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Common Misconceptions Regarding Homeowners Insurance

As a Glen Ellyn, IL homeowner, you most likely have talked with your homeowner’s insurance agent regarding what type of coverage you should have. Most people who are not in the insurance industry have some common misconceptions regarding homeowners insurance. Knowing some basic facts about these common misconceptions may help you in deciding what type of homeowner’s policy is right for you.

* Vehicles including cars, motorcycles and boats are protected in the homeowner’s policy against theft or damage while they are on your property. This is false. The basic homeowner’s policy does not cover this. Vehicles fall under your auto policy. Check with your insurance agent to make sure all your vehicles are properly covered against damages.

* Water line breaks to lines that supply water to your home are covered under the basic homeowner’s policy. This is also false.

* If my home suffers damage from an earthquake, it is covered under my homeowner’s policy. This is false. Earthquakes are one of the excluded perils on a homeowner’s policy.

* If my home is damaged in a flood, my homeowner’s policy will protect me. This is false. Flood insurance is a separate coverage provided by the federal government and sold through authorized agents.

* My home is protected from mold damage by my homeowner’s policy. Again, this is false. Damage from moisture including mold, mildew, and rot is typically excluded from standard homeowner’s policies. Mold damage may be covered on a limited basis, only if it happens as the result of a peril that is specifically named in your homeowner’s insurance policy.

For most items that are not covered on a homeowner’s policy, there is generally a coverage that you can purchase in addition to the basic homeowners policy. Your Glen Ellyn, IL homeowners insurance agent will have more information for you about the additional types of insurance you may buy to make sure you are properly protected against any disasters or other perils. It is a good idea to periodically review your homeowner’s coverage with your insurance agent to make sure you are protected properly.

If you still have questions or are unsure about what type of homeowners policy is right for you, your Glen Ellyn, IL homeowner’s insurance agent will be glad to schedule a visit with you and sit down to discuss your policy. He will take the time to listen to your concerns and make sure you are satisfied that your home and valuables are probably protected against any losses you may incur.

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