For Property Insurance – What is the Difference Between Open Perils and Named Perils?

Property insurance has some basic concepts that are used to create different types of insurance policies that are distinct from each other. To understand the protection offered by property insurance, it is important to understand the difference between policies based on a legal structure that identifies “named perils” and a policy based on a legal structure with “open perils,” which are covered with exception of exclusions.

Types of Perils

The word “perils” is a legal term for the types of risks. Examples of these risks are damage to a property caused by fire, vandalism, and natural disasters and so forth. When a property insurance policy covers only “named perils,” there is a section in the policy contract that specifies the exact risks, which are covered. If the language describing a specific peril is not in the policy then there is no protection for that risk.

With an “open perils” style policy, all perils are covered except those that are specifically excluded. If a peril is not described in the policy and there is no specific exclusion language for that peril, then the insurance will provide protection.

It is important to carefully read the details of the perils that are covered and the exclusions that are not covered to get a clear idea of the protection offered by a property insurance policy. By carefully checking these details, it is possible to discover gaps in coverage that might need protection with additional insurance.

Understanding Policy Language

This policy language can be a bit tricky to understand and may cause confusion. For example, damage caused by a hurricane may be a covered peril; however, water damage caused by a storm surge that floods the house may be excluded as flood damage.

It is best to work with your insurance agent at Wayne Realty & Insurance Co Inc. serving Goldsboro, NC and the surrounding area to understand what perils are named in the policy, what the exclusions are, and the extent of the meaning of the legal language.

Contact your agent at Wayne Realty & Insurance Co Inc. in Goldsboro, NC by calling 919-735-1341 to get a quote for property insurance.

Why Should I Get Home Insurance?

Buying a home can be a great idea for someone that is looking for long-term investment and property to live in. When you are going to purchase a home, you should consider getting a quality home insurance policy. There are several reasons why you should get home insurance on your property. 

Protect Yourself

The primary reason why you should get home insurance for your property is that you want to protect yourself. Buying a home in the Goldsboro, NC area is a big investment. Along with that investment, you need to do everything you can to protect yourself and your asset. A full home insurance policy will provide you with a lot of different types of coverage that will protect your home, personal belongings, and give you peace of mind through a liability insurance policy. 

Legal Compliance

Another reason why you should get home insurance is that it will provide you with legal compliance. When you purchase a property and take out a loan the lender will likely require that you carry a quality home insurance policy at all times. Additionally, if you purchase in a condo development, you may need to carry home insurance as well. Having a policy will ensure you are in compliance with these legal requirements. 

If you want to get a home insurance policy for your home in the Goldsboro, NC area, you should speak with the team at Wayne Realty & Insurance Co Inc. when starting your search. Picking the right home insurance policy can be quite complicated. When you work with the team at Wayne Realty & Insurance Co Inc., the entire process can be much easier. They can help you to better understand your home insurance needs and help you get into a great policy. 

Does Commercial Insurance Include Business Interruption?

It’s vital that you protect your business in Goldsboro, NC from disasters and liability. There’s nothing worse than a disaster happening that causes you to close your business for a few days, weeks, or even longer. If you have to vacate the premises, it’s identified as business interruption.

How does this help my business?

Commercial insurance varies dramatically. Wayne Realty & Insurance Co., Inc. is here to help you with your commercial insurance. Since not all policies are the same, we’ll make the comparisons for you. If you need more than what’s included, we can identify the necessary riders.

The average commercial insurance policy focuses on liability for you, your employees, and your customers that could enter your property. However, you can choose to add business interruption insurance to your policy.

With coverage for business interruption, you can be compensated for lost income when you have to vacate the property. This means that if there’s a flood, a fire, or something else that is preventing you from opening your doors, you would be covered. It can make it easier for you to stay financially afloat during a major disaster. Without the coverage, it could mean having to close your doors, possibly forever.

It’s always important to review what a policy does and doesn’t cover. You never want to make assumptions about what is included as it could end up costing you your business. If a disaster strikes, you want to be able to file a claim with confidence knowing that the insurance company will take care of you. The only thing you should pay out of pocket for is the deductible on your policy.

Contact one of our independent insurance agents at Wayne Realty & Insurance Co., Inc. to learn more about commercial insurance. We’ll show you how to get a policy that provides you with all of the coverage that your business needs in Goldsboro, NC.


Do You Really Understand Umbrella Insurance?

You may have heard of umbrella insurance, but you may be unsure of exactly what it is. Here are a few basic points to get you started from Wayne Realty & Insurance Co. Inc. in Goldsboro, NC.

What is Umbrella Insurance?

Umbrella insurance is an add on to your current insurance policies. This type of add on is used in the events that you are held liable for something in amounts which exceed your current coverage. Umbrella insurance can cover any liability whether it deals with automobiles, homes, property, or businesses. 

Why Would I Need Umbrella Insurance?

Although most insurance policies attempt to plan for liabilities in a way that the customer would not need to spend money out of pocket, there are instances in which the amounts of the liabilities exceed the amount of the coverage. This happens in instances of severe auto accidents, severe accidents involving your home or property, or severe incidents involving your business. 

