Nothing is more frustrating than buying home insurance based on wrong facts. It can be nasty when disaster strikes, only to find out that you are not covered. With many home insurance myths being peddled about, The Sirover Agency LLC is here to set the record straight to help Wayne, PA homeowners buy home insurance plans free of bias. Here are the facts.
Myth #1: Your home should be insured against the market value
The insured value of your home you should be looking at is how much it will cost to rebuild your house from scratch — not the amount it will fetch if you were to sell it today. The cost of replacement is usually below the market value because it excludes the cost of land.
Myth #2: All your valuables are covered
While its true home insurance covers your furniture, electronics, and other assets against loss or damage, high-value items like art, cash, and jewelry have limited protection. So, it’s vital to check with a specialist insurer for optimal protection if you have high-value items.
Myth #3: All damages are covered
Homeowners with home insurance protect their home and other assets against numerous risks, including theft, vandalism, fire, and select natural calamities. While home insurance protects you from various threats, it doesn’t cover damage resulting from:
- Normal wear and tear
- Mold and pest infestation
- Acts of war
- Floods and earthquakes
It’s critical to go through all your home insurance exclusions to avoid a surprise when making a claim.
Myth #4: Home insurance pays for your family injuries
While your home insurance may have bodily injury coverage, it doesn’t cover you or your family members. It pays for guest’s medical expenses for injuries sustained while on your premises.
Not yet covered by home insurance? Please contact The Sirover Agency LLC, serving Wayne, PA, and the surrounding areas today.