Myth 1: Standard policies include coverage against flood.
Fact: All insurance providers do not include any flood coverage into their standard policies. In case you require this type of coverage you can purchase I either as an addition to your current policy or as a separate policy.
Myth 2: The Medical Payment part of the policy will pay for the injuries I and my family have sustained.
Fact: The Medical Payment part of a standard home coverage policy is designed to pay for the injuries any third party suffers at your property. Whether a friend, visitor, neighbor or worker gets injured within your premise the MedPay coverage will pay up to $1,000 per claim. However, nor you not any of your family members will be covered by this type of coverage as your medical policy takes force in such situations.
Myth 3: In case my home is completely destroyed the insurance company will pay for anything I tell them I had in the house.
Fact: In case your house gets destroyed due to different circumstances you insurance company will always ask you to make an inventory of all the items you have had in the house, including specific data like serial numbers, purchase prices and so on. If you cannot provide such information you won’t be reimbursed for the items lost. The best way to assure proper coverage of any lost items, you should make an inventory of all the items you have now with detailed information on every piece of equipment, jewelry, furniture or any other item.
Myth 4: Filing an insurance claim will automatically raise my premium
Fact: It all depends on how frequently you’re filing claims. If you have insurance situations once every few years, your premium might stay at the same level. If you’re filing claims on a regular basis, especially with no substantial reason for doing so, your premium will definitely go up. First of all, think whether you really need the coverage if the damage is minor and try to avoid filing claims too often. more…