Whether you are purchasing insurance to cover a newly purchased home or reassessing and replacing the insurance coverage on an established North Carolina residence, an understanding of what is covered by your insurance policy can help you select your coverage and later claim your benefits if needed. North Carolina homeowners insurance policies are considered multi-peril policies that can be personalized to each homeowner’s needs. Basic policies cover damages that may occur to homes resulting from fire, vandalism, theft and other specified events. They also cover liability in the case of people getting injured on the homeowners’ properties under certain conditions.
Building and Liability Coverage
Dwelling coverage offers protection for your home and attached structures. Other structures may also be covered but are usually covered for a significantly lower amount than the primary residence unless you choose to pay a higher premium for fuller coverage. In general, personal property is covered under homeowners insurance – with a dollar limit and a restriction of only partial retribution on items that are particularly susceptible to damage. If your home becomes so damaged that conditions are unlivable, loss of use coverage can help you with living expenses incurred due to the damage. Finally, if homeowners or residents are held liable for people getting injured on their properties, homeowners insurance can cover the damages as deemed suitable under policy terms.
Supplemental Coverage Based on Your Risks and Assets
Some severe weather conditions and natural disasters are not included under basic homeowners insurance policies. Your home may be at risk for losses related to flooding, earthquakes, landslides, mudslides or other potentially damaging occurrences. A local independent agent can help you explore the risks associated with living in Burlington, Graham, Mebane, Durham, Chapel Hill and other North Carolina cities, so you can determine if purchasing supplemental coverage for your home is an appropriate choice for you.