2 Common Myths About Homeowner Insurance

There are several common misconceptions about homeowner insurance in Florida that can lead to potential gaps in coverage. To prevent significant financial losses, you have to fully understand your policy. If some risks or personal belongings aren’t covered, additional policies might be needed.  

One prevalent misconception is that hurricane damage is fully covered by standard policies. While homeowners might assume that their policy offers comprehensive protection against all hurricane-related damages, the reality is that many standard policies in hurricane-prone areas like Florida have limitations or specific deductibles for hurricane-related losses, including wind and flooding. 

Moreover, another misconception involves flood damage coverage. Home insurance typically does not include coverage for flood damage. This means that even in a hurricane scenario where flooding often occurs, homeowners need to secure a separate flood insurance policy to adequately protect their property against flood-related losses.

While home insurance provides coverage for personal belongings, it’s important to recognize that high-value items such as jewelry, collectibles, and artwork might not be fully covered under standard policies. Many policies have limitations on the amount they will reimburse for these valuable possessions in case of loss or damage. 

To ensure adequate protection for such items, homeowners often need to consider additional coverage options like riders or endorsements. These add-ons can provide specific coverage for high-value possessions that surpass the limits set by the standard policy. It’s essential to document and appraise these items and work with your insurance provider to determine the appropriate level of coverage needed to safeguard your valuable belongings.

If you don’t fully understand your home insurance policy, you might risk being underinsured, facing unexpected coverage gaps, and encountering challenges in receiving sufficient compensation for damages or losses in critical situations. Give us a call at DTRT Insurance and ask us about home insurance coverage options. We’ll dispel any myths and make sure you’re properly covered.