A Guide to Home Insurance in North Carolina (NC)

Seeking out good quality North Carolina Home Insurance is something that should be a priority if you have recently bought a home in Charlotte, Raleigh or Greensboro, because it is important to protect your investment and your families’ future.

Typically you may think that if you have a mortgage on the property that you will already be properly covered by the policy that your mortgage company made you take out. But unfortunately that is often not the case, and you may either have to arrange cover yourself, or be better off arranging cover yourself because the policy that your mortgage company proposes you buy is either too expensive or does not adequately protect your possessions.

Mortgage Companies are mainly concerned with the structural integrity of your home, rather than your possessions, because any loan you have taken out will be secured on the value of the home itself, and not its contents. So there can sometimes be a tendency to recommend North Carolina Home Insurance policies that may cover the value of the property, but which are not as good when it comes to protecting the value of your possessions.

Remember also that whilst typical homeowners insurance policies cover you for theft and fire, that there are certain circumstances which they will not cover you for by default, and so it is still incumbent on you to read the policy documentation carefully, and make sure that you are covered for everything that you need.

For example, mudflows, landslides, earthquakes, floods and mudslides (for example there was a bad mudslide on the state line between North Carolina and Tennessee along Interstate 40 in early February 2012) are typically not covered by most North Carolina Home Insurance Cover that you will find, and so if your home is situated in a region of North Carolina that is prone to these kinds of natural disasters, then it is extremely important that you take steps to take out additional insurance.

You may well take the opinion however that a properly comprehensive policy will be good enough, because it is still a multi-peril type of insurance protection which covers many eventualities such as loss due to theft and fire, as well as additional personal liability cover should anyone else be injured whilst in your property, medical payments to cover any expenses that those other people may have and payments for loss of use in the event that your property was made unlivable by a covered event (such as a fire) and you and your family needed to find alternative accommodation whilst it was being made sound.


Types of NC Home Cover


If you look closely at a North Carolina Home Insurance Policy document then you will see that these are laid out specifically as “Coverage’s” from A – F as follows:

Coverage A – Cover for the Dwelling Itself

Coverage B – Cover for Other Structures such as Sheds, Garages, Outbuildings etc.

Coverage C – Personal Property and Possessions (Your wife’s china coffee set and your golf clubs!)

Coverage D – Loss of Use (as described above)

Coverage E – Personal Liability (in case someone sues you for an event that happens in your home such as a fall or accident)

Coverage F – Medical Expense Payments to Others

You should be sure to read any policy that you are considering taking out very carefully before proceeding, because whilst often there is a lot of overlap between policies; there are on occasion differences that can set some apart from others.


What is the Average Cost of North Carolina Home Insurance?

Once you have properly understood exactly what you should be looking to buy when it comes to a homeowner’s insurance policy, it is then time to find the best possible deal on the cover.

It is useful to know what the average cost of North Carolina Home Insurance is so that you can compare it to the deals that you are being offered.

This has been made easier because the US Government regularly updates statistics as to the average cost of home insurance in each of the US States, and so these figures are now more easily accessible.

The average cost of North Carolina Homeowners Insurance is $683, which is lower than many other states.
Clearly, this is a state wide figure, so this will vary between regions, and it is a good idea to compare several current North Carolina Home Insurance Quotes before settling on a final plan to buy.


 

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Types of Insurance