
That is why it is critical to saving up some cash so that in case of such tragedies, you will be able to recover some of the damaged items. If you have enough money, you might even rebuild your home in Florida.
3. Home insurance only covers my house
This was also another myth that I had for a long time. I thought that my home insurance covered only my house. The truth is, it covers the house and its content. These include my belongings, garage, and driveway, as well as sheds. It gave me peace of mind since if anything terrible happened to any of them, I could get help bearing the burden of loss and getting the necessary replacements.
4. If my house is old, the insurance is cheaper
Once, I considered buying an old home that is less expensive because I thought that I would spend less on home insurance. As I came to know, later on, insurance for older homes is even more costly. This is because the likelihood of something going wrong is higher. If that happens, more money will be required to fix the damages.
Therefore, in case you have the same thought as I did, forget them. If you desire to spend less money on home insurance, look for a newer home. There, problems like plumbing issues are less likely to happen.
5. Home insurance covers intentional damages
I was also misguided to think that my home insurance covered all damages, even those that I had caused intentionally. If, for instance, I damage a part of my home and my insurance company knows that it was not an accident, I will have to finance the necessary repairs on my own. However, if something unintentional happens, and it leads to destruction, the insurance company will have no problem helping me to fix the damages.
6. Homeowners insurance cannot take care of your guests
If, for example, I have some friends over at my house and they get injured, the medical payments coverage of my home insurance can help to pay their medical bills. I was shocked when I learned this because I had always believed that in such cases, I would have to raise the money on my own. It was a bit of a relief because I know that my friends are safe when they are in my home.
There are a lot of misconceptions about home insurance in Florida. Like me, you might get confused about what you are entitled to once you start paying for your home insurance. To be free of all them, take time to understand the policy. You can even consider asking a professional for help. It will help you to know things like the fact the insurance only covers accidental damages. You will also be aware of the truth that newer homes require cheaper home insurance than oiled homes