Homeowner’s Insurance Myths: What Nokomis Residents Need to Know

If you own a home, having home insurance is essential. However, there are many myths about homeowner’s insurance that could lead to misunderstandings. Here are 10 common myths and the facts to set the record straight for homeowners in Nokomis, FL, and nearby areas.

1. Home Insurance Covers Flood Damage

This is false. Standard home insurance does not cover flood damage. To protect your home from flood-related risks, you’ll need to purchase a separate flood insurance policy.

2. Medical Expenses Are Covered If I’m Injured at Home

The medical coverage in your home insurance policy is designed to cover guests injured on your property—not you or your family members.

3. It’s Not Important to Inventory My Possessions

Keeping a detailed inventory of your possessions is essential. In the event of a claim, having a record ensures you don’t forget any items, which helps maximize your reimbursement.

4. Filing a Claim Always Increases My Premium

Filing one claim doesn’t necessarily mean your premium will rise. However, multiple claims may lead to an increase. Before filing, evaluate the repair costs. If the cost isn’t significantly higher than your deductible, it may be better to handle it out-of-pocket.

5. Home Insurance Covers All Valuable Items

Standard policies have limits for valuables like jewelry and furs. If you own items that exceed these limits, consider adding additional coverage for those possessions.

6. Damage from Poor Maintenance Is Covered

Damage caused by neglect, such as mold from poor maintenance, isn’t covered by home insurance. Maintaining your home helps prevent major issues and ensures it remains safe and insurable.

7. Flood Insurance Is Only Necessary in Flood Zones

Floods can occur anywhere, not just in designated flood zones. Since standard policies don’t cover flood damage, having flood insurance is a smart investment for added peace of mind.

8. Lowering Coverage Lowers My Premium

Reducing coverage to save on premiums isn’t advisable. Instead, explore options to reduce costs, such as installing a security system or increasing your deductible. Adequate coverage is crucial to protect your home.

9. Dwelling Coverage Is Based on My Home’s Purchase Price

Your dwelling coverage should be based on the cost to rebuild your home, not its purchase price. This calculation typically excludes the land value and focuses on current construction costs and your home’s size.

10. You Can’t Buy a House Without Home Insurance

While most lenders require homeowners insurance for mortgaged properties, purchasing coverage is ultimately your responsibility.

Free Insurance Review for Nokomis Residents

At WhitCo Insurance, we offer a free insurance review to help Nokomis homeowners understand and optimize their policies. Meet with us in person or connect online to ensure your coverage meets your evolving needs.

We’re proud to serve homeowners in Nokomis, Venice, Englewood, North Port, and beyond with expert insurance services tailored to your needs.