Don’t be a victim of these homeowners insurance myths….
Seeing as today is Halloween, I was thinking it would be appropriate to talk about a few myths about homeowners insurance that are downright scary because they can end up costing us a lot in the long run!
Myth 1: “There’s no need for me to review my policy at renewal because I chose the correct coverage the first time.”
Think about how much your life changes from year to year. For example, you inherit a diamond ring from your grandmother, or added an addition to your home; these all require important and necessary changes to your insurance policy.
Myth 2: Since I am a renter, my landlord will cover property damages.”
It is possible that your insurance company is partnered with a company that offers renters insurance to tenants, but it is more likely that your landlord’s policy only protects the building itself. Keep in mind that even if the landlord owns any appliances inside your rented home, they are not responsible for damages to your personal property.
Myth 3: “I have an umbrella policy, so I have full coverage.”
Okay, the purpose of a personal umbrella policy is absolutely to add an extra layer of liability protection on top of what your auto or home policies provide, but that does not mean you are fully covered! Here are 3 things you need to know about umbrella coverage:
- It typically will not cover business activity. If an accident occurs in your in your home or vehicle while you are using it for business purposes, you probably won’t be covered.
- Umbrella coverage only kicks in after you’ve exhausted your coverage on a primary policy, for example, your auto or homeowners.
- Your umbrella policy will not help with your own injuries or losses; it provides coverage strictly for if you are sued by another person or found at-fault for injuring others or damaging their property.
There are many other myths regarding your homeowners insurance – don’t fall victim of them! Contact an agent at Cochrane & Porter if you have any questions about this: 781-943-1555 or info@cochraneandporter.com!