What you don’t know about insurance policies can cost you. That’s the new finding from a national survey by comparison website insuranceQuotes.”Reading your insurance policy can be kind of boring, but you need to be well informed,” said Jason Hargraves, the company’s managing editor. For example, you might think you’re covered when you’re not, or you might not fully realize all the benefits to which you’re entitled.
Almost half of people don’t realize that the standard homeowner policy doesn’t cover damage done by pests, such as termites and rodents, the insuranceQuotes survey found. “If you discover you have termites, that’s a bad deal,” he said.
Also, Hargraves said many people don’t know that if someone comes over to their house and gets injured, their homeowner’s insurance generally will pay some of the person’s medical costs. However, “if you fall and break your leg, you’re on your own,” he said.