In addition to paying for specific residential and personal property losses, basic homeowner's insurance policies in North Carolina offer liability coverage that pays for injuries incurred by other people while they are on a property. Unless specified at the time of purchasing an insurance policy, North Carolina homeowners will not be covered for losses caused by floods, mudslides, landslides, or other natural events.
Factors that affect homeowner's insurance costs in North Carolina
Factors affecting homeowner's insurance costs in North Carolina include:
- Construction materials used to build the home
- Age of the residence
- Appraised value of the residence
- Crime rates
According to the Insurance Information Institute, the average annual cost of homeowner's insurance in NC is approximately $1100.
Composition of North Carolina home insurance policies
Homeowner's insurance policies in North Carolina should contain the following sections:
- B--Other structures on the property
- C--Personal property (household appliances, furniture, valuables)
- D--Loss of use
Section Two contains E (personal liability coverage) and F (medical payments to other individuals injured while on the property)
North Carolina laws regarding loss reports to home insurance companies
When losses occur to NC homeowners, they are required to promptly notify their insurance company. Losses due to theft should also be reported to law enforcement. Failing to notify an insurance company about a loss in a timely manner could result in a delay or denial of funds to pay for the loss.
Learn more about North Carolina state laws for homeowner's insurance coverage by visiting the North Carolina Department of Insurance website.