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Wetzel Insurance Agency Blog

All You Ever Wanted to Know About Insurance

Home Insurance Myths

There are many myths and misconceptions out there about what is and isn’t true about home insurance. If you own your own home or are thinking about purchasing one, you need to learn all the facts to make sure that you get and maintain adequate coverage for your home and assets so that you aren’t out of luck if something bad were to happen. Here are just a few common home insurance myths and the actual truth about them.


Myth 1: A standard homeowners policy covers flood damage.

Truth: Generally speaking, home insurance doesn’t cover damage from a flood. You have to purchase a separate policy to make sure that you are protected if a flood were to occur.


Myth 2: My own medical expenses are covered if I’m injured.

Truth: The medical portion of your home insurance policy is really only designed to cover the expenses if a guest in your home gets hurt on your property. It does not cover the expenses of the people that live there.


Myth 3: Creating an inventory list is just a waste of time.

Truth: An inventory list is proof of ownership. If something bad happens and you are forced to file a claim, you will be asked for a list of your personal possessions. The list guarantees that you don’t forget anything and maximized your reimbursement.


Myth 4: Home insurance covers all valuables.

Truth:  There is a limit on what your home insurance policy will cover for your valuables. If you own assets that are worth more than this limit, you need to purchase additional coverage for items like these.


Myth 5: Homeowners insurance covers damage from lack of maintenance.

Truth: Home insurance will not cover things that are caused by lack of maintenance. You are responsible for taking care of your home. That way you can prevent major repairs.


Myth 6: Flood insurance is only for you if you live in a flood zone.

Truth: Floods can happen absolutely anywhere, not just in flood zones. This means that you need to purchase an extra policy just in case.


Myth 7: You can lower your insurance premium by lowering your coverage.

Truth: It’s a bad idea to reduce the amount of coverage that you have just to lower your premium. You should always be insured adequately.


It’s important to learn the truth about home insurance to make sure that you aren’t making mistakes. You can’t just listen to the things that people tell you about insurance, you actually need to do your research on the subject to make sure you have sufficient insurance coverage for your home.