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6 Home Insurance Myths: What is the truth?

Posted Jan 18th, 2017 in Did You Know?, General, Home Insurance, Insurance Tips

In an effort to expose home insurance myths, we have uncovered the truth for six important home insurance myths.

Home Insurance Myths Exposed, Youngs InsuranceSince home insurance is not always mandatory, we felt it necessary to clarify some of the myths that are floating around. Once you have the truth, you will see how valuable home insurance is.  We thought we would expose some of these myths for you in an effort to provide you with more clarity.  

6 Home Insurance Myths Exposed

Myth #1: Since I have home insurance, when I go on vacation my house is protected.

FALSE – If you leave your home for vacation without taking the necessary precautions you may not be covered should something occur. There are specific things you should do in preparing your home, including advising your insurance broker.  

Myth #2: If you have valuable jewelry in your home it is automatically covered.  

FALSE – If you have jewelry that exceeds your homeowners/tenants policy limit you should consider adding a jewelry floater/rider to your insurance policy. Typically, the standard coverage included in your homeowners/tenants’ policy is minimal and may not cover the cost of special items, such as an engagement ring.

Myth #3: Renovations to my home do not need to be reported.  

FALSE – When dealing with home renovations, contacting your insurance broker is important for a variety of reasons. Since renovations can add value to your home, they may need to update your home insurance coverage, to ensure you are fully protected.

Myth #4: Condo Corporations provide insurance that covers my condo.

FALSE – Condo Corporation insurance covers ‘everything outside your condo walls.’  It doesn’t cover what is inside the walls of your condo – the contents. It is important to have condo insurance that protects your contents from fire, flooding, etc.

Myth #5: Home insurance rates are less expensive the older a home is.   

FALSE – The older the home, the higher the risk of a claim. If you purchase a home that is more than 30 years old there are risks that could impact home insurance rates, making it more expensive to insure.

Myth #6: If I have a home insurance claim, my insurance cost will increase.   

FALSE – This is not always the case and it depends on your personal claims history. Some insurance companies have a first claim forgiveness policy or offer a ‘no claim discount.’ Ask your insurance broker today about what your policy states. 

We hope that you have found our expose on six home insurance myths interesting! If you have any questions, don’t hesitate to contact one of our branches across Ontario.

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