Why are Additional Living Expenses Important in Home Insurance?

ALE Coverage: Essential Addition to Homeowners Insurance Policies

Additional Living Expenses (ALE) coverage is an integral component of home insurance policies in the Goldsboro, NC, area. By reimbursing homeowners for expenses incurred while living away from a damaged home, ALE coverage provides financial protection and peace of mind during crisis situations.

ALE Coverage Demystified

ALE coverage assists homeowners affected by a covered event such as a fire, natural disaster, or extensive damage from a burst pipe that renders their home uninhabitable. This coverage remunerates everyday expenses including temporary lodging, meals, transportation, and pet boarding fees.

Financial Aid During Crisis

Securing alternative housing can be daunting during a variety of crisis situations, from house fires to severe storm damage. ALE coverage offers financial support to homeowners for securing temporary accommodation and covering associated expenses, freeing their focus on rebuilding and recovery efforts.

Ensuring Safe Accommodation

Particularly useful when friends or family aren’t nearby to offer shelter during emergencies, ALE coverage guarantees access to safe and comfortable accommodation as homeowners wait for their homes to be repaired or rebuilt.

Maintaining Normalcy Amidst Displacement

During challenging times, ALE coverage assists in preserving normalcy by covering everyday expenses such as meals and transportation. This can go a long way in alleviating the emotional and financial impacts of displacement.

How Wayne Realty & Insurance Co Inc. Can Support You

If you have any queries surrounding home insurance, Wayne Realty & Insurance Co Inc. is here to help. Serving the Goldsboro, NC area, give us a call today for professional assistance.

Be Sure the Property Insurance Covering Your Business Has These Features!

Wayne Realty & Insurance Co. Inc. is proud to serve the insurance needs of the Goldsboro, NC area business community. If you’re a business owner or operator with questions about property insurance, we’re here to answer them. Protecting your company is important, and having the right property insurance policy is the first step to do so. Don’t put off a full insurance portfolio review any longer. Contact our office today to schedule your consultation.

Make Sure You Have the Right Property Insurance

The right property insurance can help protect your business from many losses. Fire, theft, and natural disasters are all coverage options to look for in your policy. Other features to consider are business interruption protection, key-man coverage, and commercial fleet insurance. Every company is different, so work with your agent to determine which features your policy needs to include.

The right insurance policy can help your company bounce back from a covered catastrophic event that could otherwise wipe out all of your years of hard work. Don’t wait until a loss occurs to review your policy. Sit down today with your specialized agent to get a clear picture of your insurance needs and which policy is the right choice to meet them. 

Contact Wayne Realty & Insurance today to schedule a consultation.

Business owners and operators in the greater Goldsboro, NC area can rely on the team at Wayne Realty & Insurance Co. Inc. for all of their property insurance needs. Now’s an ideal time to review your current policy for completeness. Our team is here for you! Schedule a consultation today to learn more about the property insurance policy options available in the greater Goldsboro area.

Home Insurance Coverage Options

The home insurance agents at the Wayne Realty & Insurance Co Inc. in the Goldsboro, NC area want homeowners to understand the importance of insurance to cover the considerable investment they have made in their beloved homes.

What Does Home Insurance Cover?

A home insurance policy will cover your home’s structure and any attached outbuildings. This can include decks and garages.

When it comes to your personal belongings, home insurance will help you replace those if your home is damaged or destroyed by a natural disaster, a fire, or an act of vandalism. Some of your personal belongings will include your clothing and toiletries, but they will also incorporate furniture and appliances that you have purchased for your home, as well as furniture.

If your home is burglarized, most home insurance policies will help you replace stolen items. A home insurance policy will also protect you from lawsuits if a visitor to your home falls and is injured or becomes injured in some other way while on your property.

You can add amendments to your home insurance policy to cover earthquakes and flooding since those are not automatically included in a home insurance policy. You can also include some other outbuildings, such as barns or sheds. You can accomplish this by speaking with a trusted home insurance agent who can assist you in creating the best policy for you and your situation.

If you owe money to a lender on the mortgage on your home, you must have a home insurance policy in place. Even if your house is paid off, you should have home insurance in case of a catastrophe.

Contact Wayne Realty & Insurance Co. Inc.

Call upon the trusted and experienced home insurance agents at the Wayne Realty & Insurance Co Inc. in the Goldsboro, NC area today to start your policy!

Three potential financial disasters you can avoid with umbrella insurance

Umbrella insurance gives consumers more peace of mind. Although your home and auto insurance may cover lawsuit costs you face in many cases, these insurance policies have maximum limits. Umbrella insurance covers you if you face a liability situation where you are required to pay more than your home and auto insurance will offer. 

