Property Protection
by Joel Goldman
Property insurance can feel like a safety net—until a claim reveals what’s really covered. Misunderstanding your policy could lead to unexpected, out-of-pocket expenses.
These are seven common myths that might cost you more than you think!
My Home Insurance Covers All Water Damage
Most policies cover burst pipes but not flooding or sewer backups. 💡 Check for flood and water backup coverage, especially if you have a basement.
My Policy Covers Full Rebuild Costs
Rebuild costs often exceed market value, especially with inflation. 💡 Ask for replacement cost coverage and inflation protection.
Equipment Breakdowns Are Included.
Wear-and-tear on HVAC or appliances usually isn’t covered. 💡 Add equipment breakdown coverage to handle costly repairs.
My Property Is Covered When Vacant
Coverage typically lapses after 30–60 days of vacancy. 💡 Ask about a vacancy permit or a landlord policy.
Business Interruption Covers All Shutdowns
Coverage applies to physical damage, not cyberattacks or supply issues. 💡 Look into contingent business interruption and cyber insurance.
Luxury Items Are Fully Covered
Standard policies have low limits for high-value belongings. 💡 Schedule jewelry, art, or collectibles for full protection.
Basic Liability Is Enough for Rentals
Basic coverage may not protect you against tenant lawsuits. 💡 Consider umbrella or enhanced liability coverage.
Don't let assumptions lead to gaps in coverage. A quick policy review today could prevent big losses tomorrow!
TAGS: #Property Protection #Insurance Myths #Home Coverage #Financial Wisdom #Smart Investing #Risk Management
Connect with Joel for personalized support on insurance and financing solutions.
LinkedIn: https://www.linkedin.com/in/joel-goldman/
Call him: +1 929-520-9596 ( NYC)
For trusted protection and coverage, visit Starisks Insurance. For real estate or business loan options, explore HMMB Funder LLC.
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