Home insurance can be confusing. The following are some of the most common misconceptions about home insurance in Canada to help you weed through what’s fact and what’s fiction.

You have to have home insurance

Not necessarily. If you have borrowed money to buy your home, chances are your lender will require that you purchase home insurance coverage and maintain coverage for the length of time you owe them money. However, if you own your home outright, you are not obligated to have coverage. Not having home insurance however, is risky and could be financially catastrophic should something terrible happen like a fire.

All homeowner’s insurance policies are the same

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A recent survey by the Independent Insurance Agents & Brokers of America foundthat more than 34 percent of respondents, representing 53 million households, admitted they are probably not taking advantage of all the home insurance discounts available to them.

In an economy where people are trying to save money on absolutely everything right now, why would homeowners not be taking advantage of these discounts? The answer is easy.

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As the people of Cockermouth reel from the flooding of “biblical” proportions which has hit their community, gales blow and rain pours in other parts of Britain. Meanwhile insurance companies are pulling out all the stops to ensure that clients are given every assistance in making a claim and coping with the fallout.

Direct Line for instance has Property Insurance Advisors on site in many locations this weekend to help those affected. They will be giving advice and authorising repairs and alternative accommodation. Extra staff have also been called in to work in call centres, although even with the increased workforce it was expected that callers would have to wait to be attended to, in view of the numbers of homeowners affected by the dreadful conditions.

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Florida residents have been battling high homeowners insurance premiums for some time now, but unfortunately prices are set to increase even higher with recent approval to increase the state’s windstorm coverage. Citizens Property Insurance Corp., Florida’s state-provided homeowners insurance company, has been approved by state regulators to increase insurance average rates by 5.2 percent.

Continuous Increases on the Horizon

The increase is said to only affect people who buy wind policies; however, it comes on the heels of an increase approved in Oct. 2009 to insurance coverage premiums by an average of 5.4 percent statewide for customers who buy full-coverage policies.

According to recently-published reports, the windstorm rate change will take place in Feb.

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