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    Don’t Fall for These Home Insurance Myths

    Is it your first time to purchase a home insurance policy? If yes, then you’ve probably come across a lot of information about it from friends, family, the Internet, and even strangers. But how much of the information is actually true?

     

    It’s time to separate facts from fiction.

     

    Here are seven of the most common home insurance myths, debunked.

    Myth 1: Homeowner’s insurance will only protect your home and belongings.

     

    The main purpose of home insurance is to protect your home from different kinds of perils, but the policy actually covers much more than your property and belongings.

     

    Most home insurance policies come with a third-party liability coverage (for legal expenses in case you get sued for accidents/physical injury in your home or damage to someone else’s property) and an additional living expenses coverage (for food and temporary accommodation expenses if your house becomes unlivable because of a covered peril).

     

    Myth 2: The policy does not cover “Acts of God” and natural disasters.

     

    Contrary to what you might have been told, homeowners policies actually cover most natural disasters. Windstorms, hurricanes, tornadoes, and wildfires are commonly covered, but earthquakes and flooding are not.

     

    If you live in an earthquake-prone area, it should be in your best interest to add earthquake coverage to your policy. As for floods, you can purchase flood insurance from your insurance provider or a special flood policy from the National Flood Insurance Program (NFIP).

     

     Myth 3: All your stuff is covered in case of theft or loss.

     

    Another widespread myth going around is that a standard home insurance policy covers all of your possessions. It’s true that homeowners policies typically cover items in your home such as furniture, appliances, and your personal belongings, but there is a limit to the coverage. The insurance company will only compensate you for the items specified in your policy or up to the maximum insured amount.

     

    You may also have to purchase a personal property endorsement or floater to protect more valuable belongings such as jewelry, antiques, and artworks.

     

    Myth 4: All In-home injuries are covered.

     

    If you think that your homeowners policy will compensate you for your medical expenses in case you (or one of your family members) get injured at home, the truth is going to disappoint you big time.

     

    The liability portion of a standard home insurance only covers accidents and injuries in your home when they happen to other people – be it a guest or the pizza delivery guy. You or your family members will have to use your health insurance or pay for the medical expenses out-of-pocket.

     

    Myth 5: Home insurance gets cheaper as your home gets older.

     

    Homes that have more years on them are not necessarily cheaper to insure. When assessing the cost of your premiums, insurers take into account the features of your home, the materials used to build it, and how much the repairs are going to cost.

     

    Many older homes have intricate and detailed styling and use construction techniques that are more complex than that of modern-day construction. Thus, they’re likely to be more expensive to repair and have much higher insurance rates. Some insurance companies even refuse to cover old homes because of the potential repair costs.

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    Carin Nguyen

    Carin Nguyen takes the business of real estate very seriously and she has the track record to prove it. She holds the recent prestigious title and ranking of the #1 realtor in AZ for sides as awarded by the Wall Street Journal. Carin is an Arizona native and fully understands the complexities and changing landscape of the Arizona market. She has been in the real estate industry for over 10 year’s full time and comes by her expertise honestly, having honed it during years in the finance and mortgage industries. Education and knowledge is key in getting her buyers and sellers what they what. A rich resume built with a tireless commitment to her clients, undeniable proven past success and an uncompromised vision for the future create the recipe for complete customer satisfaction. Carin understands the potential emotional stress and sometimes life altering experiences felt by clients during the real estate transaction process. Carin is unyielding in insisting on complete professionalism from herself and her team while understanding that real estate is a personal business. She thrives on managing the details and individuality of each transaction and client. Her clients know that having Carin on their side means they have an advocate who cares about them and their needs. Carin is convinced that building relationships will ensure continued satisfaction and be reflected in future success. There is no denying what provides Carin with her constant strength. Her family is “at the heart of my motivation to push myself to achieve my goals and to be forthright in all that I do. My husband, Son, is my biggest source of support, my coach and my best friend. I am truly blessed with a loving husband and four great children who collectively strengthen my resolve to be the best at all my endeavors. I can be a wife and mother and still be a successful Realtor because I tackle everything with all that I have. My motto is ‘Working Hard To Get Homes Sold’ for a reason. I am thrilled that so many families have made me their real estate consultant.” A commitment to professionalism, an empathetic and understanding approach to her clients and an unstoppable and dependable force from her family all ensures success for Carin and most importantly, her clients

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