When people think about homeowners insurance, there tends to be a few misconceptions which come top of mind. We want to provide you with a clearer insight into some of these insurance myths, and hope you consider our suggestions when it comes to homeowners insurance.
Myth: Homeowner Insurance is Required by Law
There is no legal requirement to obtain homeowner insurance in the United States. However, mortgage lenders usually require you to obtain homeowners insurance before taking out a loan for a home. Because lenders have a financial stake in your home, they want to ensure it’s covered from potential damage from disasters.
Myth: Flood Damage is Covered in Homeowners Insurance
A standard home, condo, or renter’s insurance policy does NOT cover flood damage. Homeowners Insurance may cover water damage, but only in situations such as a hole in the roof or a pipe leak. It will not cover damage from rising water such as storm surge or torrential rainfall. A good tip to remember - flood is damage from the floor, up, and wind is damage (usually covered by a standard insurance policy) from the roof, down.
Myth: Insurance Can Pay for a New Roof
This is a common myth used by fraudulent contractors. Part of being a responsible policy holder is keeping up with yearly maintenance and repairing outdated home features. Damage suffered to the home due to wear and tear or lack of maintenance, is not covered by a homeowners insurance policy. An insurance policy covers damage caused by a sudden and accidental event. We recommend homeowners do routine home checkups to spot and repair damage or call a trusted professional to inspect your home.
Myth: The Cost of Insurance is Not Worth It
In a recent study, it was shown the US average cost for homeowners insurance is around $158 per month; in Florida, however, the average monthly cost of homeowners insurance is around $208 per month. This higher cost is in large part due to the fraudulent and litigious nature of this state. Getting your home to the state it was prior to experiencing the loss as quickly as possible may require a large out of pocket cost which most may not have readily available; this is when having an insurance policy from a financially stable company can provide you necessary peace of mind. Despite the higher costs of home insurance in Florida, should the worst happen, Edison Insurance Company is ready to serve you. Speak to your agent about how you can save on your premium while still insuring your home appropriately.
Fact: Edison Insurance Wants to Keep You Safe
Keeping your family and home safe and protected is Edison Insurance Company’s number one priority. Ask your agent how they can help make sure you have the proper coverage or call us at 866-568-8922. Also, you can easily get a quote with us here!