Myth 1: Standard policies include coverage against flood.
Fact: All insurance providers do not include any flood coverage into their standard policies. In case you require this type of coverage you can purchase I either as an addition to your current policy or as a separate policy.
Myth 2: The Medical Payment part of the policy will pay for the injuries I and my family have sustained.
Fact: The Medical Payment part of a standard home coverage policy is designed to pay for the injuries any third party suffers at your property. Whether a friend, visitor, neighbor or worker gets injured within your premise the MedPay coverage will pay up to $1,000 per claim. However, nor you not any of your family members will be covered by this type of coverage as your medical policy takes force in such situations.
Myth 3: In case my home is completely destroyed the insurance company will pay for anything I tell them I had in the house.
Fact: In case your house gets destroyed due to different circumstances you insurance company will always ask you to make an inventory of all the items you have had in the house, including specific data like serial numbers, purchase prices and so on. If you cannot provide such information you won’t be reimbursed for the items lost. The best way to assure proper coverage of any lost items, you should make an inventory of all the items you have now with detailed information on every piece of equipment, jewelry, furniture or any other item. Continue reading →
It’s a sad fact of life but, when it comes to the causes of accidental damage around the home, one of the most common is fire. There are two main reasons. The first stems from the materials used to build your dream home. The sad reality is there’s a heck of a lot of wood in most modern buildings. It starts with wooden floors and ends with wooden frames to support a pitched roof. Why is there so much stuff that will burn? It comes down to one simple fact. Large parts of North America are covered with trees and this makes it a cheap building material. Not only is it quick and easy to use, but it also allows for considerable flexibility in the shape of the resulting construction. Better still, just as it’s cheap to put up your home, it’s equally cheap to clear the site and put up another one should something go seriously wrong. Add in the fact that most furniture and fittings are made out of wood or have a wooden frame, and you have the recipe for a first-class fire.
The second problem is the number of chances you have for starting a fire. Many people rely on gas for cooking which brings the equivalent of explosives into the building. If there’s a leak, a single spark can produce a fireball. Should you be cooking using oil, a single moment of carelessness can set the kitchen on fire. Then you come to the electrical wiring. How long ago did you have the wiring installed? The statistics show an increasing risk of fire through a short circuit as your home ages. Finally, there are all those other accidents around the home, in your garage or yard where something catches alight. We didn’t get to external sources like a lightning strike, a neighbor whose private fire spreads to your home, or the passing psychopath who thinks it would be fun to watch your home burn. Continue reading →