Best Homeowners Insurance Agencies in Raleigh

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.
  

• Does the Raleigh government mandate homeowners' insurance?

  There is no existing law in Raleigh and the rest of North Carolina that requires homeowners' insurance for all homebuyers. However, it is important to note that if your home is mortgaged, your lender may require you to purchase insurance. Additionally, if you are renting a property, your landlord might recommend that you acquire insurance to protect your personal belongings.

• How does dwellers' insurance differ from homeowners' insurance under Raleigh law?

  The homeowners' policy provides extensive coverage that includes both property and liability protection. A dwelling policy, on the other hand, offers property coverage with certain limitations. Dwelling insurance can be utilized in Raleigh to cover a house that does not meet the requirements for homeowners insurance. It can also be used to cover additional structures on your property, such as stand-alone parking spaces, metal structures, and work areas.

• Is there a specific homeowners' insurance policy for older homes in Raleigh, such as those built in the 19th century?

  Yes. The standard insurance policy for older properties, HO 00 08, protects both the home and personal property. Many older houses, particularly those with historical importance or distinctive architectural features, would cost more to replace than their market value. Additionally, the availability of several building materials from the 1800s has changed, and some would be so expensive that it'd be almost impossible to get your home back to how it was. Contact your insurance agent in Raleigh for more information on getting insurance for older properties.

• How does depreciation work with a homeowners' insurance policy in Raleigh?

  If the policy's loss settlement requirements include damage to carpeting, furniture, or other goods with actual monetary value, then the policy's depreciation clause will apply. In most cases in Raleigh, depreciation is subtracted from the item's replacement cost to arrive at its "actual cash value." For example, if a television has a useful life of ten years but is already five years old, its depreciation is 50%.

• In Raleigh, how much is the average cost of homeowners' insurance policies?

  North Carolina's average premium for a homeowners insurance policy is $1,700, which is somewhat lower than the national average of $1,784. Home insurance costs in Raleigh vary based on factors such as the specific home and individual. There are a number of variables that affect the final cost, such as:

  • The type and size of your home.
  • Choice of deductibles.
  • Previous claims submitted.
  • Cost to replace your home, structures, and personal possessions.
  • Selected policy limits.

• 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.