Myth #7: All of My Belongings Are Automatically Covered by My Home Insurance
Avoid assuming that your home insurance automatically protects all your personal belongings both inside and outside your home. Valuable items like electronics, jewelry, artwork, etc., may require separate listing and appraisal to ensure coverage. Create a personal inventory with photos and values to facilitate the claims process. Consult your insurance agent to determine if additional coverage or endorsements are necessary.
Myth #8: If Someone Else Drives My Car, Their Insurance Would Pay for the Damage
In most states, the owner’s car insurance covers damage after an accident. The owner’s insurance is the primary policy, no matter who was driving. Laws and policies differ by state, so speak with your insurance agent before letting someone else drive your car.
Myth #9: I Don’t Need Life Insurance because I’m Young and Healthy
Young people may think they don’t need life insurance, but it’s actually a good time to get it. They usually don’t have much savings, so life insurance can be important in case of an emergency. If you were to die unexpectedly, your spouse could be left with a lot of expenses, including a mortgage. Buying life insurance while young and healthy can also mean lower premiums than when older or sicker.
Myth #10: I Don’t Need Flood Insurance if I Don’t Live Near the Water
While flood insurance may not be a mandatory requirement in your area, it can still offer valuable protection for your home against a range of disasters that your standard home insurance policy might not cover. Home insurance excludes coverage for flooding resulting from events like heavy rainfall, tsunamis, hurricanes, and more. Since flooding incidents can occur anywhere, even in areas without immediate proximity to large bodies of water, it’s advisable to consult your independent insurance agent about the option of adding flood insurance to safeguard your home from these potential risks.
Myth #11: I’m a Homemaker, so Life Insurance Won’t Benefit My Family
Life insurance serves as a means to maintain your family’s accustomed quality of life once you’re no longer present. While it can serve as income replacement for working family members, the payout can also cover various end-of-life expenses, such as funeral costs, or provide financial support for dependents or a surviving spouse. Additionally, many individuals utilize life insurance to establish a college fund for their children.
Myth #12: Certain Car Colors Cost More to Insure
This is a persistent myth without any substantial basis. While the car’s color may impact mood, it doesn’t hold the same influence over your car insurance rates. The actual determinants of auto insurance premiums are factors such as your driving history, credit score, the make and value of your vehicle, your geographical location, and more
Working With A Local Independent Insurance Broker
Because we make insurance shopping easier by doing the comparison work for you, plus, we simplify the complex language and details so you understand your coverage fully. Independent brokers also have access to many insurance companies, ensuring you get the best coverage, options, and prices while working in your best interest. Our team can be reached at 617-298-0655
