Homeowners Insurance: Surprising Survey Results from Insurance.com

August 3, 2018

Homeowners insurance. If you own a home, you probably have your policy filed away someplace. But do you actually know what is covered? Do you know how much you are responsible in a replacement situation? Do you know what’s excluded?

Insurance.com surveyed 1,000 homeowners to find out what they know about their policy. Turns out, many people don’t know much. For instance:

  • 84 percent of homeowners surveyed by Insurance.com incorrectly thought you pay a deductible when filing a liability claim.
  • Almost half (48 percent) don’t understand what liability home insurance covers.
  • Nearly a quarter (24 percent) have no idea how much liability insurance they have.
  • The survey found that nearly a quarter said they’ve never read their policy. That could leave them vulnerable and underinsured.
  • Concerning replacement cost, slightly more than half (52 percent) answered correctly that it’s the cost to repair damage to your home or rebuild it completely at equal quality at current prices. One-third of respondents thought replacement costs deal with personal items damaged or stolen at a depreciated value.

Photo by Sarah Jane on Pexels.com

We want you to have the power of knowledge! One major benefit to working with us, as an independent insurance agency, is your ability to tap us as a resource. We are happy to walk you through your policy at any time and to answer any questions you might have. Call us at 763-551-1300.

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