What are some common myths and misconceptions about home insurance?

Answered by Home Insurance, Car Insurance Expert Jackie on December 26, 2020

I don't want to fall into any traps or have any regrets after buying home insurance. What myths and misconceptions should I be aware of?

expert avatar

Jackie

Home Insurance, Car Insurance Expert

First off, many people think that their home insurance policy covers flooding, which is defined as excessive water on land that’s usually dry. You actually need a separate flood policy to cover damage from flooding.

Another misconception is that all of the personal property in the home will be covered if the home is destroyed. Possessions such as furniture and clothes are covered, but you need to get special coverage for antiques, artwork, and expensive jewelry. Items like that are typically covered under a personal article floater.

Many people also believe that they should insure their home based on the market value, or what the home could sell for. The home should actually be insured for the builder’s cost, or what it would take to rebuild the home from the foundation up.

To be sure you are getting the correct coverages on your home, speak to a licensed insurance agent.


Home Insurance

Have an insurance question?

Our insurance agents are ready to help you, for free.

Ask your question, it’s 100% free
Recommended
Thousands of customers saved on average $887/year on their car insurance with Jerry
This app is great, but the customer service is even better! Not to mention convenient! My husband and I got the lowest rate (much lower than the rates I was finding online through my own searches), quickly, and pretty much all through text message! Thank you so much for a hassle free experience👍
Gabriella R.
Find savings (100% Free)
stars4.6/5 Rating on App Store