When you know something, you don’t question whether or not it’s fact because, well, you already know. However, the truth is helpful and when it comes to homeowners insurance, understanding facts behind common myths can save you money and help you better protect your home and your paycheck.
Fact: Homeowners insurance isn’t mandated by state or federal law. If you financed your home through a bank or other lender, they often require that you carry homeowners insurance to protect their investment. However, although it isn’t required, your home is likely the largest investment you have and it makes sense to protect it.
Fact: Not always. Depending on where you live and how long you will be away, your policy may not provide coverage if you don’t prepare your home before you leave. A good example is if you live in a cold place and decide to spend a few weeks on a sunny beach to get away from the frigid temperatures. If you don’t shut off the water supply to the home and drain the pipes, or assure that the heating system will stay on while you’re away, your insurance probably won’t cover the damage from burst pipes. Check your policy to determine what length of a vacation requires that you take additional precautions and exactly what they include.
Fact: This insurance covers more than your home. Common additional coverages include the contents of the home, other structures on the property such as a shed or detached garage, additional living expenses if the house is uninhabitable and personal liability exposure you may face from others being injured on your property. Riders can be used to expand this coverage to fully address your needs.
Fact: The insurance covers the rebuilding or replacement value of the home, not the market value. The cost of rebuilding is usually lower than market value and will reflect the property as insured. For this reason, it is important to inform your insurance agent of any remodel upgrades and additions that have been built so the coverage can include these changes and you truly get a rebuild of the actual home you lost.
Fact: Probably not unless you’ve taken specific precautions. While furniture and other personal property are included in the policy, there are limits on coverage. There are two ways to protect your personal property to assure the best replacement value possible. First, keep receipts of all major purchases including appliances, electronics, jewelry, furs, and artwork. Take pictures or otherwise record unique items so you have proof of what was destroyed. Keep this record off-site in a safety deposit box or other secure location. Second, if you have expensive items you should purchase additional insurance that specifically covers them. As part of this process, the insurance company will record the value of the items and often include photographs with the rider, so you don’t need to do so.
Knowing the truth about these five common home insurance myths allows you to take the actions necessary to fully protect your house and personal property. Our experts at Alliance can help you demystify these and other myths to help you get the exact coverage you need at a price that fits your budget. Contact us today to receive a quote or learn more about our extensive portfolio of products.
“I am happy in today’s world to be able to compliment someone, not everyone enjoys doing what they do as Lisa did. I am on disability, was in the insurance field years ago in the 70’s and then went into the medical field and finished as a clinical supervisor. I know what I expected of my staff and Lisa exceeded all expectations. We just found your site the other night but I can assure you as our needs come up for different things we WILL be calling ALLIANCE.”D. Clair – Florida
“Felicia was a wonderful agent and helpful at every time. I would highly recommend getting your insurance needs met here.”S. Miller – Jacksonville, FL
You were willing to take this bull by the horns and run with it when no one else was interested. You have no idea how HAPPY I am right now. I have been fighting this battle for over a month and you came through. You diffidently will be my first contact for any future insurance needs and I WILL refer my friends to you.”Dennis A. – Tampa
Alliance and Associates saved me hundreds on my Workers Comp, General Liability, Group Health and Commercial Auto and Insurance needs. Thanks Alliance. I will be recommending you to all my friends.Tory H. – Orlando
My Agent at Alliance and Associates shopped all the Auto and Home Insurance companies to see who gave me the best rate and plan. Alliance’s agents are knowledgeable and very polite. I will put all my insurance’s with Alliance. Thanks for the savings!”John H. – Jacksonville
Alliance and Associates is the place to shop for all your insurance needs. I packaged my home and auto together and saved over $300 a year. My agent shopped around and got me the best rate. I would recommend everyone to use Alliance and Associates for finding the best insurance rates.Mary S. – Tampa, FL
I just saved over $400 on my Homeowners Insurance Florida with Alliance and Associates. My agent was very helpful, got me discounts I did not even know about and shopped all the carriers to make sure I was getting the best deal. Thanks Alliance! I will recommend you to everyone.Joan P. – Orlando, FL
You all have access to the most companies and got us the best price on our coverage.Jay Johnston, Jacksonville, Fl