House Insurance - Top Myths Debunked
How much do you know about the insurance on your home
? Many people know very little about this type of insurance. This is why there are so many myths circulating out there today. It's important that you know the truth about this insurance. Before you buy, take a look at these common myths and the real truth behind them.Myth #1 - Flood Damage is Covered By Standard Insurance
One common myth is that standard insurance is going to cover you if flood damage occurs to your home. This is not the case, although many people seem to have this idea. Most standard home insurance doesn't include a flood, and if this is all the cover you have and a flood occurs, you will not be covered, which is a big problem. Realise that you may need to purchase a separate policy if you need cover for a flood; however insurers aren't allowed to refuse to offer home insurance just because you live in a known flood area.
Myth #2 - Premiums Go Up if You File a Claim
Another myth that many people believe is that their premiums go up if they file a claim. Although companies often take a look at the claims history you have, this is not the only factor that affects what you pay. In fact, in many cases, one claim is not going to make a big difference. You should consider the cost before you file a claim for simple repairs. However, if it is a big claim, go ahead and make it. Once claim over time won't hurt the amount you have to pay too much, especially if you look for other ways that you can lower your premiums.
Myth #3 - Mould is Covered by My Insurance
Do you think that your home insurance covers mould? Think again! Nothing that companies call a lack of maintenance issue, such as mould, will be covered. So, if there was a leak in the home that you didn't fix and this led to a mould problem, the insurance company will not pay for this to be fixed. It is very important that you keep up on the maintenance of your home. Otherwise you may find that you don't have cover if there is a problem related to lack of maintenance.
Myth #4 - All Valuables are Covered if a Burglary Takes Place
If a burglary takes place in your home, you probably think that all your valuables are going to be covered. This is another big myth and you need to know the truth behind it. There is a limit on the amount you can get if you have valuables stolen from your home. Most policies have a cap amount on the jewellery or other valuables that they will pay for. If you have many valuables, you may want to take out extra cover on them to ensure they will be covered if they are stolen or something else happens to them.
Myth #5 - You Only Need Flood Insurance in a Flood Zone
Many people mistakenly think that you only need to have flood insurance in a flood zone. While you will have to have flood insurance if you live in a Flood Zone and you have a mortgage, any home can be at risk for a flood. Regular house insurance policies are not going to cover flood damage, so even if you are not located in a flood zone, it is a good idea to go ahead and purchase flood insurance to ensure you have cover, more especially with the current increase in flooding throughout the UK within the last few years.
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