There are many myths and misconceptions about home insurance. As a homeowner, you should learn all the facts to make sure that you get and maintain adequate coverage for your home and possessions.

Myth #1: Flood damage is covered by standard homeowner’s insurance. Fact: Home insurance doesn't cover flood damage. A separate flood insurance policy must be purchased in addition to your standard policy in order to be covered.

Myth #2: My medical expenses are covered in case of injury. Fact: The medical payment portion of your home insurance is designed to protect you if a guest gets hurt on your property. You and your family are not covered in case of injury on your own property.

Myth #3: Making an inventory list of your possessions is a waste of time. Fact: An inventory list is the proof of your ownership. When you file a claim, you will be asked to list all the items that were lost. To make sure that you don't forget anything and to maximize your reimbursement, prepare the list of your possessions ahead of time.

Myth #4: Home insurance covers all valuables, including jewelry and furs. Fact: Home insurance has a limit on the amount of coverage for valuables. If particular possessions are worth more than that amount, you should purchase an additional rider for those items.

Myth #5: Home insurance covers damage caused by lack of maintenance. Fact: Home insurance does not cover damage caused by poor maintenance. You are responsible for the maintenance of your home. That is one way to prevent major repairs and to keep your home safe for all.

Myth #6: Flood insurance is only for those who live in flood zones. Fact: Floods can happen anywhere, not just in a flood zone. A standard homeowner’s insurance policy doesn't cover damage caused by flooding. Flood insurance will keep you covered.

Myth #7: To lower your insurance premium, you have to lower coverage. Fact: Reducing your insurance coverage in order to save on your premium is a bad idea. You should always be adequately insured. To keep your premium low, learn what options you qualify for that might lower your premium. For example, you can increase the deductible or install a burglar alarm system.

Myth #8: Dwelling coverage amount is based on the purchase price of your home. Fact: Your dwelling coverage should be based on the replacement cost of your home. It doesn't need to include the land part of your property. Replacement cost is usually calculated by multiplying the square footage of the home by current local construction costs.

It is important to learn all the facts about home insurance to avoid major mistakes that many homeowners make. You want to have sufficient insurance coverage for your home – just in case