When you're in high school or even college, you might have the opportunity to learn about personal finance or money management, but there are no classes in life that teach about things like buying a home, financing a car, filing your income tax, or how insurance works. As a result, it's common for people to get confused or get conflicting information about how these concepts work, especially insurance because of its inclusions, exclusions, and terminology. In today's Aegis blog post, we look at three of the most common misconceptions about Homeowners Insurance, and how Aegis can help you navigate the complexities of Personal Insurance.

How Their Coverage Works

While homeowners know they need Homeowners Insurance to protect their home, a large percentage have no clue exactly how their insurance works, what counts as a covered event, or what damages or losses are excluded from coverage. Without this basic knowledge, policy owners could end up with huge delays in filing their claims, or they might have the wrong kind of coverage for their specific needs.

Actual Coverage Amounts

Another area of confusion for homeowners is how much Homeowners Insurance coverage they actually have, and what all is covered by the amount. Ideally, the amount of coverage should to be enough to cover the loss of the home as well as the contents inside, but many only get enough to cover the cost of repairing the home. This can leave policyholders in a financial bind if a covered event destroys the house and all its contents, but they only have enough to fix the house but not replace furniture, appliances, or other personal property.

Insurance Terminology

Policyholders can also be negatively impacted by confusing or complex insurance terminology, which can lead to errors in their claims or buying the wrong kind of insurance for their unique needs. Buying and having Homeowners Insurance, or any kind of insurance for that matter, shouldn't be as complex as rocket science. Clients should be able to understand all the terms of their policy, including covered events, exclusions, and other key details related to their coverage, claims, and property.

At Aegis, we take the time to explain all facets of Homeowners and other types of Personal Insurance policies to ensure our clients understand the ins and outs of their coverage. We offer a full range of Personal Insurance policies, including Homeowners, Renters, Auto Insurance, Umbrella Insurance, and Life Insurance. Our team of insurance experts can help secure the best possible coverage that meets your personal goals and budgetary needs. Contact Aegis today at 713-850-7622 for more information, or fill out our online form to request a free Homeowners Insurance quote!