With many myths about home insurance out there, they can get you flat-footed if you are not careful. And there is nothing as frustrating as buying home insurance based on misconceptions. It can be ugly when an unfortunate event occurs, and you are told it’s not or inadequately covered.
Knowing what you are signing when insuring such a massive investment as your Beaverton, OR home is crucial. We at W.B. Adams Company are here to help homeowners buy home insurance policies based on facts, not misconceptions. To help with that, we shall demystify the common misconceptions about home insurance.
Common Misconceptions About Home Insurance You Should Know
Home insurance covers the market value of your home
The market value is the amount you would get if you sold your home, which includes the cost of your home and the land. However, your home insurance policy only covers the cost of replacing your home and excludes the cost of the land.
Your home insurance covers flood damage
Your standard home insurance does not cover flood damage. You will have to buy flood insurance as a separate policy.
Your home insurance covers all damages
Your home insurance protects your home against several risks like vandalism, theft, or fire, but it doesn’t cover all damage. Your standard home insurance excludes damage from normal wear and tear, acts of war, earthquakes, pest infestation, and mold.
Home insurance covers all your valuables
While your home insurance covers valuables like electronics, furniture, clothing, and other assets, high-value items like jewelry, art, and cash are not fully protected. For optimal protection, please check with your insurer.
Home insurance pays for your bodily injuries
Home insurance has bodily coverage but only covers your guests who get injured on your premises. The policy does not protect your family members or yourself in case of physical injuries.
Home insurance in Beaverton, OR
It is wrong to assume that your home insurance will cover every damage in your home. Please read through your policy well and talk to your agent for clarification. If you live in Beaverton, OR and its surroundings, kindly speak to us at W.B. Adams Company for all your home insurance solutions.