When it comes to getting house insurance policies, people have several misconceptions arising from quite a few myths linked to the same. Let us take some time out and bust these myths one by one.
1. Full Coverage for alternative accommodation:
There would be times when your property will suffer from serious damages and the repair work would extend for almost a month. In such circumstances, you’ll have no other options rather than arranging a temporary accommodation for you and your family. Your insurer would pay for the temporary accommodation but not all such costs are covered by the insurance company.
2. Renovation, replacement and restoration costs:
Home repair and renovation work is an inevitable responsibility of owning a home. A homeowner has to conduct repair and renovation activity every once in one or two years. Now, some people believe a home insurance company would replace or pay for the damages caused while renovation work is done. This is a myth and no insurance company has such policy. If they do, they will charge extra for this feature.
3. Protection from Floods:
Lastly, flood is a natural disaster. Thus, no home insurance company would provide you coverage against the damages incurred due to floods or any other natural disaster. That said, there are home insurance providers who offer coverage against expenses incurred due to natural disasters. However, they charge extra fee for this feature. So, if you want flood-damage coverage, find an insurance scheme available with the said feature.
Read Also: Five Myths of Home Insurance Policy
Whenever you buy house insurance online, you should compare plans based on multiple parameters before taking a final decision.
