When shopping for home insurance in Arizona, don’t believe these myths so you can make sure you are getting proper coverage.

Myth 1: Floods Are Covered

Home insurance doesn’t cover flood damage, so you must purchase a separate flood insurance policy in addition to your home coverage.

Myth 2: My Medical Expenses Will Be Covered if Injured at Home

The medical payments portion of your home insurance will only protect guests that are hurt on your property. You will need health insurance to cover medical expenses for you and your family.

Myth 3: Premiums Will Go Up When a Claim Is Filed

A single claim in Chandler, AZ may not mean that you will face a premium increase. Multiple claims may mean you have to pay higher premiums, but it depends on the claims and your insurance agency. It’s a good idea to estimate the cost of repairs before filing a claim. If the cost of repairs is going to be less than paying your deductible, then filing a claim will just be a waste of time.

Myth 4: Home Insurance Will Cover All Your Belongings

Home insurance will cover many belongings, but it won’t cover all your valuables. There are usually limits on furs, jewelry, and artwork. An agent at San Marcos Insurance Group can help explain what is covered under your policy and get you additional coverage to protect some of your most prized possessions.

Myth 5: Coverage Is Based on the Purchase Price of Your Home

Dwelling coverage should actually be based on the replacement cost of your home. In order to calculate replacement cost, multiply the square footage by the current local construction costs.

Myth 6: Home Insurance Is Required

If you have a mortgage in Arizona, many lenders will make you have coverage. However, there isn’t a law that says you have to have home insurance coverage.  

Contact an agent at San Marcos Insurance Group, serving Chandler, AZ, to get a quote on home insurance.