Physical property like buildings and other structures, including the equipment inside these properties, need protection from unexpected losses. The only way a property owner can protect him or herself from such losses is through insurance, and in this case, a property insurance coverage will suffice. The coverage you get under property insurance largely depends on the type of policy you have. Wayne Realty & Insurance Co., Inc. offers competitive property insurance packages in Goldsboro, NC.
How Property Insurance Works
Property insurance is a coverage that reimburses financial loss to the renter or owner of a structure and personal belongings inside the structure in the event of theft or damage. Typically, property insurance covers fire, smoke, lightning, hail, wind, water, and more. Proper insurance also includes a liability coverage that protects the renter or owner if someone other than themselves sustains any injury within the building and decides to file a lawsuit against the owner or renter.
In most cases, a property insurance policy will not cover water damage resulting from standing water, groundwater seepage, sewer backups, drain backups, hurricanes, and floods. Damages caused by insurrections, terrorism or any other acts of war, earthquakes, and mold may also not be covered. Losses resulting from such events can be covered by policies sold individually separate from the property insurance package.
All-Risk Insurance or Named Peril?
All-risk insurance and named peril are the two main types of property insurance offered in North Carolina. Some insurance providers refer to them as comprehensive policy and open peril policy respectively. Essentially, an all-risk property insurance policy covers all types of risks except a few excluded perils while the named peril policy only covers risks listed explicitly in the policy.
Both types of coverages have their pros and cons, but that is contingent on your location. Many homeowners prefer the all-risk policy as it eliminates duplication and overlap in coverage. If you are in Goldsboro, NC and would like more information on property insurance, get in touch with us at Wayne Realty & Insurance Co., Inc.