A homeowners policy can help with covered damage to your home and belongings, additional living expenses after a covered loss, and certain liability claims. It does not cover every cause of damage. Read the contract, declarations and endorsements together.
Check the covered perils and exclusions
Fire, theft and some storm damage may be covered, subject to the policy. Most homeowners policies exclude flood and earthquake losses; some also exclude wind or hail. Ask about separate coverage or endorsements rather than assuming that “natural disasters” are all covered. The NC Department of Insurance explains basic homeowners coverages.
Routine maintenance is generally your responsibility. Home-business property, valuable items and other exposures may have exclusions or special limits; ask how the actual policy treats them. The NAIC homeowners guide explains questions to raise with an agent. For flood coverage, see the NC DOI flood insurance guide.
Compare the terms, not just the premium
Discuss rebuilding costs rather than assuming your purchase price is the right dwelling limit. Check deductibles, limits, roof settlement terms, depreciation and any replacement-cost conditions. Liability coverage and medical payments have different requirements; an injury on your property does not automatically establish liability coverage.
Prepare for a coverage review
- Bring your declarations and endorsements, or a current quote.
- Discuss the property address, construction, roof age and condition, and recent improvements.
- List valuable belongings, home-business activities and questions about flood or other excluded risks.
- Ask which limits, deductibles and exclusions apply to the policy being offered.
Your Financial Solutions offers homeowners coverage reviews. Coverage and price depend on the property, insurer and policy terms; a discussion or illustration is not a binding premium, an underwriting decision or a guarantee that a claim will be paid.