When shopping for home insurance in Columbia, SC, you are likely to come across numerous pieces of information — and truthfully, not all of that info is entirely true. Like most topics, myths have crept into home insurance, making it challenging for homeowners to make an informed choice when purchasing this coverage.
With this in mind, Higgins & Halloran is here to set the record straight by debunking common home insurance myths.
Myth#1: Home insurance all risks
While your home insurance shields you and your home against numerous perils, it has exclusions. Typical home insurance is likely to exclude the below risks:
- Pest and mold infestation
- Regular wear and tear
- Government actions
- Sewer backup
- Intentional damage
However, the good thing is that you can boost your home insurance coverage with add-ons (endorsements) for some risks excluded.
Myth#2: Home insurance covers your assets only
Another half-truth. Whereas home insurance covers your building and its contents, this coverage is broader than this. Home insurance provides liability protection when accused by others of property damage and bodily injury. Besides, home insurance covers you when a covered peril destroys your home, becoming unlivable. In this case, home insurance pays for expenses beyond your everyday living expenses.
Myth#3: Home insurance is required by law
Home insurance isn’t required by law in any of the American states. However, if your house is under a mortgage, your lender may require you to purchase basic home insurance.
Myth#4: Home insurance is expensive
This notion is common with persons discouraging you from investing in home insurance — but it’s a lie. While home insurance doesn’t come free, the cost isn’t as exaggerated as some folks put it out there. Although the cost of home insurance varies, most of the time, it’s manageable. And a better way to view it is considering the amount of loss that home insurance saves you when perils strike.
Learn more about home insurance
Need more information about home insurance? You are on the right page. Please get in touch with Higgins & Halloran of Columbia, SC, and one of our agents will answer queries you might have.