Does my mortgage require me to have Wind and Hail insurance Coverage?
Yes. All mortgage companies and banks require it.
In most parts of the country, the traditional home insurance policy HO-3 includes Wind and Hail Coverage. Unfortunately, in certain coastal territories, the Wind and Hail Coverage can be excluded from the HO-3 Homeowners insurance policy. The 19 coastal counties of North Carolina are one of the territories where many insurance companies will exclude the Wind/Hail Coverage from the HO-3. In most cases the Wind/Hail/Hurricane/Tornado Coverage can be obtained from the NC State Wind Pool, NCJUA. This is not the best way to write your home insurance coverage. Many times the two policy structures are more expensive.
The best option is to find an HO-3 Homeowners Insurance Policy through a specialty company that includes Wind and Hail Coverage in one policy. One company. For the homes that qualify for this All-Inclusive Coverage, a better premium and coverage option awaits.