{"id":254,"date":"2016-08-10T16:08:30","date_gmt":"2016-08-10T22:08:30","guid":{"rendered":"http:\/\/www.martinsonagency.com\/blog\/?p=254"},"modified":"2016-08-10T16:08:30","modified_gmt":"2016-08-10T22:08:30","slug":"some-common-insurance-misconceptions","status":"publish","type":"post","link":"https:\/\/www.martinsonagency.com\/blog\/some-common-insurance-misconceptions\/","title":{"rendered":"Some Common Insurance Misconceptions"},"content":{"rendered":"<p><strong>Some Common Insurance Misconceptions<\/strong><\/p>\n<p><strong>August 10th, 2016\u00a0&#8212; Martinson Agency LLC &#8212; Chaska, MN<\/strong><\/p>\n<p>According to numerous sources, a majority of individuals actually never read the entirety of their personal insurance policies. The fact is, if you do not know your insurance policy well, the risk of experiencing a personal financial loss rises. On the flip side, when you know your coverage, you will be better positioned to avoid a big financial mess.<\/p>\n<p>Here are some matters to keep in mind when evaluating your policies:<\/p>\n<ul>\n<li><strong>Education is necessary:<\/strong> Insurance Journal, a publication dedicated to consumer and commercial insurance news, states that\u00a0<a href=\"http:\/\/www.insurancejournal.com\/news\/national\/2014\/10\/21\/344167.htm\">52 percent of U.S. adults<\/a> do not actually know how to best insure their homes.<\/li>\n<li><strong>Ask questions BEFORE you make a purchase:<\/strong> Many think that flooding is covered by their homeowners insurance, but this is not true in most cases; a separate\u00a0flood insurance\u00a0policy is normally required for this coverage to apply. This is just one example of a common mistake a consumer can make when making an insurance purchase. Make sure you understand your policy, including both what it does and does not cover.<\/li>\n<li><strong>Use replacement cost, not market value: <\/strong>Bankrate,\u00a0a financial services publication, argues\u00a0many homeowners will think they should base their home coverage limit on <a href=\"http:\/\/www.bankrate.com\/finance\/insurance\/unbelievable-home-insurance-myths-4.aspx\">the market value of their homes<\/a>.\u00a0Experts suggest acquiring coverage in accordance with the cost of rebuilding the house from scratch, in the event of a total loss. This amount is often quite different from the home&#8217;s market value, which is dependent on market factors, location and more. A home&#8217;s rebuild value is determined based on features, construction materials, labor costs and more.<\/li>\n<li><strong>Know where responsibility falls in automotive accidents: <\/strong>The Insurance Information Institute, an insurance research organization, found car owners will often think their policies do not apply if\u00a0<a href=\"http:\/\/www.iii.org\/article\/eight-auto-insurance-myths\">drivers other than themselves<\/a>\u00a0get into an accident while driving their vehicles. In most states, it is the owner&#8217;s insurance that would apply, not the driver&#8217;s.<\/li>\n<li><strong>Do you know the meaning of &#8220;comprehensive coverage&#8221;?: <\/strong>Insurance Journal also noted that nearly one-third of adults believe comprehensive coverage actually protects them against any and all damages in auto insurance, but this is not true. A range of risks, such as a common collision, are usually not covered under the comprehensive portion of an auto policy.<\/li>\n<\/ul>\n<p>These are just a few of the many misconceptions, myths and complexities involved in insurance that so many consumers fall victim to every year. Don&#8217;t wait for an unwelcome and expensive surprise &#8211; speak to your independent insurance agent at the Martinson Agency in Chaska, MN today!<\/p>\n<p><strong>Don&#8217;t leave your insurance to luck! Call today us today!<\/strong><\/p>\n<p><strong>Phone: (952) 314-4400<\/strong><\/p>\n<p><strong>Email: <a href=\"mailto:jphagen@aibme.com\"><span style=\"text-decoration: underline;\"><span style=\"color: #0066cc;\">jphagen@aibme.com<\/span><\/span><\/a><\/strong><\/p>\n<p><a href=\"http:\/\/www.martinsonagency.com\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-22 alignleft\" src=\"https:\/\/www.martinsonagency.com\/blog\/wp-content\/uploads\/2015\/04\/Logo4-300x187.jpg\" alt=\"Logo4\" width=\"193\" height=\"120\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some Common Insurance Misconceptions August 10th, 2016\u00a0&#8212; Martinson Agency LLC &#8212; Chaska, MN According to numerous sources, a majority of individuals actually never read the entirety of their personal insurance policies. The fact is, if you do not know your insurance policy well, the risk of experiencing a personal financial loss rises. On the flip [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,1],"tags":[21,53,62,70],"class_list":["post-254","post","type-post","status-publish","format-standard","hentry","category-auto-insurance","category-home-insurance","category-insurance","tag-chaska-auto-insurance","tag-chaska-home-insurance","tag-minnesota-auto-insurance","tag-minnesota-home-insurance"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Be sure you understand exactly what you are buying when making an insurance purchase.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Martinson Agency\"\/>\n\t<meta name=\"keywords\" content=\"chaska auto insurance,chaska home insurance,minnesota auto insurance,minnesota home insurance\" 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12:12:40","updated":"2025-06-04 12:47:39","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.martinsonagency.com\/blog\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.martinsonagency.com\/blog\/category\/insurance\/\" title=\"Insurance\">Insurance<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\tSome Common Insurance Misconceptions\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.martinsonagency.com\/blog"},{"label":"Insurance","link":"https:\/\/www.martinsonagency.com\/blog\/category\/insurance\/"},{"label":"Some Common Insurance 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