Home insurance is important for all homeowners who want to protect their property. However, there are many misconceptions about home insurance, which makes it difficult for homeowners to get the correct information.
In this article, Beacon Point Insurance, a leading independent insurance agency in Missouri, debunks common home insurance misconceptions to help you make more informed decisions.
Common Misconceptions About Home Insurance
Misconception 1– Home Insurance is for the Rich
While it is true that home insurance is quite expensive, it is not exclusive to the rich alone. Anyone who owns a home and wishes to protect their investment should have home insurance.
Also, you don’t have to break the bank to get home insurance. Before buying a policy, compare rates until you find an affordable policy that meets your budget.
Misconception 2– Your Landlord Insurance Will Protect You
One mistake most renters make is believing that their landlord’s home insurance policy also covers their properties. This cannot be further from the truth. As a renter, you must remember that your landlord’s home insurance policy is only for their benefit; it doesn’t protect you.
If you do not own a home yet but still want to protect your belongings from unforeseen occurrences, you can get renters insurance to protect you from liability exposure and prevent you from suffering financial loss when unexpected perils happen.
Misconception 3— Home Insurance Covers Home Business
If you are running a home-based business, you must know that your home insurance policy will not protect your business. You should talk to your insurance provider if you want to protect your home business from unexpected disasters.
If you are operating a business in your home, you can endorse your current policy to cover your business or get a new policy entirely for your home-based business.
Misconception 4— Home Insurance Covers All Your Belongings
The common belief is that your home insurance policy will protect all the personal belongings you have in your home at the time of a disaster. But this is not true. In fact, your home insurance will likely not cover all your belongings.
When you purchase home insurance, there is typically a limit to what your policy covers. If you have valuable items you want to protect, you should talk to your insurance provider to ensure they are protected under your current policy.
Misconception 5— Home Insurance Covers All Natural Disaster
If you’ve ever believed that home insurance covers all natural disasters, you need to unlearn that thought today because, Contrary to that, home insurance does not cover all perils.
Some natural disasters like earthquakes and floods are typically excluded from standard home insurance. If you live in an area prone to perils like flood, you may need additional coverage to protect your property.
Likewise, if your home is vulnerable to other natural disasters, such as landslides or sinkholes, you should ask your insurance agent for professional advice and direction.
Misconception 6— Home Insurance Price is Standardized
Like every other thing in your home, the price of your home insurance policy is not standardized. Instead, it varies from one insurance company to another. Most homeowners have been discouraged from getting home insurance because of high rates, but this shouldn’t be the case.
Before buying a home insurance policy, shop around and compare different coverages and rates and choose the one that best suits your needs. It is important that you check with at least three insurance agencies to ensure that you get the best policy at the most reasonable rate.
Misconception 7— You Cannot Get Discounts on your Home Insurance
This is another misconception that has kept most homeowners from purchasing home insurance policies to protect their homes. Depending on your insurance agent, there are many ways you can enjoy discounts on your home insurance and save some money.
Many insurance companies offer discounts to buyers who own a smart home and buyers with a new or recently renovated home. You can also get a discount on home insurance when you carry out major home improvement projects or replace and install certain appliances.
Ultimately, it is crucial that you talk to your insurance provider for directions on how to get discounts on your policy.
What is Auto Insurance?
When you experience an auto accident, car theft, or other accidents related to your vehicle, auto insurance can cover the medical expenses, vehicle repairs, and other liabilities.
Auto insurance, also known as vehicle insurance, is an insurance policy that covers your vehicle when a covered peril happens and protects you financially. If you cause an accident that damages another driver’s car, your auto insurance will be responsible for their car repair and medical expenses.
It will also cover your passenger’s medical bills if they get injured while in your vehicle. Your policy will protect you up to the limit you and your insurance agent agreed upon.
Is Auto Insurance Important?
Driving without auto insurance is not only dangerous but also a crime, as all drivers in the United States are mandated to own a vehicle insurance policy. Although the car insurance requirement varies from state to state, most states, including Missouri, require every driver to own a third-party liability coverage.
Aside from protecting you from financial difficulties over your car, auto insurance is important because driving without the required policy can lead to suspension of your license, fines, or even jail term.
About Beacon Point Insurance
Beacon Point insurance is a leading independent insurance agency in Missouri, serving many areas, such as Independence, Kansas City, Lee’s Summit, and Blue Springs. They are committed to providing the best services to their clients, and they demonstrate this by helping each client source the best insurance coverage and rates that best suit their needs.
At Beacon Point, you will not just buy insurance. You’ll also get to work with experienced insurance agents who care about your needs and are available to answer all your questions.
They offer various personal and business insurance policies, including homeowners insurance, auto insurance, short-term rental insurance, workers comp insurance, and group health insurance.
For more inquiries about their services, contact Beacon Home Insurance at 816-254-6100 or visit their website.
