Home insurance is something most homeowners know they need, but far fewer truly understand. Unfortunately, misunderstandings about what a home insurance policy does, or doesn’t, cover can lead to costly surprises when a claim is filed.

At McCann Insurance in Durant, Oklahoma, we regularly talk with homeowners who thought they were covered for a loss, only to discover their policy worked differently than expected. Much of that confusion comes from long-standing myths about home insurance.

In this article, we’re breaking down the most common home insurance myths homeowners should know, so you can protect your home, your finances, and your peace of mind.

Myth #1: Home Insurance Covers Everything

One of the biggest misconceptions about home insurance is that it covers all types of damage. While homeowners insurance offers broad protection, it does not cover every possible scenario.

Most standard policies cover:

• Fire and smoke damage
• Windstorms and hail
• Theft and vandalism
• Certain types of water damage

However, common exclusions often include:

• Flood damage
• Earthquakes
• Sewer backups (unless endorsed)
• Normal wear and tear

Why this matters: If you assume everything is covered, you may skip important add-ons that protect your home from local risks.

Myth #2: Flood Damage Is Included in Home Insurance

This is one of the most costly home insurance myths, and one Oklahoma homeowners run into often.

Standard home insurance policies do not cover flooding, even if the water enters your home due to heavy rain or rising groundwater. Flood coverage requires a separate flood insurance policy.

Even homes outside of designated flood zones can experience flooding due to severe storms, poor drainage, rapid snowmelt, overflowing creeks or drainage ditches.

Myth #3: Market Value Equals Replacement Cost

A common misunderstanding is believing your home should be insured for what it would sell for on the market. In truth, home insurance is based on replacement cost, not market value.

Replacement cost reflects how much it would take to rebuild your home from the ground up using similar materials and labor, something that can increase significantly over time due to:

• Rising construction costs
• Labor shortages
• Material price increases

If your coverage is based on market value alone, you could be underinsured after a major loss.

Myth #4: Home Insurance Covers Maintenance Issues

Home insurance is designed for sudden and accidental damage, not problems caused by neglect or lack of maintenance.

Insurance generally does not cover damage caused by:

• Long-term leaks
• Mold from unresolved moisture issues
• Rot or deterioration
• Aging roofs or systems

That’s why regular home maintenance is essential, not just for preserving your property, but for keeping your insurance coverage effective.

Myth #5: Expensive Items Are Fully Covered Automatically

Many homeowners assume their policy automatically covers high-value items like jewelry, firearms, collectibles, or electronics in full. In reality, most policies place coverage limits on personal property categories.

For example:

• Jewelry coverage may be capped
• Firearms may have limited reimbursement
• Collectibles often require documentation

If you own high-value items, you may need scheduled personal property coverage to ensure they’re fully protected.

Myth #6: If Someone Gets Hurt on My Property, I’m Always Covered

Home insurance does include personal liability coverage, which can protect you if someone is injured on your property. However, coverage isn’t unlimited and exclusions apply.

Liability coverage may not apply if the injury was intentional, the property was poorly maintained, certain high-risk features aren’t disclosed (like trampolines or certain dog breeds).

Reviewing your liability limits and exposures with a local agent can help avoid major gaps.

Myth #7: Home Insurance Is Only for the Structure

Your homeowners insurance policy does much more than cover the physical structure of your home. A typical policy may also include:

• Personal property coverage for belongings
• Loss of use coverage if you’re displaced
• Liability protection
• Medical payments for minor injuries to others

Understanding how these parts work together helps you see the true value of your policy.

Myth #8: Filing a Claim Is Always the Best Option

While insurance is there to help after a loss, filing a claim isn’t always the right move, especially for smaller incidents.

Multiple claims over time can increase premiums, make it harder to switch carriers, impact eligibility for certain discounts. That’s why it’s often helpful to talk with your insurance agent before filing a claim, especially when the damage is close to your deductible.

Myth #9: Older Homes Can’t Be Properly Insured

Some homeowners believe older homes are difficult or impossible to insure. While older homes may require specialized coverage, they can absolutely be insured.

Factors that may affect coverage include:

• Updated electrical systems
• Plumbing condition
• Roof age
• Structural integrity

A knowledgeable insurance agent can help find coverage that reflects both the home’s character and its risk profile.

Myth #10: Once You Buy Home Insurance, You’re Set

Home insurance isn’t a “set it and forget it” purchase. Your coverage needs can change over time due to:

• Renovations or additions
• Purchasing high-value items
• Changes in local construction costs
• Lifestyle changes

An annual policy review helps ensure your coverage keeps pace with your life.

Why Local Expertise Makes a Difference

Online quotes and national call centers can’t replace local knowledge. Working with a local agency like McCann Insurance in Durant, Oklahoma means you have someone who understands Oklahoma weather risks, local construction trends, regional claim challenges, community-specific needs.

When myths turn into real-life claims, having a trusted local advocate matters.

Final Thoughts: Know the Truth About Home Insurance

Home insurance myths can leave homeowners exposed when they least expect it. Understanding what your policy truly covers, and where gaps may exist, puts you in control.

At McCann Insurance, our goal is to educate, not confuse. We take the time to explain coverage, debunk myths, and tailor policies to protect what matters most.

If you’re unsure whether your home insurance is giving you the protection you think it is, reach out to McCann Insurance in Durant, Oklahoma at 580-916-9808 for a policy review today.