Home Insurance in Findlay, OH
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Busting the Top 5 Myths About Home Insurance in Findlay, OH
When you're purchasing a home in Findlay, which is the seat of Northwest Ohio's Hancock County, you probably hear a lot of myths about home insurance. Because home insurance in Findlay OH is so important, it's essential that you have the right information. As you decide whether to live on a main street such as Western Avenue or a quieter one near Rawson Park, check out the truth behind these five myths.
1. You Don't Need Home Insurance
In Ohio, as in most US states, you're required to have automobile insurance whether you're driving on major roads such as State Highway 568 or side streets such as Hurd Avenue or Liberty Street. There are no such laws for home insurance in Findlay OH, although your mortgage broker may require you to take out a policy.
Despite the lack of legal requirements, most people cannot afford to forgo a home insurance plan. Unless you have enough savings to replace your new Findlay home and everything in it and to cover all accidents you're liable for on your property, home insurance is a necessity.
2. Your House's Price Determines Your Insurance Premiums
How expensive your house is having a role in how high your premiums are. After all, if you have a pricy house, its repair bills are higher. Still, many other factors affect your premiums:
- Your neighborhood's crime rate
- Your area's average climate
- Your credit history
- Your marital status
- Your history of making claims with other companies
- Your house's age
If you're not sure why you're being offered a particular premium, ask your broker to explain each added cost.
3. Flood Insurance Is the Same Thing as Home Insurance
Many homeowners think that if they have home insurance in Findlay OH, they don't need to purchase flood insurance. Most home insurance plans do not include flooding that originates outside the house, though. For example, if your bathroom pipes burst and flood your house, damaging your walls, floors, and carpeting, your insurance will probably cover the repairs. If you live along Blanchard River and it floods, ruining your house, your home insurance most likely does not apply; you need a separate flood insurance policy.
4. Home Insurance Only Covers Damages to Your House
Because of its name, many home insurance applicants think that this type of insurance only helps if their houses get damaged. Home insurance in Findlay OH covers many other situations, including added living costs. Added living costs are any expenses that you face when you can't live in your house because it's damaged or unsafe. The hotel you stay in, the restaurant meals you eat, and the laundromat you use to wash your clothes are all covered.
Your home insurance policy also covers medical expenses for which you're liable. If you have visitors and they get hurt on your property, they can hold you responsible for their hospital or therapy bills. Rather than handling these costs on your own, your insurance company assumes liability.
5. You Can't Get Help for Repairs After a Natural Disaster
While home insurance usually doesn't cover flooding damages after a natural disaster such as a hurricane, it does include coverage for other problems. If severe winds fling debris into your house or tear it apart or if hail breaks your windows, your policy helps you with repairs.
This information is intended for general informational purposes only and is not intended to constitute legal advice.