Home Insurance
Standard HO-3 policies are the normal contract used primarily in North Carolina.
Coverages are on an all risk basis for the dwelling with named exclusions, EXP, Earthquakes, flood, wear and tear,
insects, vermin, etc.
Primary coverage is established by the replacement cost of construction of the home and the additional coverages
are based on a percentage of the dwelling.
- Example: Dwelling - $200,000
- Out Structures 10% - $20,000(fences, detached garages, etc.)
- Personal Property 70% - $140,000 (contents)
- Additional Living Expenses 20% - $40,000 (additional cost of staying elsewhere while house is being repaired)
Liability of $100,000 is included, but it's recommended to increase this to $300,000 for a slight charge.
Medical Payments of $1000 is included and can be increased.
Deductibles can vary normally from $1000 to $2500 with a hurricane deductible of 1% to 5% of the amount of coverage on the dwelling.
Generally, the best price for the risk would be a $2500 basic deductible with a 1% hurricane deductible.
It is important to make sure that your policy has replacement cost (replacement cost at today's cost new with no depreciation) on both the dwelling and the contents.