Many clients tend to assume that a home insurance covers loss caused by such natural catastrophes as earthquakes, lightening and floods. This is not inherent once you take an insurance cover. You may however opt for an insurance policy that covers this. If you live in a flood-prone area it will be wise to obtain flood insurance.

Another common myth is that an insurance claim made will automatically lead to a raise in your premium. This is not always the case. Filing a claim once in a long while will not affect your premiums. You may consider avoiding claims all the same for minor damages or loss. Weigh the options between the repair costs you will incur and the deductible. If the costs are way less than the deductible, you may opt to avoid filing a claim.

Not all insurances are the same. They vary from one to another with regard to their policies and rates. It is prudent, therefore, to consider what various insurance companies have to offer. This way you can settle for an insurance cover affordable to you as well as one with the policies you consider appropriate.

If your property is stolen, the compensation you get from the insurer must be used to replace the same property. This is a myth. You are at liberty to spend the money compensated as you wish.

If you fall victim of burglary and lose your valuable jewelry, compensation is not guaranteed. Unless that was clearly stated in the insurance policy, you will not be compensated. In cases where an insurer provides such covers, there is a limit as far as the amount is concerned.

In the event of loss or damage, an insurer will not provide cover for property you claim was in your ownership. You have to provide prove for ownership. You should consider letting the insurer know of your valuables as you sign up for the cover. Either way, keep a record of documents that will serve as prove of ownership.

Insurances do not cater for maintenance or negligence costs. It is the sole responsibility of the home owner to maintain his home and property. The leaking roof tops, poor drainage, faded walls among others are not the insurer’s concern. Home insurances majorly cover theft, damage by fire or natural catastrophes.

It is a common myth that insurance covers for the damages to you or your family. When damage occurs in your property, the insurance will give you cover. However, in cases of damage to someone else outside your family the insurance provides cover. This saves you the likelihood of being sued by the victim.