Top 10 Home Insurance Myths Debunked

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Myth # 5 All of my valuables- like jewelry -will be covered in the event of a burglary.

Fact: There are limits on the amount of coverage you can receive for valuable such as jewelry, furs, etc. For example, most companies put a cap of 00 on total jewelry lost during a burglary of your home. If you find that your jewelry values over 00 you should talk to a home insurance agent and schedule an endorsement on your policy giving you additional coverage.

Myth # 6: My home insurance covers mold and/or other issues related to lack of maintenance.

Fact: Actually, a standard home insurance policy does not cover issues related to a lack of maintenance. For example if a plumbing leak that was left unfixed caused mold to grown in the interior walls of your home- mold removal and remediation would NOT be covered in your home insurance. Remember that your home insurance only protects you from damage caused by covered perils such as wind, hail, lightening, fire and theft. Keeping your home well maintained and safe for others is your responsibility and your home insurance company will decline coverage for maintenance related claims.

Myth #7: Flood Insurance is only for people who live in a flood zone.

Fact: Lending institutions, such as the bank that holds your mortgage, will require you to obtain flood insurance if you live in a major Flood Zone. However, keep in mind that all homes are at the risk for flood