Fifty-six percent of consumers recently surveyed believe that a standard homeowner’s policy covers flood damage. But they’re mistaken, and their assumption could be a costly mistake. A recent survey by InsuranceQuotes showed that there is a lot of misunderstandings when it comes to home insurance and what’s covered and what’s not. “Being misinformed about your home policy can be an extremely expensive mistake-especially when a few inches of water in a 1,000 square-foot home can easily cost over $10,000 in repairs,” says Laura Adams, senior insurance analyst at InsuranceQuotes.
