When it comes to insurance, people think different things and they just don’t know, they just have been misinformed. I’m going to help you understand some of those things and make sure that you are able to make sound decisions about your insurance purchases because it’s really expensive and I’m here to help you solve some of those mysteries.
Myth # 1: Flood Insurance is for only those who are at risk.
The world is a flood zone and just depending on where you live, it’s either a higher or a lower flood zone. The reality is, 20% of the flood claims happen in high-risk zones, and the rest of them happen in all the others. The 80% that aren’t buying, live in other zones other than high-risk zones. Some people think, if a flood happens in their area, the federal government’s going to help them out. They did that with Katrina but the federal government came in and gave loans. A couple of years later, in Houston, there was a massive flood event where a hurricane came on shore and just stayed there for a couple of days, 80% of the flood losses that were reported, were denied. Why? All because of one reason, they did not have flood insurance, the other 20% of those flood losses that were reported as claims were paid, but it is because they had flood insurance. The rest of the people were able to get a loan through the federal government, but they had to carry flood insurance after that. So look into buying flood insurance, it’s not as expensive as you may think it is, but do consider that.
Your Homeowner’s Policy may not cover everything, but we’re here to help you understand it and ensure you are properly informed about the things that are not covered.
Myth # 2: Active/Retired Military Personnel Pay More.
That’s just not true. Matter of fact, many insurance companies want to reward you for your service, and they will give you a discount for that, either being active or retired military personnel but you certainly don’t pay more.
Myth # 3: Umbrella Policy is too expensive
An umbrella policy is a policy that goes over the top of your other policy that you have, it’s going to provide extra liability protection for you. The purpose of it is to protect your assets, think about your house as the biggest asset, let’s say your house is worth a couple of $100,000, or what if your house is worth more than that? Will your underlying policies be going to be anywhere from $100,000 to $500,000 going to be the maximum you can have? So you may want to consider buying an umbrella policy. They’re very inexpensive, $500 or lower and it will get you $1, $2, or $3 million for coverage.
What is an umbrella policy, and do you need umbrella coverage for yourself? This post covers everything you need to know about having a personal umbrella policy. If you’re looking to make sure your liability insurance will cover what you need, look no further!
Myth # 4: I am NOT responsible for the trespasser’s injury on my property
You may be thinking about burglars or thieves, you’d have to look at whatever the state law is in regard to that. What I’m thinking about more is something like an attractive nuisance. You have pets that somebody would want to pet or you have a trampoline, you have a swimming pool, you have equipment in your yard, that would attract people to come and want to play with that, well, those are kinds of attractive nuisances. There are lawsuits that happen all the time where a child comes into the property because of a trampoline, or swimming pool, and they get injured. There’s a case specifically where a child goes into a yard to go swimming and then the homeowners are sued, they can’t use the trespassing as something that they can lean upon, because it’s an attractive nuisance and their liability insurance did pay.
Myth # 5: Auto Insurance policy covers equipment or stuff that is left inside the vehicle
That’s not true. That coverage is going to follow your homeowner’s policy or your renter’s or your condo policy, not the auto insurance.
That’s five different myths that we bust in this post. I hope those things help you to understand more about your insurance and know where to go for the correct insurance.
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Beaux Pilgrim, CEO