Lies About Homeowners Insurance You May Believe
The Californer/10303720

LOS ANGELES - Californer -- We cherry picked some myths below. For full article, see link at end.

Myth #9: Filing a Home Insurance Claim Won't Affect My Rate
Filing a claim will most certainly raise your insurance rate. If you file several claims, you may be denied coverage.

Myth #10: Everything in My Home Is Covered With Home Insurance
Your possessions are covered by home insurance up to personal property coverage limits (Part C), which is anywhere between 50 and 70% of your dwelling coverage (Part A). Also, you're only covered for repair or replacement based on what peril caused the loss. Home insurance policies vary in terms of coverage, so it's important to see which covered perils your policy includes and excludes. Common exclusions are flood and earthquake.

Myth #15: Maintenance Issues Don't Affect Home Insurance
Poor maintenance of a home's systems can lead to a claim denial if neglect is determined to be the cause of the damage. If an insurance adjuster sees problems like rusted pipes, old gutters or a roof that needs replacing, they may attribute them to the loss.

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Myth #16: My Home Insurance Coverage Should Be the Market Value of the Home
A common mistake homemakers make when buying a home insurance policy is that they put down what their home is worth for Part A, dwelling coverage. Not only is it important to revisit Part A each year, but more than anything, it is imperative to put down the rebuilding cost of the home and all covered structures for that section. Your home may be worth $500,000 on the market but cost $300,000 to rebuild. Or the opposite may be true, because it may cost $600,000 to rebuild the home, shed and garage due to increases in the cost of materials and labor. When calculating what the rebuilding cost is for your home, make sure you're taking all covered structures into account. Don't assume that something is covered: check your policies specifics or contact an agent. Also, it may be a good idea to have a trusted contractor tell you what that figure is in today's market.

Full article here: https://smartfinancial.com/homeowners-insurance-myths