Home insurance is something every homeowner needs to ensure their property is protected in the event of various potential disasters, from the minor to the major.
Residents of North Carolina have their own special considerations to give to home insurance because of the nature of the state they live in, so if you are an NC native or an adoptive citizen, here is a rundown of the most important aspects of home insurance as they relate to you.
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Natural disasters are inevitable but not always covered
Wherever you live in the world, naturally occurring calamities which can damage or destroy your property should be a concern. This is especially relevant to North Carolinians, since a higher concentration of tropical cyclones make landfall in the state, especially along the coast.
A common mistake that many homeowners make is to assume that a standard home insurance policy will automatically cover them for these types of extreme weather conditions.
Unfortunately, this is not generally the case, which is why it makes sense to use a site like Policyscout.com to compare insurance packages and find ones with the right level of protection for your particular location and climate.
It is also worth remembering that even if you do have cover for damage done by extreme weather, you may also have a higher deductible to pay before the insurance money kicks in. These are all factors you need to weigh up when choosing a home insurance policy.
Home insurance is not a legal requirement but it may be necessary to secure a mortgage
There is no stipulation within North Carolina’s law books that requires homeowners to insure their property, so it is technically optional.
However, unless you are able to buy your home outright upfront, you will need to get a mortgage, and lenders will generally expect their customers to get home insurance as one of the conditions of the contract.
Whether you are still paying off a mortgage or have fulfilled your obligations to your lender, home insurance is still eminently sensible, especially if you eventually want to sell your home. It will shield you from bearing the full cost of dealing with common conundrums like fire damage and the theft of your personal property.
Policies can include several categories of cover
Reading the small print of any home insurance policy will reveal the different types of protection that are provided, as well as details on any of the exclusions that you should take onboard so you know when you can make a claim, and when you cannot.
While cover varies from policy to policy, there are a few boilerplate inclusions to be aware of. Coverage of your building’s structure and fittings, factoring in everything from plumbing problems to masonry mishaps, is a standard feature. Insurance of the contents of your premises, such as valuable possessions, will also be provided in most cases, although it is important to provide an accurate calculation of the value of these items at the time of buying the policy.
Your home insurance can also allow you to make a claim to cover costs you incur if you lose the use of your property for a protracted period. This means you can pay for accommodation while repair work is being done after a serious disaster strikes, for example.
The final type of cover worth talking about relates to personal liability; namely that if a third party is injured accidentally while they are visiting your house, you will not need to worry about paying for any medical bills that result from this incident.
As always, it is best to consult an insurance professional when choosing a home insurance policy so that any areas of uncertainty can be cleared up before you commit.