(14) Home Insurance Is Only For Homeowners & Not For Tenants
It is very common property insurance myth or misconceptions prevalent in the minds of several tenants. But, actually home insurance coverage is for both property owners as well as tenants.
Home insurance is meant to protect your house basically from two things: structure of house & contents of house.
A property owner can insure both things but a tenant can only insure content insurance. It is needed to cover his/her possessions such as home appliances, cloths, & expensive items like jewelry.
You should carefully examine your policy for types of coverage provided for your possessions. If something is excluded or having lower coverage limits then don’t forget to buy the add-ons for additional premiums.
(15) If You Have Home Insurance Then Life Insurance Is Not Necessary
It is one of the most ridiculous home insurance myths about policy coverage. Several people believe that if you have a right & proper property insurance coverage for your home then you don’t need life insurance.
But, actually home insurance & life insurance both have their own importance during certain times.
For example, if you have purchased your home through mortgage loan. But, if you avoid buying the right life insurance policy then it can be highly difficult for your family members to continue paying mortgage loan installments & retain the property in an event of your unexpected death.
Thus, you should purchase the right life insurance coverage besides purchasing the right home insurance coverage for your needs.
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