3 Common Home Insurance Myths
How much do you know about home insurance coverage? If you are like most people, you have a policy but aren’t quite sure what it covers.
Unfortunately, this lack of knowledge of home insurance by the general public has caused some ugly misconceptions about insurance to spread — myths that could cost you and your family a ton of money. Here are three myths about homeowner’s insurance and their respective truths.
Myth #1: Your Homeowner’s Policy Covers Your Home-Based Business
Do you run a business out of your home? Maybe you sell vitamins, makeup, jewelry, or something completely different through a marketing program. Perhaps you handcraft items to sell at festivals or offer services to clients who visit you at your residence. Either way, you might believe the myth that your homeowner’s insurance covers your business endeavors.
This is a myth! Most homeowner’s insurance policies specifically exclude home businesses. This means that if you have an inventory of product stolen or a client becomes injured at your residence, you may not be covered. According to Independent Agents and Brokers of America, nearly sixty percent of home-based business owners do not have appropriate insurance coverage.
Thankfully, most insurance companies offer a rider for home businesses that is pretty affordable.