Homeowner’s insurance is one of the most commonly held types of insurance, yet remains one of the least understood. Many homeowners incorrectly believe that their insurance policies will cover them for every conceivable eventuality. The reality, however, is that homeowner’s insurance can contain many restrictions and exclusions that can leave policy holders with a costly coverage gap.
Here are 6 common misconceptions regarding homeowner’s insurance.
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1. Third-Party liability coverage
Many people think of home insurance as only protecting their property and belongings, but it in fact covers far more than that. One of the most valuable aspects of your home insurance policy is third-party…