If you are shopping for home insurance in Senatobia, MS, you might have come across numerous pieces of information — some important and others misleading. But how do you separate the chaff from the grain? It can be challenging, given half-truths might appear like the gospel truth. Fortunately, Storey Insurance is here to debunk common myths about home insurance. 

Home insurance is required by law.

This misconception is a popular one. No state requires you to carry home insurance. However, if your home is loan-financed, your lender will insist you purchase home insurance until you clear your outstanding loan. Lenders do this to protect their financial interests, given that many homebuyers don’t have the cash to cover damages to their homes when disaster strikes.  

Home insurance covers everything.

While it’s valid, home insurance covers damages and losses emanating from fire, hail, lightning, theft, and many other risks, home insurance has exclusions –like other insurance coverages. Your typical home insurance won’t cover damages resulting from

• Floods and earthquakes
• Wars
• Mold and pest infestation
• Neglect or normal wear and tear

If in doubt, please talk to your insurance agent to understand what your home insurance policy is or is not covered.

Home insurance is a waste of money.

The truth is nobody likes paying insurance. However, when disaster strikes, you will be glad that you had insurance. Similarly, home insurance costs a fraction of your home value but can save you thousands of dollars when disasters strike.  

My insurance company will put me in a hotel when a disaster damages my house.

This statement will only be valid if you have a loss of use add-on on your home insurance. Otherwise, you will have to incur out-of-pocket additional living expenses when your house becomes unlivable due to damage from disasters like fire or hurricanes. 

Buy home insurance today.

Would you like to protect your Senatobia, MS with home insurance? Please contact Storey Insurance for an affordable quote.