Don’t believe these common misconceptions
Buying a new home – especially if it’s your first – is very exciting. If you’ve finally found the perfect house after a long and exhaustive search, you are probably anxious to move in, start decorating, and truly making it your home for you and your family.
To protect your investment, you probably know that you’ll need homeowners insurance. But before you just buy any policy or go with the cheapest option, here are some misconceptions that could come back to bite you.
All of your valuables will be covered
If you have a lot of jewelry or other valuables, surely your homeowners insurance will pay you back what they’re worth in case of a burglary, right? Well, not exactly. Most policies put a cap of about $1,500 on valuables, so if your items are worth more than that, you will definitely want to get extra coverage.
Making a list of your possessions isn’t worth it
Off the top of your head, do you know everything you own? While you probably could list most of your items, there are almost certainly things you’ll forget. This is why before any sort of disaster strikes, you should create an inventory of everything you have. If you need to file a claim, you will have to list all that was lost, and a pre-prepared record will prevent you from forgetting something.
Medical expenses will be covered if you or a family member gets hurt
Most homeowners policies have a medical payment portion, but it is not for people who live in the home; it’s there to protect you if somebody else – such as a guest or repairman, for example – is injured on your property.
You’ll be covered in case of a flood
You should know that a standard homeowners insurance policy does not cover flood damage, and you’ll need separate flood insurance. This is particularly important if your new home is in a flood zone, but even if it isn’t, you may want the additional protection (not to mention peace of mind).
An at-home business is covered
In all likelihood, a home business won’t be covered by your homeowners insurance. This means that if an employee or customer got hurt, your policy won’t help you. Fortunately, you have the option of adding a business endorsement to your homeowners insurance or you can buy an in-home business policy.
Because your home is your most valuable possession, you have to give it the utmost protection, which is why you need to be diligent about your homeowners insurance. To make sure you get the right policy, contact Avante Insurance. We will walk you through your options and help you choose the best insurance for your home. Give us a call at 305-648-7070 or drop us a line through our online form.