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Homeowners Insurance

Homeowners Insurance

Since 1949, Vic Fisher Insurance has been trusted by thousands of North Carolinians to find the insurance solutions that keep them secure in all aspects of their lives. It’s our personal touch that allows us to offer only the best coverage options, at the best value, for every client.

North Carolinians who are looking for quality homeowners insurance benefits can rely on our expert team to help them find the perfect coverage solutions. We keep both protection and value in mind when helping you customize your coverage to your advantage, and you can rest assured that your home will be protected against all the most concerning loss risks that threaten.

Call us at (919) 851-4448

Common Homeowners Insurance Questions:

Why do I Need Homeowners Insurance?

Think of how much value is wrapped up in your home; it’s probably quite a lot of money. But, though it might not seem obvious, there is the ever-present risk that something could go wrong in your home. When it does, it could cause significant financial hardship for all of those involved.

Homeowners insurance will ensure that you can receive financial support throughout your recovery. It’s there to bear many of these costs on your behalf, rather than forcing you to pay out of pocket.

What Does Homeowners Insurance Cover? (And Not Cover?) 

Your homeowners insurance policy will cover numerous unexpected, unavoidable financial challenges and property damage arising in your home. These might stem from hazards like:

  • Fires
  • Severe weather and hail
  • Theft of possessions
  • Vandalism
  • Burst pipes
  • Lawsuits by those injured on your property

Please Note: Flood insurance must be purchased separately from homeowners insurance.

What Are The Different Types of Homeowners Insurance?

There are eight types of homeowners insurance (HO-1 – HO-8) and each is designed to apply to different properties, including high-value homes, condominiums, rental homes and mobile homes. Each will offer different combinations of the following benefits to each customer:

  • Structure protection: This insures your house in the event of damage from fires, weather, theft, vandalism or other hazards.
  • Detached structures coverage: Other buildings on your property – such as fences, carports, gazebos and detached garages – will have coverage.
  • Possessions insurance: This pays for damaged belongings. Protection might cover everything from furniture to food in the pantry and computer systems.
  • Liability coverage: If you accidentally harm someone else or damage their property, you can use this coverage to repay them. Coverage will often pay for incidents on and off your property.
  • Additional living expense protection: Do you need to move out temporarily after household damage? Let this coverage reimburse you for expenses like dining or hotel bills.

You will also often need more specific policy endorsements and supplementary coverage to round out your benefits, such as:

  • Scheduled items riders
  • Replacement cost value possessions coverage
  • Umbrella liability insurance
  • Flood insurance
  • Earthquake and windstorm endorsements
  • Pet liability insurance

What Are the Three Basic Types of Home Insurance?
There are typically three basic types of property coverage under your home insurance policy: replacement cost, actual cash value and extended replacement cost.

  • Replacement cost typically provides coverage for the cost of replacing or repairing the damaged property with materials of like kind and quality.
  • Actual cash value coverage generally calculates compensation by reviewing the damaged property’s replacement cost minus depreciation.
  • Extended replacement cost coverage typically pays for the cost to repair or replace the property, even if the expenses exceed the policy limits. You may be able to choose the amount of extended coverage up to 50 percent over your policy’s limit.

How Much Does Home Insurance Usually Cost?
The cost of home insurance depends on several factors, including the size, age and location of your home. Your claims history and selected coverage may also impact premiums. Our agents can work with you to find a policy that meets your needs and budget.

How Much Homeowners Insurance Does a Lender Require?
Most mortgage lenders will require all loan applicants to carry home insurance before they can receive approval for financing. Generally, mortgage holders will have to carry coverage that matches the replacement cost value of the dwelling, which equals the cost necessary to rebuild your home entirely from a total loss.

With the help of our agents, you can rest assured that you will get the appropriate benefits to meet all lender requirements.

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