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Many homeowners misinformed on insurance coverage

Posted On Wed, December 1, 2010

In addition to actually having insurance, people need to make sure they have the right levels of coverage. MetLife wants consumers to brush up on their knowledge about various policies.

According to a survey by Zogby International, one out of seven respondents incorrectly believe a home insurance policy will cover all costs associated with rebuilding a house.

Typical home insurance policies will reimburse homeowners up to a certain amount for repairs or to replace possessions.

It's also important for people to realize that such a policy does not offer assistance in the event of a flood.

It's advisable for people to consult with a home insurance agent to discuss their personal needs. Rates will vary substantially based on the price of the home, along with location and valuables being covered.

Homeowners will want to make sure they completely understand what is covered under their policy. Many people don't find out what their coverage entails until a claim is being made.

Renters, too, can benefit from having insurance coverage should something happen to their belongings.

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