Don’t fall for home insurance misconceptions

Ask your insurance agent what your policy covers.

With home insurance, you should understand what will happen from a policy perspective in the event of scenarios like a fire or flood. You need to be aware of what your insurance policy actually covers. To avoid potentially paying thousands out of your own pocket here are a couple of misconceptions you should be sure to review in your policy:

1. All my belongings are NOT covered under my policy.
Based on the cause, amount and what was damaged in a loss, all of your belongings may not be fully covered under your current insurance policy. Most insurance policies have exclusions to what they will cover, how and to what amount. That is why you need to check all the clauses in your policy before you assume something such as your expensive stereo system will be included in the event it’s damaged or stolen. Costly items such as jewelry, art and more may warrant additional coverage.

“All of your belongings may not be fully covered”

2. Wear and tear is NOT covered under your insurance policy.
Home insurance is designed to help you bring your home back to its original condition prior to a covered loss like a fire. It will not cover, for example, putting a new roof on your house or replacing your windows because they have rotted or become worn out. A financial loss because of poor property maintenance due to wear and tear is not covered in most policies.

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