Demystifying Home Insurance Myths

Congratulations, you’ve just purchased your first home. Now, you have to decide whether or not to get home insurance – we share 5 myths that are often associated with home insurance.

If anything happens when I’m on vacation to my home, everything is covered?

You’ve waited all year for that Spring Break vacation down to Florida. If in all your vacation excitement, you don’t take the necessary precautions to ensure your home is safe, insurance may not cover you. For example, if you don’t turn down the heat, ensure pipes are empty, and so forth, then any damages incurred would be the responsibility of the owner.

All my valuables are covered?

Most of the primary home insurance plans in the market will presently cover most of the homeowners’ property. For example, if you have expensive jewelry or antiques, to ensure coverage with insurance, one may have to get their belongings appraised before it is covered in insurance.

I live in a city where earthquakes can occur, so I’m covered, right?

Homeowners who live in British Columbia and Quebec may find that they have to pay extra for earthquake coverage. In these provinces, it is often referred to as “earthquake rider.” The prairies and East coast, where earthquakes are not prevalent, this would not be a clause in their home insurance.

If I get in a fight or get sued, my home insurance will cover me?

Unfortunately, this is not true. If you get sued for whatever reason, your home insurance does not cover or extend to you. Personal liability protection, of an insurance policy, will only cover damages if the injury or damage was accidental and NOT intentional.

When it comes to home insurance, it’s essential to take the time and ask around. If you are a first-time homeowner, don’t be afraid to make a list of questions. It is better to have all your concerns addressed before something happens, and you are left paying out of pocket.

Categorised in: Buyers, Kamloops, Real Estate, Sellers

This post was written by kamloopshomesearchcom