7 Myths About Home Insurance Every Shreveport Homeowner Needs to Know

Homeowners insurance is an essential part of owning a home in Shreveport.

Owning real property in the form of a home not only provides you with a place to live but can serve as an instrumental piece to your financial goals.

Do you think of yourself as a real estate investor. Well, owning a home means real estate investing in your own property and proves one of your greatest financial assets.

It can even provide future income and extended care to family down the road as part of proper estate planning.

Owning a home also plays into future retirement plans.

With a topic as critical as home insurance (as part of your financial protection plan) you shouldn’t spend time entertaining myths.

Knowing home insurance can protect you from financial ruin in the event of a fire, theft, or other disaster, you want to deal with actualities. You want your homeowners policy to serve as a safe guard for you and yours.

And though many complexities of insurance exist, it pays (literally) to keep informed.

However, there are a lot of myths about home insurance that can lead to homeowners making poor decisions about their coverage (or lack of coverage)

The Myths

Here are seven of the most common myths about home insurance:

1. You don’t need home insurance if you have a mortgage.

This is a common myth, but it’s simply not true. Even if you have a mortgage, you’re still responsible for paying for the cost of repairs or rebuilding your home if it’s damaged or destroyed. Homeowners insurance can help you cover these costs, and it can also protect you from financial ruin if you’re unable to live in your home while it’s being repaired.

2. Homeowners insurance is too expensive.

The cost of homeowners insurance can vary depending on a number of factors, including the value of your home, your location, and your claims history. However, it’s important to remember that homeowners insurance is a relatively small price to pay for the peace of mind it can provide. Also, with the access Watley Insurance Group has to multiple insurance companies and policies, we can certainly put several great options in front of you.

3. Homeowners insurance will cover everything.

While homeowners insurance can cover a wide range of losses, it’s important to understand that it doesn’t cover everything. For example, homeowners insurance typically doesn’t cover flood damage, earthquake damage, or damage caused by war or terrorism. It’s important to read your policy carefully to understand what it does and doesn’t cover. Submitting a claim for an unrelated event will certainly result in some negative consequence. Denial of coverage hinges on what is contracted in your policy.

4. You can save money by self-insuring.

Some homeowners may think they can save money by self-insuring, but this is a risky proposition. If you’re unable to afford the cost of repairs or rebuilding your home after a loss, you could be financially ruined. If you experience loss of income for an extended period of time, you put yourself in further jeopardy. Having money on hand also runs the risk of spending it on other things instead of keeping it in reserve for a catastrophic event. That family vacation may get priority instead of saving for a new roof.

5. You don’t need to update your homeowners insurance policy if you make changes to your home.

If you make any major changes to your home, such as adding a new room or making significant renovations, you should update your homeowners insurance policy to reflect the changes. This will ensure that you’re adequately covered in the event of a loss. You want your dwelling coverage amount listed on your policy as accurate as possible in the event of you need significant repair and/or replacement. This can directly impact your insurance claim settlement.

6. You can cancel your homeowners insurance policy at any time.

While you can cancel your homeowners insurance policy at any time, there may be penalties for doing so. It’s important to read your policy carefully to understand the cancellation terms. Your insurance agent will help identify any hidden costs and will also want to make sure you know your options prior to making such an important change.

7. Homeowners insurance is only for homeowners.

This is another common myth. Homeowners insurance is also available to renters. Renters insurance can help you cover the cost of your personal belongings if they’re damaged or stolen.

If you’re a homeowner or renter in Shreveport/Bossier, it’s important to understand the myths and realities of home insurance. By doing your research and understanding your options, you can make sure you have the right coverage to protect your home and your belongings.

If you have any questions about home insurance, please contact an independent insurance agent in Shreveport. They can help you compare rates and coverage options to find the right policy for your needs.

Watley Insurance Agency is an independent insurance agency that has been serving the Shreveport for many years. We offer a wide range of insurance products and services, including homeowners insurance, renters insurance, auto insurance, life insurance, and business insurance.

We understand that everyone’s insurance needs are different, which is why we work with our clients to create a customized insurance plan that meets their specific needs and budget. We also offer a variety of discounts, so you can save money on your insurance premiums.

Our team of experienced and knowledgeable agents is here to help you every step of the way. We will answer your questions, explain your options, and help you choose the right insurance policy for you. We are also here to help you file a claim if you ever need to.

We are committed to providing our clients with the best possible service. We are passionate about helping people protect their homes, their families, and their businesses. If you are looking for an insurance agency that you can trust, Watley Insurance Agency is the right choice for you.

Here are some of the ways that Watley Insurance Agency can help Shreveport and surrounding areas with their insurance needs:

• We offer a wide range of insurance products and services. We have the experience and expertise to help you find the right insurance policy for your needs, whether you are a homeowner, renter, business owner, or individual.
• We work with our clients to create a customized insurance plan. We understand that everyone’s insurance needs are different, which is why we work with our clients to create a customized insurance plan that meets their specific needs and budget.
• We offer a variety of discounts. We offer a variety of discounts, so you can save money on your insurance premiums.
• We have a team of experienced and knowledgeable agents. Our team of experienced and knowledgeable agents is here to help you every step of the way. We will answer your questions, explain your options, and help you choose the right insurance policy for you. We are also here to help you file a claim if you ever need to.
• We are committed to providing our clients with the best possible service. We are passionate about helping people protect their homes, their families, and their businesses. If you are looking for an insurance agency that you can trust, Watley Insurance Agency is the right choice for you.

If you are in the Shreveport/Bossier area with your insurance needs, please contact Watley Insurance Agency today. We would be happy to help you find the right insurance policy for your needs.

We serve not only Shreveport/Bossier, but the Ark-La-Tex area including homeowners in Benton, Barksdale Air Force Base, Haughton, Keithville, and Blanchard.

Contact us today for an insurance review and a quote! We’ll make sure to put those myths out to pasture as we secure for you the best coverage and pricing available for your budget goals without sacrificing coverage.