Homeowners Insurance NC: Best Rates in Gastonia
You might think you need homeowner’s insurance just because the mortgage lender requires it. But, like car insurance, shopping around likely got the wheels turning on why you should have it otherwise.
Your beautiful home in the Tar Heel State is worth protecting. Not just because of the history or sentimental value but because repair and replacement fees can turn your finances on their head. Homeowner’s insurance protects more than you might think, and here at Elite, we are driven on providing you the most affordable homeowner’s insurance in NC.
What Does Homeowner’s Insurance Cover?
Homeowner’s insurance is primarily put in place to protect the home and personal belongings. Dwelling coverage and content coverage are likely the first things to come to anyone’s mind when considering a new policy. But what if a storm blows the siding off, which then strikes a neighbor’s property? Worse yet, what if someone gets hurt on your property?
Homeowner’s insurance can protect you from these issues. Below you will find a list of what basic policies will cover.
Dwelling: Provides coverage of structure and the home’s built-in appliances.
Content: Provides protection of personal belongings that are not attached to the house.
Law Ordinance: Can cover the cost to rebuild the home to current zoning laws after a covered loss.
Personal Liability: Provides coverage for damages to someone or something that happens in the house.
Medical Payments to Others: Provides coverage for medical or funeral costs that are a result of an incident that occurred on the property.
Loss of Use: Provides coverage for additional living expenses if the house can no longer be used.
Additional Coverage Options
Basic coverage is enough to satisfy mortgage lenders and protect homeowners from common occurrences. Though, some standard policies may leave out coverage for damages caused by specific events or may not cover particular additions or belongings you may want to protect.
When shopping, it’s essential to look at optional coverage options to ensure you have the ability to build a policy that best suits your needs. Below are common optional coverages to keep an eye out for.
Water Backup: Protects the homeowner from incidences when clogged drains or pumps lead to damages to the property.
Business Property: Provides protection of business-related equipment and inventory stored at home.
Flood Insurance: Provides coverage of property damage caused by floods.
Identity Theft Restoration: Covers legal fees, lost wages, and other financial hardships in the case of identity theft.
What Additional Coverage Do I Need In North Carolina?
Water backup insurance is an optional coverage that is universally accepted in most areas. It helps cover repair costs and replace belongings that were damaged on account of a backed-up drain or broken sump pump.
Flood insurance is ideal for those who live in NC on account of the prevalence of rivers and coastal regions. Homes alongside rivers, streams, lakes, and even the ocean are potentially in danger of flood damage. This form of insurance helps to cover repair and replacement costs in the case of flooding.
What Happens When Something is Replaced?
Any homeowner’s insurance policy is designed to help you replace your belongings and repair damaged property. While shopping, it’s essential to look for a plan that will help you update property instead of replacing it. Some providers may only cover the minimum replacement costs, while others can help you get brand new appliances and structures.
For example, if the roof needs to be replaced, some insurance providers will do everything to help ensure that the best materials possible to help prevent further incidences and protect the home. Coverages like this may be featured for other belongings, including furniture and more.
What Impacts Homeowner’s Insurance Rates?
Homeowner’s insurance is a monthly expense, and those on a budget may be concerned with what it will cost them. The price of insurance products will be based on several factors—naturally, the age of the home, construction, and the location factor into insurance rates. Additionally, the cost to rebuild the home entirely will be a factor.
What you may not expect is that a home-based business will impact policy rates. Below are some common factors that affect insurance premiums.
Location of the Home
Age of the Home
You must also be aware that the extent of the coverage will determine pricing. Basic homeowner’s insurance policies are much less expensive than policies that include additional coverage options.