6 Homeowner’s Insurance Myths About Insurance Premiums

homeowner's insurance myths about insurance premiums Homebuyers discussing home insurance policy with agent

Home insurance is significantly essential for your house. These homeowner’s insurance myths about insurance premiums needs to be understand.

Homeowner’s insurance (HOI), also known as home insurance or hazard insurance, is extremely essential to cover your losses or damages. It can otherwise adversely affect your home as well as personal finances.

You can protect your home from losses or damages that may arise due to unexpected events. Some of the unexpected events include accidents, vandalism, theft or even natural disasters by just buying the right insurance policy at cost-effective premium.

However, you must be talented enough to differentiate popular misconceptions from true facts. Here are 6 homeowner’s insurance myths or misconceptions about insurance premium:

(1) Home Insurance Premium Will Rise After You File Insurance Claim

It is one of the most popular homeowner’s insurance myths about insurance premiums. Most of the policy holders think that premiums will start rising constantly along with filing of claim.

But, actually it is not the case always. It is because there are various other factors too that can affect the rate of premium on your insurance policy.

Generally, one single claim may not have negative impact on your premiums. Although, multiple claims will certainly make a huge difference.

You should always be careful & think twice before filling a claim. If your claim is very much close to your deductibles then it will be better to pay out-of-pocket instead of filing a claim.

You can seek the help of a restoration professional to have best estimate about the repair costs.

[Read Also: 15 Common Home Insurance Myths About Policy Coverage]

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