15 Common Home Insurance Myths About Policy Coverage

Home insurance myths about policy coverage Beautiful family communicating with insurance agent

(10) Your Personal Belongings Taken Away To College By Your Child Are Completely Covered

It is one of the worst real estate insurance myths prevalent in the minds of parents with college going children. But, actually your child’s belongings are not covered in every situation.

Some insurers may offer coverage to personal belongings off the premises i.e. in situations when you are away from your home with some restrictions on the number of times, you can be reimbursed.

Generally, the coverage for personal belongings will depend on the type of home insurance plan & riders you may or may not have as well as the state of your residence.

Additionally, electronics such as computers or Smartphone may require a rider or a simple maintenance contract. It is needed to cover them in the event of being lost, damaged or stolen by someone.

(11) Your Property Insurance Will Always Cover Property Or Liability Claims Against You Due To Your Business Operations

It is one of the most common home insurance myths about policy coverage. Several individuals prefer to operate a business out of their homes. Most of these home-based business owners never consider their policies.

Generally, standard homeowner’s insurance policy will not include coverage for loss of income. It will also not cover loss of any business property such as office furniture, tools, computers, or other inventory.

It will also not cover liability or defense cost arising due to business activities. However, you can add a rider to your property coverage to protect you.

Sometimes, your business may also require a separate insurance policy. Thus, you should not hesitate to ask your agent for valuable advice.

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