{"id":3143,"date":"2017-04-07T00:00:00","date_gmt":"2017-04-07T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/most-consumers-are-wrong-about-home-insurance\/"},"modified":"2021-12-20T15:11:58","modified_gmt":"2021-12-20T15:11:58","slug":"most-consumers-are-wrong-about-home-insurance","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/most-consumers-are-wrong-about-home-insurance\/","title":{"rendered":"Most Consumers Are Wrong About Home Insurance"},"content":{"rendered":"

\"Home<\/a><\/p>\n

Survey by \u00a0<\/span>insurance Quotes of about 1,000 consumers shows a lot of misunderstandings when it comes to home insurance policy .<\/h2>\n
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<\/p>\n

Fifty-six percent of consumers recently surveyed believe that a standard homeowner\u2019s policy covers flood damage. But they\u2019re mistaken, and their assumption could be a costly mistake.<\/p>\n

Educate Yourself<\/strong><\/p>\n

Would you be able to explain the nuances of insurance to your clients? If not, you may want to make sure you study up on the topic of flood insurance at nar.realtor.<\/p><\/blockquote>\n

The survey by home \u00a0<\/span>insurance Quotes of about 1,000 consumers shows a lot of misunderstandings when it comes to home insurance<\/strong><\/a> and what\u2019s covered and what\u2019s not.<\/p>\n

\u201cBeing misinformed about your home insurance<\/a> policy can be an extremely expensive mistake\u2014especially when a few inches of water in a 1,000 square-foot home can easily cost over $10,000 in repairs,\u201d says Laura Adams, senior insurance analyst at insuranceQuotes. \u201cThere are a number of widespread myths ranging from coverage for dog bites to items stolen from your car that frequently trip up policyholders.\u201d<\/p>\n

Consumers tend to overestimate the amount of coverage they have when it comes to flooding<\/a> protection, according to the study. Further, 81 percent of survey respondents knew that valuables stolen from their home were covered under most standard homeowner\u2019s policies, yet only 28 percent knew that renter\u2019s insurance<\/strong><\/a> would cover valuables stolen from their cars.<\/p>\n

\u201cIt\u2019s critical for consumers to thoroughly explore their options and really understand the protections that are included or excluded with a standard renter\u2019s or home insurance policy,\u201d says Adams. \u201cDon\u2019t wait until right before a big storm is headed your way to get coverage because there may be a waiting period.\u201d<\/p>\n

Flood insurance is particularly a hot topic to address with clients lately. The National Association of REALTORS\u00ae has been warning its members about the threats to homeowners and property sales when the National Flood Insurance Program expires on Sept. 30. Policymakers in more than 22,000 communities nationwide rely on NFIP to protect them from flood risks, like torrential rain, swollen rivers and lakes, snow melt, failing infrastructure, and storm surges and hurricanes.<\/p>\n

\u201cWhen the NFIP expired in 2010, over 1,300 home sales were disrupted every day as a result,\u201d NAR President William E. Brown recently said in a statement. \u201cThat\u2019s over 40,000 every month. Flood insurance is required for a mortgage<\/a> in the 100-year floodplain, but without access to the NFIP, buyers simply couldn\u2019t get a mortgage or vital protection<\/a> from the number one cause of loss of property and life, flooding.\u201d<\/p>\n

The National Association of REALTORS\u00ae is working with lawmakers to strengthen the program and also create a path for a private market to take hold ahead of the Sept. 30 expiration. Learn more: REALTORS\u00ae Warn of Doomsday if Flood Insurance Expires.<\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Survey by \u00a0insurance Quotes of about 1,000 consumers shows a lot of misunderstandings when it comes … Most Consumers Are Wrong About Home Insurance<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":24116,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[697],"tags":[4572,4751,4573,4574,1403,4575,4576,4577,12908,4578,4579,4580,543,4581,4582,4583,1253,4548,4549,4550,4551,1172,4552,4553,4554,4555,4556,4584,4585,4586,4587,1259,4557,4558,4559,1199,4560,4561,4588,4562,4563,4564,4565,4566,4567,4568,4569,4570,4589,4590,4571,215,248,627,698,408,1007,41,255,15296],"class_list":["post-3143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-allstate-home-insurance-reviews","tag-amazing","tag-best-home-appliance-insurance","tag-best-homeowners-insurance","tag-buy","tag-direct-line-home-insurance-advert","tag-hdfc-home-loan-insurance-tamil","tag-hippo-home-insurance-review","tag-home","tag-home-and-auto-insurance","tag-home-and-auto-insurance-song","tag-home-appliances-insurance","tag-home-buying-guide","tag-home-credit-insurance-claim","tag-home-credit-insurance-mobile-phone","tag-home-inspector-insurance","tag-home-insurance","tag-home-insurance-accidental-damage","tag-home-insurance-agents-near-me","tag-home-insurance-allstate","tag-home-insurance-australia","tag-home-insurance-average-cost","tag-home-insurance-average-cost-uk","tag-home-insurance-aviva","tag-home-insurance-axa","tag-home-insurance-calculator","tag-home-insurance-calgary","tag-home-insurance-claim-denied","tag-home-insurance-claim-process","tag-home-insurance-claim-tips","tag-home-insurance-commercial","tag-home-insurance-companies","tag-home-insurance-companies-in-florida","tag-home-insurance-companies-ireland","tag-home-insurance-companies-near-me","tag-home-insurance-company","tag-home-insurance-compare","tag-home-insurance-cost","tag-home-insurance-cover-water-damage","tag-home-insurance-direct-line","tag-home-insurance-edmonton","tag-home-insurance-endorsements","tag-home-insurance-escrow-or-not","tag-home-insurance-estimate","tag-home-insurance-estimate-for-mortgage","tag-home-insurance-excess","tag-home-insurance-explained","tag-home-insurance-go-compare","tag-home-insurance-in-florida","tag-home-insurance-roof-replacement","tag-home-insurance-with-free-ipad","tag-home-sale","tag-home-sales","tag-homeowners","tag-insurance","tag-mortgage","tag-owners","tag-property","tag-property-sale","tag-target"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Home-Insurance.jpg?fit=1080%2C811&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/3143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=3143"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/3143\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/24116"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=3143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=3143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=3143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}