A homeowners insurance policy is a multi-peril policy, which means it combines property and casualty coverages in the same policy. A multi-peril policy offers numerous advantages to consumers as it conveniently packages a range of coverages under one policy and is normally less expensive than if all coverages were purchased individually.
Homeowners insurance is sold as a personal package policy – designed to cover a broad spectrum of perils associated with owning or renting a home. A peril is an event that causes damage to a property, like fire or theft. Although insurance on your home is not required by North Carolina law, it is likely that your lender will require it if you have a mortgage. Additionally, if you rent, your landlord may require renters insurance as a part of the lease agreement.
Homeowners insurance also protects you against liability in the event that an accident occurs that results in an injury or someone else’s property gets damaged.
Flood insurance is not a part of a homeowners insurance policy. However, it can be added. Learn more about flood insurance or check out our quick guide.
A homeowners insurance policy contains two sections:
Section I
Section one provides coverages for your property – known as Coverages A, B, C, and D.
Section II
Section two provides liability coverages – E and F.
Click here for more details about homeowners insurance policy coverages.
North Carolina Coastal Home Insurance proudly serves all of North Carolina including Wilmington, Raleigh, Charlotte, Greenville, Fayetteville, and surrounding areas. Get a free quote today by filling out the form below or give us a call at (910)591-1010 – We’re available 24/7!
Common Homeowner's Insurance questions and aswers
Homeowners insurance will assist in protecting the dwelling, personal belongings, loss of use and liability.
If the house is damaged or a total loss, this coverage helps repair or rebuild your home. Some of the perils that are covered under an HO-3 Include:
This coverage helps to repair or replace detached structures such as:
Your personal belongings are covered for replacement value to pay or replace the items lost from a covered peril. Some of the stuff that is protected are:
These two coverage options go together and are there to protect you in the case a non-household member gets injured on the property:
* Flood & Earthquakes are not covered under a Homeowners Insurance policy.
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