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Only 65.5% of US homeowners have home insurance. And yet, the average home costs $3.75 per square foot to repair — that could cost you around $9,000 if your entire house is affected by a flood. With 57% of structures in the US exposed to potentially hazardous natural disasters, why are so many homeowners taking the risk?
Read on to find out the truth about home insurance and how it can save you from significant financial difficulty in the future.
Myth 1: Home insurance isn’t worth the money.
As of 2022, the average homeowner spends $1,393 on home insurance. At the same time, the premium might seem expensive — especially if you don’t think your property is at risk — you never know when it could be a lifesaver. It’s easy to assume it’ll never happen to you. Yet, an unexpected tragedy might destroy your home or belongings at any time.
Wildfires, windstorms, and flooding are all potential risks to your property. In a best-case scenario, the insurance could cost you a couple of hundred or thousand dollars. A worst-case scenario might cost hundreds of thousands of dollars.
Your home insurance policy could help repair your home, replace your belongings, and pay for temporary housing. A thousand dollars a year seems like nothing in the face of such potential risk.
Myth 2: All my belongings are covered.
Whether your home insurance covers all your belongings depends on your policy. Generally speaking, your personal belongings inside and outside the home are protected. However, many policies limit luxury goods, such as jewelry, art, clothing, or computers. You must read through your policy carefully to understand which items are covered.
You might have to pay additional fees to cover everything you want. Consider listing an inventory of your most prized possessions and ask your policy provider what is included.
Myth 3: The premium goes up every time a claim is filed.
It’s not true that making a cla… Read More
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