Every home should be covered with right policy. These common home insurance myths about policy coverage can help you to avoid being stuck in wrong policy.
Homeowner’s insurance (HOI), is also known as home insurance or hazard insurance. It is typically essential to cover losses or damages arising due to unexpected events.
However, you need to have proper coverage for those unexpected events that may result in huge loss or damage to your personal property.
If your coverage is insufficient to cover your losses then your policy as a whole is worthless. Here are 16 common home insurance myths or misconceptions about policy coverage:
(1) Your Insurance Provider Will Reimburse You For Losses Depending On Whatever Information Provided By You Only
It is one of the most common home insurance myths about policy coverage. Insurers require all policy holders to show the list of all valuable items along with proof of ownership.
Some of the valuable proof include purchasing receipts, serial numbers, photos, date of purchase, etc. You can’t remind every valuable items & prove its ownership at the time of claim.
Therefore, you are advised to keep the inventory list at somewhere away from your home. It will help you to prevent its destruction during unprecedented event. You can also keep this copy with your insurance agent.
Once you file a claim, your losses will also be reviewed by an appraiser of your insurer to determine the extent of damage. The appraiser will assess a value for your losses to pay your claim & meet the contractual obligation.
If their valuation seems to be less then don’t hesitate to negotiate the settlement with your insurer.
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