5 Myths And FACTS About Homeowners Insurance
That Prove It’s An Essential Financial Safety Net
Your home isn’t simply an asset. It’s probably the most expensive asset you own. Beyond its value, your home is where you spend the most time, create memories with your family and share countless experiences.
Your home is so much more than wood and bricks and carpet and drywall. It’s a kitchen where your daughter made mac-n-cheese for the first time. Or a living room where you’ve shared laughter with friends and family. This home and these memories must be protected so you gain peace-of-mind for years to come.
But as important as it is to protect your home with the right homeowners insurance, you may have fallen for a few of today’s homeowners insurance myths.
MYTH: Homeowners insurance is a waste of money.
FACT: By insuring your home, you can save yourself from financial disaster.
It’s easy to simply consider your insurance premium and think “where is my money going?” However, ask anyone who has ever experienced a devastating event such as a fire, a tornado or a burglary, and had the right insurance coverage to protect them. They’ll be the first to tell you how their homeowners insurance was a bargain basement price compared to the cost of rebuilding and replacing on their own. Why risk losing your home and your life’s savings when this affordable insurance practically eliminates your risk?
FACT: Home insurance protects belongings inside your home.
If your treasures — electronics, furniture, clothing, appliances and more — are destroyed or damaged by a covered event, homeowners insurance may reimburse you for the value of those items. Even better, many policies will cover your belongings if they are stolen from your car, from storage or from your kid at school.
MYTH: Homeowners insurance only covers your home and not your personal belongings.
MYTH: Filing a homeowners insurance claim is difficult and takes forever to get a check.
FACT: At Murfreesboro Insurance Solutions, claims are a snap and payouts are fast!
If you ever are forced to sit on a curb watching your home burn, you shouldn’t also have to worry about filing a claim or getting a check. That’s why our team puts our customers first. From our quick claim process to our surprisingly fast payouts, we want you to recover and get your life back as soon as possible.
FACT: There are only a minimal number of policy exclusions, and they are rare occurrences.
While it’s true there are insurance policy exclusions, the large majority of claims submitted through Murfreesboro Insurance Solutions are honored and paid out. Common exclusions found in ALL insurance policies include earthquakes, sinkholes, floods and sewer and drain backups. In Tennessee, earthquakes and sinkholes are incredibly rare. And while flooding does occur, you can be covered with one of our flood insurance policies.
MYTH: Insurance companies rarely pay out because there are so many exclusions in homeowners insurance policies.
MYTH: Insurance companies make their policies complex on purpose and hide everything in small print.
FACT: At Murfreesboro Insurance Solutions, we are 100% transparent so you know exactly what you’re getting.
Rather than make difficult to read policies or hide important factors in fine print, we believe in being upfront and honest right from the start. While other agents may not disclose if they will pay Actual Cash Value (ACV) or Replacement Cost, we are transparent. ACV covers the depreciated value of a property. Rather than replace what you’ve lost, it compensates you for the value of the item at a reduced price. While ACV coverage may cost you considerably less, it may leave you at a loss if you’re replacing furniture or your home.
Replacement Cost pays out enough money to replace the items or home that you lost. It’s a superior coverage over ACV because you won’t have to come out of pocket to replace your belongings. However, because it pays out considerably more, the insurance premium is naturally higher.
Also, keep in mind that your homeowners policy covers more than simply your home. Here are the most common homeowners insurance coverages:
This helps cover the structure of the home in which you live, as well as attached structures, such as a garage or deck.
If you have a structure that’s separate from your home, such as a tool shed, fence or detached garage, you'll want to make sure you have a separate structures policy.
Separate Structures Protection
Personal Property Protection
Homeowners insurance may also help cover your personal belongings, from electronics and furniture to jewelry and other valuable items.
In the unfortunate event that your home is inhabitable for a period of time, loss of use coverage kicks in. Items typically covered are temporary residency, moving costs, storage, transportation expenses, pet boarding, etc.
Loss of Use
This coverage protects you if a visitor gets injured on your property.
If a visitor falls or has an accident in your home, medical payments coverage provides immediate payment without determining fault.
Medical Payments Protection
Expect Better Service AND Better Rates
From Murfreesboro Insurance Solutions
You’ve laughed at their commercials. Maybe you’ve even mimicked one of their goofy characters. And you can bet their customers are footing the bill for those billion-dollar marketing budgets!
By choosing one of those big-budget insurance companies, you’re stuck with THEIR brand of insurance at THEIR price. Or choose the professionals at Murfreesboro Insurance Solutions who can give you a better price and the personal service you want. Because we represent a number of different insurance companies and can compare coverage options and prices to find the BEST FIT for your homeowners insurance needs.