A recent survey was conducted by Princeton Survey Research Associates International to find out whether or not homeowners understand what exposures are covered by their home Insurance Waynesboro policies. The survey polled just over 1,000 adults living in the United States. The survey showed that more than 2 out of 5 Americans believe that a basic insurance policy will protect their home against mold damage.
A senior insurance analyst has pointed out that this particular misconception can be very costly for the homeowner that ends up with mold. Treating a mold problem in a home can cost more than ten thousand dollars. This type of coverage is not generally offered under a standard homeowner’s insurance. Even more so if the mold is caused by an issue that qualifies as a neglected maintenance, such as a leaky pipe. The survey also showed that many homeowners are misled into thinking that personal belongings stolen from a car is not covered by their homeowner’s policy. 73 percent of those surveyed thought that their Insurance In Waynesboro policy would cover this type of loss and 51 percent thought that a standard policy would cover earthquake damage. Two issues that were revealed to be more understood were damages covered by fire and lawsuits that are filed by an injured visitor to their home. Both of these are covered and most people were able to correctly identify that.
22 percent of the homeowners surveyed said that they selected their insurance provider mainly because of a recommendation from someone they trusted. Similarly, 21 percent said that the most important factor when they selected their policy was the service they got from their agent. Similarly, 17 percent said that they chose their policy based on the lowest price. In a surprising revelation, only 1 percent of homeowners said that a radio or television commercial was an influencing factor in their purchase.
The survey revealed a lack of important knowledge about the way their homes and belongings are covered. Certainly it is expected for people to shop around for Insurance Waynesboro policies but part of that shopping should include a basic understanding of the coverage of the policy.