{"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
\n

<\/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_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_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},"jetpack_post_was_ever_published":false},"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,"jetpack-related-posts":[{"id":91021,"url":"https:\/\/amazingproperty.com.ng\/blog\/car-insurance-what-you-need-to-know\/","url_meta":{"origin":3143,"position":0},"title":"Car Insurance: What You Need to Know","author":"Amazing Property","date":"January 12, 2023","format":false,"excerpt":"Car insurance, Common coverages, how to choose the right policy for you. Car insurance is an important part of owning a car. It provides financial protection in the event of an accident or other damage to your vehicle. It is important to understand the different types of car insurance coverage\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/insurance\/"},"img":{"alt_text":"car insurance","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2023\/01\/car-insurance.jpg?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2023\/01\/car-insurance.jpg?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2023\/01\/car-insurance.jpg?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2023\/01\/car-insurance.jpg?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5987,"url":"https:\/\/amazingproperty.com.ng\/blog\/harvey-sparks-flood-insurance-disaster\/","url_meta":{"origin":3143,"position":1},"title":"Harvey Sparks Flood Insurance Disaster","author":"Amazing Property","date":"August 28, 2017","format":false,"excerpt":"\u00a0 \u00a0 Only 15 percent of homeowners in Houston have flood insurance on their properties. The city is under two feet of water after Hurricane Harvey ravaged the Texas coastline over the weekend. (Getty Images) \u00a0 The majority of the thousands of Texas homes submerged in floodwaters after Hurricane Harvey\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Harvey.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/Harvey.jpg?fit=400%2C266&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":48484,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-insurance-easy-tips-for-cheaper-home-insurance\/","url_meta":{"origin":3143,"position":2},"title":"Home Insurance : Easy tips for cheaper home insurance","author":"Amazing Property","date":"August 21, 2022","format":false,"excerpt":"\u00a0 Do you love cheaper home insurance policy? Who doesn't ? Try these simple tips to see how you could reduce your premiums. People don't likes paying for home insurance, but it's a necessary evil for most of us. This doesn't mean you have to pay through the nose for\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/insurance\/"},"img":{"alt_text":"home insurance","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/08\/home-insurance.jpg?fit=400%2C300&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":64674,"url":"https:\/\/amazingproperty.com.ng\/blog\/contents-insurance-everything-you-need-to-know\/","url_meta":{"origin":3143,"position":3},"title":"Contents Insurance – Everything You Need to Know","author":"Amazing Property","date":"November 20, 2022","format":"aside","excerpt":"Here's what you need to know about contents insurance and how to get the best coverage for your needs. If you're like most people, you probably don't give much thought to your contents insurance. But if something happens to your home and your belongings, you'll be glad you have it!\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/insurance\/"},"img":{"alt_text":"contents insurance","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/11\/contents-insurance.jpg?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/11\/contents-insurance.jpg?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/11\/contents-insurance.jpg?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/11\/contents-insurance.jpg?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8829,"url":"https:\/\/amazingproperty.com.ng\/blog\/many-owners-lack-sufficient-insurance-to-cover-disasters\/","url_meta":{"origin":3143,"position":4},"title":"Many Owners Lack Sufficient Insurance to Cover Disasters","author":"Amazing Property","date":"July 20, 2018","format":false,"excerpt":"\u00a0 Lack of sufficient insurance coverage for many homeowners in Texas, Florida, Puerto Rico . Many homeowners have limits on their home insurance policies that are too low to cover the full cost of repairing or rebuilding in case of a natural disaster\u2014and the problem is particularly alarming in areas\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/insurance\/"},"img":{"alt_text":"Sufficient Insurance","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/07\/07_20_18_Hurricane.jpg?fit=1200%2C572&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/07\/07_20_18_Hurricane.jpg?fit=1200%2C572&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/07\/07_20_18_Hurricane.jpg?fit=1200%2C572&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/07\/07_20_18_Hurricane.jpg?fit=1200%2C572&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/07\/07_20_18_Hurricane.jpg?fit=1200%2C572&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6118,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-are-your-rights-and-responsibilities-if-you-lose-your-home-to-a-natural-disaster\/","url_meta":{"origin":3143,"position":5},"title":"What Are Your Rights If You Lose Your Home To A Natural Disaster","author":"Amazing Property","date":"September 6, 2017","format":false,"excerpt":"Natural Disaster : Hurricane Harvey just wiped out Houston and various other parts of the Gulf. Hurricane Harvey just wiped out Houston and various other parts of the Gulf, and Hurricane Irma, currently a Category 5 storm and one of the most powerful Atlantic hurricanes ever seen, is closing in\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"natural disaster","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/harvey-flooded-home-return-rt-ps-170901_mn_4x3_992.jpg?fit=992%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/harvey-flooded-home-return-rt-ps-170901_mn_4x3_992.jpg?fit=992%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/harvey-flooded-home-return-rt-ps-170901_mn_4x3_992.jpg?fit=992%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/harvey-flooded-home-return-rt-ps-170901_mn_4x3_992.jpg?fit=992%2C744&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_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}]}}