Post Date August 4, 2013 - Misconceptions about homeowners insurance or homeowners insurance questions and answers is common among insurance consumers. In this post, we will discuss some of these misconceptions that tend to confuse consumers and the Homeowners Insurance Questions and Answers. According to the survey conducted by the Princeton Survey Research Associates International (PSRAI), about half of the homeowners in the United States who have the standard policy or commonly known as an HO-3, do not know that this does not include earthquake coverage. Many also do not know that mold damage is also not be covered. Most homeowners are not aware that personal belongings that have been stolen from their car is not covered by their auto insurance policy. A questionnaire listing many homeowners insurance questions and answers found they were not aware items stolen from their car would be covered by their homeowners insurance.
Homeowners insurance questions and answers should be more important to home buyers
These misconceptions stem out from the homeowners lack of understanding on their policy. Most home buyers are in such a hurry buying their home and policy, they neglected to learn about the coverage’s which is really important. Not having any understanding of your homeowners insurance policy can cost you hundreds, or if not, 10′s of thousands of dollars. The Princeton survey showed what most homeowners do understand or know about their policy. 90% of American homeowners are aware that their homeowners insurance cover fire incidents. 75% also knew that their coverage includes lawsuits from visitors who have been injured in their homes. These answers were identified through the same survey of homeowners insurance questions and answers.
On the other hand, the survey also showed the attitude of homeowners as they buy their insurance. A quarter of the homeowners buy their coverage from an insurance company that their peers will recommend to them. Others surveyed disclosed that they buy their homeowners insurance from Insurance agents like InsureDirect.com which will show them excellent service. Surprising, 17% of those surveyed said that they decide based on a homeowners policy based on the price being offered, preferably the cheapest. Sadly, these are the homeowners whom find out they have insufficient coverage when a claim occurs.