Umbrella insurance is most beneficial to individuals who are at risk of liability claims. This mostly includes individuals who have a large property, especially property on which events take place or in which large groups often gather, individuals who host gatherings, have pools, trampolines, or other recreational items that can cause injury or individuals who provide products or services to the public. 

It is important to note that even individuals who do not fall into these categories could benefit from umbrella insurance because any type of accident covered by your homeowner’s policy or auto policy could exceed the coverage amounts. When this happens, you would be responsible for the difference out of your own pocket. This could mean financial devastation for your family. 

If you would like to learn more about umbrella insurance, please contact one of our friendly staff at Wayne Realty & Insurance Co. Inc., serving Goldsboro, NC, and surrounding areas. 

Improve Your Employee Benefits Package With Group Health Insurance

Are you a business owner in the Goldsboro, NC area? Are you looking for ways to enhance your employee benefits package? Purchasing group health insurance is a way to attract and retain quality employees. Health insurance policies generally cover medical costs such as hospital visits and doctor visits. Prescription coverage is also a common incentive for health insurance. If you are interested in such a policy, Wayne Realty & Insurance Co., Inc. has a policy for you.

Attract Quality Employees

In today’s job market, businesses within all industries are competing to attract quality employees. Businesses are only as successful as their employees, and recruiting quality talent requires an investment. These employees look beyond salary requirements and seek out benefits packages. With healthcare being one of the top benefits sought by potential employees, this is an important benefit to offer. Show potential employees that you plan to invest in them and their families by offering more than a handsome salary.

Retaining These Employees

Maybe your business already employees those that you find to be invaluable and would like to keep. Unfortunately, not offering a competitive benefits package can have these employees on a job search for a similar position with a group health insurance option. Staying competitive in your industry and offering this benefit can keep them with your company and not seeking other employment. Looking for quality employees can be more of a cost to your business than the investment of health insurance. 

Get Your Policy & Keep Your Best Employees Today!

If you are seeking a quality group health insurance policy for your employees, look no further than Wayne Realty & Insurance Co., Inc. Proudly serving the Goldsboro, NC area, our agents will help you develop the best policy for your employees and your business. Contact one of our agents today for a consultation. 

What is Commercial General Liability Insurance?

Owning a business can be both exciting and difficult and can cause many issues if you do not have the right types and amounts of coverage. Knowing what you need to have in order to keep your business covered is a must, and the helpful agents of Wayne Realty & Insurance Co., Inc. in the Goldsboro, NC area can help.

Knowing what type of coverage you need for your business can be difficult, a great place to start however is with commercial general liability coverage. Knowing what this coverage is can help you determine if you need more coverage on top of what is considered to be a general liability. Commercial General Liability Insurance is coverage that protects businesses and business owners from things like the bodily injury of employees and patrons, property damage, damage to your building, theft, and personal injury. These coverages can vary, and you can add more or take coverage away until you find the right balance for your business.

If you are looking to add commercial general liability insurance to your business, it is always helpful to speak with an agent to see just what type of coverage you can buy and what type of coverage you may need. Individual businesses require different types of coverage and may lead to a very customized policy. You should take the time to make sure that your coverage is as customized and specific to your business and the individual needs of your business as you can. This is going to help you make sure that you are going to be fully covered and that your business is protected from all eventualities.

For those in the Goldsboro, NC area, the helpful agents with Wayne Realty & Insurance Co., Inc. can help.

Most common property insurance claims in North Carolina

As a homeowner in the Goldsboro, NC area, it is imperative that you purchase a comprehensive property insurance policy that adequately protects you in the event of property damage. When considering a property insurance policy, one often thinks about significant event claims, such as a tornado, but it is also essential to make sure you are covered for the most common type of claims in North Carolina. A specialist at Wayne Realty & Insurance Co., Inc. would be happy to meet with you to discuss and make sure your policy has coverage for these types of claims.

On the top of the list is property damage caused by wind. Wind can be a destructive force, so you need to make sure you have coverage to help repair damage caused from wind such as a replacing the roof or damage from a fallen tree.

Water damage also tops the list of most common claims; however, water damage is not always caused by rising water. Some of the most common and most expensive water damage claims often come in the winter from bursting pipes.

Although the chance of a person being struck by lightning is very low, property damage caused by lighting is another top claim made under property insurance policies. Lighting strikes can cause much more damage than causing a tree to fall on your home. When lightning strikes a home, it can cause a power surge which can lead to severe damage to your electrical systems.

Fire is also on the top of the list for property insurance claims. Fire not only destroys property but the smoke damage caused as a result can become extremely difficult and costly to repair.

If you are a homeowner in the Goldsboro, NC area, please reach out to an insurance specialist at Wayne Realty & Insurance Co., Inc to review your current property policy to make sure you are appropriately covered for the most common loses.


Home Insurance and Alarm Systems Provide Total Protection

Are you looking for additional ways to protect your home in the greater Goldsboro, NC area?

