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Homeowners Insurance

What is homeowners insurance?

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets. Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners’ responsibility.

North Carolina is a wonderful place to own a home and we have homeowners insurance products and companies for every shape, size, and property value. Because of the variety of home and land values in the current economic environment, the market value of your home may not necessarily be the “replacement cost” of your home.

For example, in the Lake Norman community waterfront lots may represent a disproportionate percentage of the home’s market value relative to comparable homes only a few miles away. On the other hand, if you purchased a foreclosure at a significantly reduced cost relative to similar homes, the replacement cost needed to insure the home may be higher than the purchase price or the mortgage amount on the home. This is important because different insurance policies have varying limitations on the replacement cost coverage.

The standard homeowner insurance policy you will get from most companies in North Carolina includes 125% replacement cost, so a home insured with a $100k limit actually has $125k worth of coverage in the event of a total loss. Most of our home insurance companies, however, offer at least 150% and some even have an Unconditional Replacement Cost guarantee which makes it virtually impossible to ever be underinsured.

Use our instant online quote engine to compare home insurance rates from the top carriers in NC. If you have questions about the value to be insured or you would like to discuss your needs in more detail, feel free to give us a call or you can request to be contacted when completing your quote form. Don’t forget to submit a request for an auto quote in order to take advantage of all available multi-policy discounts!

Turkey Fryer Safety

Thanksgiving is a time for enjoying family and good food. Some of us enjoy a deep fried turkey. However, when it comes to deep frying a turkey, you want to take every precaution possible to keep you, your family, and your home safe. Thousands of fires and injuries...

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Piedmont Insurance Associates 18805 W Catawba Avenue Suite 100
Cornelius, NC 28031
(704) 987-3901
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