Survey: Most Homeowners Believe Their Policy Covers Floods
Most U.S. homeowners don’t know the policy covering their home doesn’t cover flooding, a new survey shows.
Respondents in a survey out this week from Trusted Choice, a group representing the members of the Independent Insurance Agents & Brokers of America (the Big “I”), also believed that have a strong understanding of what their policies covered. When they were tested on this knowledge, many of them were incorrect or were unsure about their coverage specifics.
Seven-out-of-10 of those polled were are unaware their policy does not cover materials or fixtures that are to be installed during renovations.
Nearly half (46%) didn’t have, or were unsure if they had, a home inventory of major household items to help them file a claim, the survey shows.
Other findings include:
- 44% incorrectly believed that personal items stolen from their car are covered by a standard auto insurance policy.
- 57% were unaware that a parking ticket won’t affect their auto insurance premiums.
- 55% were unaware that a standard auto policy does not cover business use of the vehicle.
The national survey was conducted via mobile devices. It targeted 400 consumers with home, auto, pet, jewelry and/or personal umbrella insurance.
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