Lowering the Cost of Homeowners Insurance

affordable home owners insurance wilmington nc

Many people get homeowners coverage when they purchase their home and don’t look at it again for years.  If it has been a while since you re-evaluated your policy, there may be some ways you can save some money on the cost of your house insurance.  Here are a few ideas:

1.  Review Contents and Personal Property

Chances are good that the value of the contents of your home has changed over time.  You may have had kids, and realized that glass china cabinet wasn’t the best idea anymore.  Or maybe you became a vegan and sold your fur coat.  Or cashed in a valuable painting.  And lots of stuff you originally estimated value for has probably depreciated.  Scheduling a review once a year can help you to keep this number updated so you aren’t paying more for coverage you don’t need.

2.  Dwelling Replacement Costs

The cost to replace your dwelling now may be less than it was 5 years ago.  Or, you may have included the whole value of your property, including the land, in your initial coverage amount, which would be a greater amount and unnecessary expense.  Either way, this is another area that you can look at and make sure the coverage is accurate for your current property.

3.  Consider a higher deductible

You might be in a different place financially than you were when you first purchased your home.  Paying $1000 out of pocket for a deductible may have been impossible for you then, but it might be more feasible for you now.  If the increase in your deductible is something you could consider, your premium can be reduced significantly.  The higher the deductible, the lower the premium.

4.  Consolidate your coverage.

Most home insurance companies offer discounts for using their services for multiple policies.  You may be eligible for a discount on your homeowners policy if you consider using the same company for your auto insurance, for example.

5.  Make your home more secure.

Most homeowners insurance policies offer discounts for installing security systems in your home.  More secure home AND insurance savings?  Win-win.

These are just a few of the ways you can potentially lower homeowners insurance premiums. 

Contact our office to speak with one of our agents that can provide Home Owners Insurance for Wilmington, Wrightsville Beach, Kure, Carolina Beach, Southport, Leland, Hampstead, and surrounding areas.

Flood Insurance for Wilmington NC

Do I need flood insurance?

flood insurance wilmington nc
Living on the coast, this is a very important question. With one of the most active hurricane seasons in recent history, it’s certainly worth taking a look at a NC flood insurance policy and consider adding it to your insurance coverage.

Is flood insurance required?

Typically, homeowners and renters insurance does not include coverage for flood damage. According to the FEMA website, the government has “mandated federally regulated or insured lenders to require flood insurance on mortgaged properties that are located in areas at high risk of flooding. But even if your property is not in a high risk flood area, your mortgage lender may still require you to have flood insurance.” So, is flood insurance required? It depends. An insurance professional can help you do research needed to see if you have a requirement.

What if I don’t live in a flood zone?

You can check this link provided by the state of North Carolina, which offers a free flood zone map for the public to use and download. Your mortgage lender may still require you to have flood insurance. Or, you might still consider getting flood insurance even if it isn’t required just for your own protection. It’s pretty clear from the news these days that floods are serious business, and sadly, becoming quite a common occurrence. And, according to FEMA’s website, “More than 20 percent of flood claims come from properties outside the high risk flood zone.”
The good news is that if you opt to buy flood insurance on your own from a low to moderate flood-risk zone, you may be eligible for preferred-risk rates.
Ok, if I get flood insurance, what does it cover?
Most policies will provide coverage on contents and property, but will adjust for depreciation. Also there is lots of stuff that isn’t covered by flood insurance, including water damage coming from inside the home or swimming pools. It’s important to go over the coverage with your insurance agent to have a clear understanding of your coverage.

What else do I need to know about flood insurance?

Most insurance companies will not be able to create new Flood Insurance Policies or update existing policies while under a hurricane watch or warning or related weather circumstances. If you think you might need flood insurance, the sooner you are covered, the better.
Don’t wait until it’s too late!
Give our office a call to speak with one of our agents that can provide Flood Insurance for Wilmington, Wrightsville Beach, Kure, Carolina Beach, Southport, Leland, Hampstead, and surrounding areas.