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When you plan your insurance policy, you have a lot to think about. To start, you need to consider your business negotiations, travel plans, and the likelihood of a number of natural disasters and emergencies. Along the way, you may also be inhibited by common misconceptions about insurance. Fortunately, the knowledgeable team from Phillip Kent Beck Agency in High Point, NC, can clear up any confusion.

Top Insurance Myths Busted

1. You Should Insure Your Home Based on Market Value

Many people mistakenly believe they should base their home insurance on their property’s current value. Instead, you should insure your home for what it would cost to completely rebuild or replace it. Especially if you live in an area with a thriving market, doing so will help keep you protected.

2. One Policy Fits All

insuranceDue to the myriad of polices out there, some people think their homeowners insurance will also cover all their jewelry and valuables. However, there are caps to basic home policies. To ensure your most expensive belongings are protected, you may need an add-on.

3. Older Homes Cost Less to Insure

Due to antiquated construction techniques, many older homes actually cost as much to insure as newer ones. Homeowners insurance depends on your resdience’s unique features as well as building materials.

4. It’s Easy to Exaggerate Losses

Some people believe they can get away with hyperbolizing their losses when they file a claim. In reality, insurance agents conduct regular and thorough inspections to ensure the veracity of claims.

5. Insurance Is Expensive 

On top of mortgages, bills, and other expenditures, many people are tempted to cut corners on insurance coverage. However, usually, doing so will only cost you more money later on. To protect yourself down the road, it’s important to take care of these small, regular payments today.

Whether you need homeowners, general liability, or small business insurance, the team from Phillip Kent Beck Agency has you covered. To learn more about the available plans, call them today at (336) 434-­2111. For more information, visit the website.

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