|Wilmington, North Carolina and the surrounding area
Homeowner' s Insurance:
Wilmington North Carolina homeowners insurance policies provide coverage for your home, personal belongings,
other buildings on your property, loss of use coverage, personal liability coverage and medical payments to others
injured on your property. These policies are only available to you if the residence is you primary residence, a seasonal
home or a secondary residence.
A standard Wilmington NC homeowners insurance policy (HO3) provides coverage for all perils (Unless excluded).
The standard list of exclusions are listed below. In the coastal areas of North Carolina it is common to have a 1%, 2%
or 5% wind and hail deductible included on your insurance plan. This is a separate deductible from your standard
deductible and only applies to damage caused by wind of hail perils. This deductible is a percentage of your dwelling
amount (Example: 2% of $100,000 (Dwelling amount) would make your wind and hail deductible $2,000.00 per loss).
Some policies exclude wind and hail coverage completely. In this case we would place your wind and hail coverage with
the North Carolina Joint Underwriters Association.
North Carolina homeowners (HO3) insurance policies also provide replacement cost coverage for your home, other
structures on your property and personal belongings in your home as long as your dwelling coverage amount is within
80% of the full replacement cost at the time of loss. The replacement coverage is only to the policy limits unless you
have purchased the additional coverage rider available on most policies.
There are four other types of North Carolina homeowners insurance policies. The (HO2) and (HO8) policies are used
when an HO3 policy does not fit your needs. There is also an HO6 policy for condo-owners and an HO4 for renters who
just need coverage on their personal belongings.
Two perils not covered by your standard homeowners insurance policy is damage caused by floods and earthquakes.
Some companies have endorsements for earthquake coverage available. Most flood insurance coverage is provided by
the federal flood program. The maximum amount of insurance coverage you can purchase from this program is
$250,000.00 for your home and $100,000 for your home's contents. If you need additional flood insurance coverage's,
there are some insurance companies that offer excess flood policies. If you are in a non-preferred flood zone, you will be
required to purchase flood insurance by your mortgage company. Call us today and we will help you determine what
flood zone you are in.
Condo Owners Insurance:
A North Carolina condo owners insurance policy (HO6) provides coverage for the walls inward, personal belongings,
loss of use, personal liability converge and medical payment coverage.
North Carolina renters insurance policies only provide coverage for personal belongings and if requested personal
North Carolina dwelling policies (DP1, DP2 and DP3) are used for structures not occupied by the homeowner. An
example is rental homes and on the coast, mobile homes. These policies have similar coverage's to homeowners
policies but typically do not provide coverage for theft, liability, medical payments or loss of use. Please give us a call for
a complete list of coverages.
This is only a brief description of North Carolina homeowners and dwelling insurance policies. For a complete
explanation or for a quote to fit your needs, please give us a call.
Changes to the North Carolina Joint Underwriters Association wind & hail and Homeowners
The NCJUA has changed the coverages on wind & Hail policies in North Carolina. This will effect coastal
homeowners. If you have wind & hail or full homeowners coverage through the NCJUA your deductibles and coverages
for personal contents will be changing. For new coverages and when your policy comes up for renewal, the coverage
amounts for personal contents will be reduced. Also the NCJUA is only covering homes up to $750,000 in dwelling
coverage. If the replacement cost is more then $750,000, you will have to purchase excess coverage from a private
insurer. For more information, please give us a call.
Davis Insurance Group
A North Carolina Insurance Agency
5041 New Center Dr. Suite 119
Wilmington, NC 28403
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and South Carolina
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