Best Homeowners Insurance Agencies in Asheville

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What is the average timeframe for an insurance company in Asheville to acknowledge and resolve a homeowner's claim?

  In Asheville, when homeowners file for a claim, insurance companies are obligated to acknowledge it within a 30-day window. However, same with other states, there isn't a fixed deadline for the final settlement of the claim. The duration can vary since every claim has its unique intricacies and complexities that can influence the settlement timeline.

• Which natural disasters are not covered by a standard Asheville homeowners' insurance policy?

  Traditional homeowners' insurance in Asheville does not cover flood damage, earthquakes, landslides, or mudslides. To increase coverage for such events, homeowners should consult a local agency or expert. Additionally, they can check their policy to see if wind and hail damage is covered; if not, they can consider obtaining a separate policy, which is frequently offered by the North Carolina Insurance Underwriting Association.

• How does depreciation affect claim payouts for Asheville homeowners based on their insurance policy type?

  Depreciation is the decrease in property value due to age and wear for Asheville homeowners. If insured under Actual Cash Value (ACV), claims will reflect the value decrease. In contrast, with Replacement Cost Value (RCV), insurance compensation is based on the current cost to repair or replace an item with a comparable item, without depreciation being taken into account.

• Can Asheville residents who choose the actual cash value for building damage claims later request additional reimbursement?

  In Asheville, homeowners who initially file a claim for building damages on an actual cash value basis can request additional compensation. They have the option to file a follow-up claim within 180 days of the initial loss, in accordance with the Loss Settlement Provisions in their homeowner's contract, and potentially receive more based on replacement cost loss settlement stipulations.

• Can a homeowner with replacement cost coverage in Asheville expect additional payment after repairs if they only receive a partial payment initially for dwelling damage?

  If an Asheville resident with replacement cost coverage for their home initially receives a partial payment, they are not shortchanged. Typically, insurance companies make a partial payment first. After the homeowner has completed the repairs, the insurance will cover the difference between the initial payment and the actual repair cost using comparable construction. This occurs up to the policy's limits. If the homeowner decides not to make repairs, an actual cash value claim for the damage can be made.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.