The team at Wayne Realty & Insurance Co., Inc. are here to help you find the peace of mind that comes with knowing that you, your family, and your home are fully protected! A top-rated alarm system can protect your family and also have a positive effect on your homeowner’s policy. Consumers who opt for the full protection of a state of the art alarm system as well as the appropriate coverage provided by a comprehensive home insurance policy, have a lot less to worry about when keeping their families safe!

Why You Need an Alarm System

Today’s alarm systems allow you to monitor your home remotely, whether you are at work or on an extended vacation. These systems also protect you and your family from unseen dangers like carbon monoxide and smoke. If you want to sleep soundly, having an alarm system in addition to your home insurance policy will do the trick! In the unfortunate event that there is a fire or burglary at your home and you are unable to call for help, your alarm system can notify the proper authorities for you. Cameras, motion detectors, sensors, and protection from smoke, fire, and carbon monoxide are included in today’s most basic systems which can even be self-installed. Don’t let your family be at risk to a home break-in or other disaster that can be prevented by an alarm system. And in the event that the unspeakable does happen, your insurance agent will be by your side throughout the claims process.

Interested in learning more about your home insurance options in the greater Goldsboro, NC area? Contact Wayne Realty & Insurance Co., Inc. today!

3 Reasons to Buy Commercial Insurance in Goldsboro, NC

Do you own a business in Goldsboro, NC?

If so, then you need to protect this asset from anything that could happen in the event of theft or disaster. To do this, you need commercial insurance from a trusted insurance company to handle any bumps that occur down the road. While most events cannot be anticipated (and the reason why companies need insurance in the first place), there are some common reasons that business owners opt for commercial insurance to protect their business. Read on to learn about three of these reasons here:

1.  Protection from a Lawsuit

A business can be sued for many different reasons. For example, if you own a restaurant and someone gets food poisoning, they could sue you. If you own a retail shop and someone slips and falls on the floor resulting in injury, they could sue you. If you own a delivery business and one of your drivers is involved in an accident that was his fault, this could lead to a lawsuit. With commercial insurance, however, you are protected in the event your business is sued.

2. Inventory Protection

If your business has a large amount of inventory, you will want to protect it. If something were to happen, such as a robbery, and all your inventory is lost, this could leave you bankrupt. However, by acquiring commercial insurance in Goldsboro, NC, you can rest assured your inventory is protected.

3.  Employee Protection

If your business has employees, you’ll want to protect them, as well. Injuries can happen on the job, and with commercial insurance, both your employees and your business is protected. 

At Wayne Realty & Insurance Co., Inc., we serve the Goldsboro, NC community by helping your business find a reliable commercial insurance policy for any situation. To learn more about protecting your business, contact the team at Wayne Realty & Insurance Co., Inc. today.

3 ways that umbrella insurance can help you

Umbrella insurance is often viewed as an option instead of a necessity. Some indemnity policyholders believe that their standard assurance plans are enough to get them through any rough spot in life. In actuality, though, the average assurance policyholder is under-insured and only learns of his situation when tragedy strikes.

Imagine relying on your homeowner’s insurance plan to pay for your destroyed laptop only to learn that your policy does not cover flooding in the patio area. The financial burden that comes with rejected claims in Goldsboro, NC is a thing of the past for those who have the added protection of an umbrella plan. The experts at Wayne Realty & Insurance Co., Inc. can tell you more about this indemnity option. Read on to get a quick synopsis!

What is umbrella insurance?

An umbrella insurance plan is one that covers events that your standard indemnity plan leaves out. Those with automobiles and homes find umbrella plans especially helpful in instances where the policy limits of their standard assurance contracts would lead to financial losses. It is when the terms of your traditional insurance policy are not enough that an umbrella insurance plan becomes a life-saver.

Three instances where an umbrella insurance policy would help

The first instance where an umbrella insurance plan would be keen is when your dog escapes the backyard and bites the neighbor’s kids. Vicious dog attacks cost homeowners upwards of $600 million in 2016, and few homeowner’s insurance policies covered the attacks. You are stuck to pay medical expenses as well as other fees strictly out-of-pocket without an umbrella insurance plan.

Another area where the added assurance policy helps is with kids. You, as a parent, are legally responsible for the actions of your children. This means that the financial cost of your son injuring one of his classmates in a fight falls on your shoulders. Wouldn’t it be nice to have an insurance plan that pays for medical bills so that you do not have to rearrange your already tight budget? Umbrella Insurance is your lifeline in Goldsboro, NC.

Many people invest in an umbrella plan in addition to carrying homeowner’s insurance because of the many things that can go wrong with property ownership. Inclement weather during the winter months can leave your roof compromised to the extent of the residence being uninhabitable. An umbrella insurance plan can ensure that you have adequate funds for temporary relocation.

Wayne Realty & Insurance Co., Inc. understands the reality of the unexpected occurring at the most inopportune time. Let us help you find the umbrella insurance policy that works best for your situation.