“Insurance Myths Debunked: Separating fact from fiction”

There are several myths or misconceptions surrounding property and casualty insurance and in the blog we will try to clear some up:

• Starting with Property Insurance:

“Your home insurance covers all types of water damage.” Not quite. Most policies cover sudden and accidental water damage, like a burst pipe, but gradual damage or flooding typically isn’t covered without extra protection

“Homeowners insurance covers all types of damage.” –  The truth is, standard policies usually don’t cover things like floods or earthquakes. For those, you’ll need additional coverage

“I only rent, the landlord’s policy covers me.” – The landlord’s insurance typically only covers the building, not your personal belongings. Renters insurance is pretty affordable and can protect your stuff and offer liability coverage.

“Home insurance automatically covers all your valuables.” In reality, most policies have limits on high-value items like jewelry or art. You’ll often need additional coverage, known as a “rider” or “floater,” for full protection

Auto insurance myths can also be misleading. Here’s a crash course, so to speak.

• First up, a common myth is that red cars cost more to insure. Actually, color doesn’t affect your rates; factors like vehicle make, model, age, and driver history do.
• Another myth: comprehensive coverage means everything is covered—spoiler alert, it doesn’t! It covers things like theft or natural disasters, but not regular wear and tear.
• Finally, some think older drivers always pay more. Truth is, if they’ve maintained a clean driving record, they often benefit from lower rates. Debunking these myths can save you time and money!

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