Homeowners Insurance

Homeowners Insurance in Wilmington, NC and Throughout Coastal North Carolina

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.

Does homeowners insurance protect me from floods?

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.

What Homeowners Insurance Covers

A homeowners insurance policy contains two sections:

Section I

Section one provides coverages for your property – known as Coverages A, B, C, and D.

  • A – Dwelling
  • B – Other Structures
  • C – Personal Property
  • D – Loss of Use

Section II

Section two provides liability coverages – E and F.

  • E – Personal Liability
  • F – Medical Payments to Others

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!

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Question & Answers

Common Homeowner's Insurance questions and aswers

As a first time home buyer, how is the homeowners insurance paid?

For most individuals buying a home, (first time purchase or not) the home insurance and property taxes will be set-up into an escrow account and paid by the mortgage bank at the time due once a year.

What is an escrow account, and how does it work?

An escrow account is a savings account that the mortgage bank creates to deposit your home insurance and property taxes into.

What happens to the escrow money in my mortgage payment?

The portion of your mortgage payment that is allocated to the escrow account is collected until the homeowners insurance invoice and property taxes bills are due.

How is my monthly mortgage payment subdivided?

1) Principal- what you owe the bank
2) Interest Percentage- what the bank charges you every month to lend you the money
3) Escrow- what the bank makes us pay upfront for next year's homeowners insurance and property taxes

What Homeowners Insurance Protects

Homeowners insurance will assist in protecting the dwelling, personal belongings, loss of use and liability.

Fire & Smoke Homeowners Insurance coverage

Coverage A: Dwelling

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:

  • Fire & Smoke
  • Wind & Hail
  • Lighting
  • Water Damage
Other Structures Homeowners Insurance coverage

Coverage B: Other Structures

This coverage helps to repair or replace detached structures such as:

  • Sheds
  • Detached Garage
  • Fencing
  • Workshops
Property Homeowners Insurance coverage

Coverage C: Property

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:

  • Furniture
  • Electronics
  • Clothing
  • Kitchenware
Liability & Medical Payments Insurance coverage

Coverage E & F: Liability & Medical Payments

These two coverage options go together and are there to protect you in the case a non-household member gets injured on the property:

  • Medical Bills
  • Legal Expenses
  • Claimants Loss of Wages
  • $ Settlement

* Flood & Earthquakes are not covered under a Homeowners Insurance policy.

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