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Flooded HouseNumerous myths exist regarding home insurance policies. Unfortunately, these misleading myths can deter people from acquiring the coverage they actually need. Homeowners often assume they are adequately covered, only to find out they had incorrect information. By the time they learn the truth, it may be too late. Let's debunk some common home insurance myths so you don't end up in the same situation.

Myth #1:  All Disasters are Covered

If you have standard home insurance, you are covered for certain disasters like fire, theft, lightning, wind damage and vandalism. However, if an earthquake or flood strikes, you will not be covered. In both cases, it is possible to purchase separate coverage or policy riders for these disasters. Therefore, if you are concerned about future flood damage or earthquake damage you should consider purchasing additional coverage.

Myth #2: My Valuables are Covered

If your home is burglarized, you may assume that your insurance will cover all items in your home. However, most policies have a limit on the amount of coverage you receive for valuables. Therefore if you have jewelry, art or antiques, you may be disappointed to find they are not completely covered. It is worthwhile to pursue extra coverage if you own valuables that you would want replaced in a burglary or disaster.

Myth #3: I Have Adequate Coverage

Many people purchase a home insurance policy and then never review or update their coverage as the years pass. Take the time to do an annual evaluation (which your independent insurance agent can assist you with) to make sure that your coverage is adequate for your needs. If your home is destroyed by a fire, you don't want to find out your coverage is tens or hundreds of thousands of dollars less than what you would need to rebuild.

Having accurate information about insurance is necessary to prevent losses. It is important to verify that your insurance policy meets your needs. Don't rely on potential myths you have heard from friends or family. Learn what is actually covered and what is not.   

Are you covered? Call Pan American Insurance at (915) 562-0009 for more information on El Paso home insurance.

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