Insurance is there to offer people some peace of mind knowing they are protected against the unexpected. These days, you can find an insurance policy for almost anything you can imagine in this world.
For any person that is just starting to map out their financial future, insurance is one of the first things they should invest in. It may sound as if insurance is not an investment, but it is. It is an investment into your future, into the future of your business, if you are in need of business insurance as well, or into the future of your family, so it should be treated seriously.
No matter if you are looking to buy car insurance, homeowner’s insurance, or any type of insurance for that matter, you need to do your due diligence and research not only the quotes but all the other aspects that can influence your policy.
Misinformation is the number one reason why people are underinsured or not insured at all, and we are looking to correct this. That’s why we have put together this list of 8 myths that still prevail over the insurance industry and why you should not believe them. We are covering home, life, business, and car insurance in this article, so go ahead and keep reading to find out more.
Myth 1: Home Insurance Policies Cover Personal Belongings
This is a myth that has been going around for ages, prompting people to believe their standard home insurance policy will cover all their personal belongings if something happens to their home. Still, most policies have limits as to what they will and will not cover, so it is always best that you read the fine print and buy enough insurance to cover your needs.
For example, a standard homeowner’s insurance policy will have very limited coverage for valuable items. If you own expensive jewelry, an art collection, or other valuables, you should purchase additional coverage to protect them.
Myth 2: Standard Home Insurance Covers Flood Damage
Another misconception that still prevails is people believing all types of home insurance cover flood damage. Some insurance companies include flood damage as part of their more basic policies if you live in a region where flood is common, but that’s not always the case.
The best thing you can do to make sure your home is covered in case of a flood is to buy additional insurance that keeps you protected.
At the same time, don’t think that just because you are not living in a region that is prone to flood, you should skip this step. Floods can happen when you least expect, so it is always best to be safe than sorry.
Myth 3: Life Insurance Is, Basically, Burial Money
As experts in the industry say, life insurance is not for the dead; it is for the living. Many people think life insurance is no more than money their family can use to cover funeral expenses, but that’s because they are often underinsured.
Ideally, you should purchase life insurance that covers ten times your annual salary to make sure your family is protected in case something happens to you. Plus, permanent life insurance generates income over time, and you can even borrow against it if you are even in desperate need of money.
Myth 4: The Life Insurance I Get Through Work Is Enough
Some employers will offer life insurance as part of their group insurance policy, but that’s often not enough. It may be for free or for a very low cost, but the benefits are also limited. The main issue with life insurance provided by your workplace is that if you ever leave your current job, you will lose your coverage.
Still, the main problem with the type of coverage you get through your work is that it often leaves you underinsured. Consider purchasing separate coverage if you want a significant death benefit.
Myth 5: I Have a Small Business, so I Don’t Need Business Insurance
Assuming you don’t need insurance is one of the worst things you can do for your business. Insurance does not have to do with the revenue your business generates or the number of employees you have but rather with your exposure to risk, and risk can come at any given time.
No matter how safe you are trying to be, you can’t protect your business from every form of damage out there without insurance. A fire can destroy your inventory, someone can break in and steal your goods, or you may be served with a lawsuit from a customer – these are all things business insurance can cover.
Myth 6: Home Insurance Covers My Home-Based Business as Well
If you have a home-based business, it may seem as if your basic homeowner’s insurance will keep you protected, but that’s not right. Both home and business insurance protect policy owners against liability, damage, or theft, but insurance companies have a different way of determining the premiums on these policies. That’s simply because businesses are exposed to much bigger risks, so the type of insurance that is designed for them is different as well.
Myth 7: If I Have a Red Car, I’ll Pay a Bigger Insurance Premium
It’s difficult to determine exactly how this myth started, but it’s not true. Insurance companies don’t really care what color your car is, but they do care about the model, make, year of fabrication, or vehicle identification number.
There may be some cases where insurers may increase your policy price, but it does not have to do with the color of the car but rather with whether or not there have been customizable paint jobs or aftermarket features added to it. That’s why a custom-made candy-apple red metallic Ford Mustang may cost more to insure than a red Honda Civic.
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