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  • Writer's pictureCooke Insurance

5 Home Insurance Myths You Should Stop Believing Now

Updated: Mar 31, 2023

There are many misconceptions about home insurance that people often believe. However, it's essential to be informed about what home insurance covers so that you can be prepared should an accident or disaster happen. Here, your trusted insurance company in Saskatoon shares five of the most common myths about home insurance and the actual facts about what is covered:


Myth #1. Home Insurance Is a Waste of Money


Many believe that home insurance is a waste of money because they think nothing will ever happen to their home. You never truly know when something could happen to your home, whether it's a fire, a break-in, or a natural disaster. Home insurance can protect you financially in the event that something does happen to your home.


Myth #2. Home Insurance Is Too Costly


Yet another common myth about home insurance is that it's too expensive. While home insurance can be costly, it's important to remember that it's there to protect your most significant investment – your home. The cost of home insurance is nothing compared to the cost of repairing or rebuilding your home if it's damaged or destroyed.


Myth #3. My Condo/Renters Insurance Covers My Home, So I Don't Need to Get One


If you live in a condo or rent an apartment, you may think your home is already covered by your condo association's or your renter's insurance. However, this is not always the case. While condo and renters insurance could offer some protection, they usually don't cover everything. It's essential to check with the condo association or your renter's insurance policy to see what is and isn't covered.


Myth #4. I Don't Need Home Insurance Because I Have a Home Warranty


You must know that a home warranty is not the same thing as home insurance. A home warranty is actually a service contract that covers repairing or replacing home appliances and systems. Home insurance, on the other hand, covers the physical structure of your home when a covered event occurs, like a fire or a break-in.


While home warranties and home insurance are both important, they serve different purposes. A home warranty can help homeowners budget for unexpected repairs, while home insurance can help you rebuild your home if it's damaged or destroyed.


Myth #5. All Home Insurance Policies Are the Same


There are indeed a lot of myths and misconceptions about home insurance. One of the biggest myths is that all home insurance policies are identical. This simply isn't true. Every home insurance policy is different, and each one is tailored to the homeowner's specific needs.


For example, some home insurance policies will cover the cost of rebuilding your home if damaged or destroyed. Others will only cover the cost of repairing the damage.


Conclusion


There are many myths about home insurance that can confuse homeowners. It's important to be informed about what your policy covers and what it doesn't in order to make the best possible decision for your needs. Home insurance is an important part of protecting your home and your belongings, so be sure to talk to your insurance broker in Saskatoon about what coverage is right for you.


Cooke Insurance is one of the trusted insurance companies in Saskatoon that can provide you with the protection that your assets need. Contact our insurance agents today so we can discuss what is covered by our home insurance solutions!








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