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Debunking Common Myths About Home Owners Insurance
Aug 08, 2022
Many people understand the importance of protecting their homes from the unexpected. Reflective of this is the fact that, according to Statista, at least 85% of home owners in the United States have home owners insurance. For you to get the most out of your home's insurance, it's important to fully understand how it works. Doing so will also reduce the risk of being fooled by circulating myths. Here are some myths you may have heard regarding home owner insurance.
Home Insurance Is a Waste of Money
Chances are high that your home is one of your largest investments. As you know, there are several steps you need to take to protect your investments. When it comes to your home, one of the most effective ways to protect it is through insurance. That way, if something occurs that damages your home, you won't be breaking the bank in order to fix it. Even if you don't want to look forward to the day you have to call upon it, it's still very important to have in place.
All Your Belongings Are Covered
Your home insurance does cover some of your belongings. However, you should always take the time to read the fine print. There are usually some limits to what is covered. This means that some losses may not be covered by your policy. Therefore, if you keep specific valuable collections, it might be a good idea to request additional coverage for them. That way, they will have full coverage if something happens to them.
Your Premium Goes Up Every Time You File a Claim
While it's true that the repeated filing of claims can cause your premium to go up, a single claim likely won't produce the same result. It's important to assess the cost of repairing damages sustained before you rush to file a claim. You must then compare the cost to the deductible. If the cost is less than your deductible, it may be a good idea to pay for the damages from your own pocket so you can reduce the frequency of filing claims.
These are some of the myths about home owner insurance. It's important to fully understand how a policy operates so you can gain the most from it. Get in touch with Fischer Insurance today to find out more about how you can make proper use of your home owner insurance.
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