Wayne Realty & Insurance Co Inc. is an insurance provider in Goldsboro, NC offering umbrella insurance coverage. The following are three potential financial disasters you can avoid with umbrella insurance. 

High legal fees that you can’t afford

If you become embroiled in a lawsuit, you will likely have to pay a lot in legal costs to defend yourself. Fortunately, the umbrella insurance coverage will pay for your legal bills if you get involved with a lawsuit resulting from various possible liability issues. 

Loss of retirement savings

Without umbrella insurance coverage, your retirement savings could be at risk. Certain types of retirement savings will not be protected from seizure if you are ordered to pay damages due to a lawsuit. The loss of your retirement savings can delay a comfortable retirement or make you less financially stable once you finally can retire. 

Loss of your assets to cover damages you have to pay to another party

You’ve worked hard to accumulate wealth and assets throughout your life. A liability lawsuit can set you back significantly by leading to a large-scale loss of assets. Umbrella insurance coverage will protect your assets even if you face a costly lawsuit. 

Let us assist you with finding umbrella insurance coverage. Consumers in Goldsboro, NC can protect their finances and avoid financial disasters with umbrella insurance from Wayne Realty & Insurance Co Inc. Contact us for an umbrella insurance policy quote. 

How Does Property Insurance Differ From Homeowners Insurance?

Here at Wayne Realty & Insurance Co Inc, serving the greater Goldsboro, NC area, we get a lot of questions about property insurance. Property insurance is not a term that many people are familiar with. However, property insurance is a lot like home insurance. Once people hear this, they often wonder how property insurance differs from home insurance. Read on to learn more about some of these differences. 

How Does Property Insurance Differ From Homeowners Insurance?

Homeowners insurance is designed to protect your home. In some cases, it may protect other buildings on a property, such as a garage or a shed, but it does not always protect all buildings on a property. On the other hand, property insurance is designed to protect all buildings on a piece of property. This may include farms that have storage sheds, barns, silos, and a farmhouse or may consist of homes that have pool homes or mother-in-law homes on the same property. 

What Types of Buildings Can Be Insured By Property Insurance?

Property insurance is designed to cover multiple buildings that are on one property. Many different types of buildings can be covered, including homes, cabins, pool homes, sheds, storage buildings, barns, and garages. If a structure is built to code and has the proper building permits, it can be covered with a property insurance policy. 

As a property or homeowner, you need to ensure that you have the right insurance at all times to protect the investment you have made in land and buildings on that land. At Wayne Realty & Insurance Co Inc, serving the greater Goldsboro, NC area, our team of insurance agents work hard to answer questions and help clients find the right insurance product for their needs. Reach out to us today to discuss your insurance needs and how we can help. 

Do You Have To Add A New Utility Structure To Your Property Insurance Policy?

That Tool Shed You’ve Been Eyeing Is Finally Yours!

You’ve decided to purchase that tool shed. Do you have to call your insurance agent to inform them of the new structure on your property? The short answer is no. Most homeowner’s policies include coverage for other structures. The professional staffers at Wayne Realty & Insurance Co Inc. will be happy to go over this question with you. Staffers there understand the mandates of the state of North Carolina, along with Wayne County and Goldsboro.

Though other structures are categorically covered on your homeowner’s insurance policy, it’s good to have a professional review it with you. If you purchased your home and it did not have another structure on the property, it’s possible the category"B" for "other structures," which is on a standard policy, is not a part of your policy. You may have opted not to include this in your policy because you did not have another structure on your property.

New Utility Structure? This is a Great Time to Review your Home Insurance Policy

Contact the professionals at Wayne Realty & Insurance Co Inc. Many residents of Goldsboro, NC, and the surrounding areas have decided to make this reputable agency their place for all insurance matters.

You can find more information about this topic and many other exciting aspects of your home insurance policy in the Consumer’s Guide to Home Owners Insurance issued by the North Carolina Department of Insurance.

Contact our office at Wayne Realty & Insurance Co Inc. We will help you understand your policy and ensure that you have coverage for your shed, utility structure, or garage on your property. If you are looking for a new policy, we can help with that. 

How Much Home Insurance do In Need?

Investing in home insurance not only protects your property but your family as well. So, you need to ensure you are carrying the right amount of insurance to give you optimal coverage when the unexpected occurs. That said, what’s the amount of home insurance coverage you should carry? It’s not a straightforward answer because homeowners are different. However, Wayne Realty & Insurance Co Inc. of Goldsboro, NC, guides you to help shop for home insurance sufficient for your needs.

The amount of dwelling coverage required

Home insurance protects your structure against fire, theft, falling objects, natural disasters, and other risks stated in your policy. While home insurance isn’t mandatory in North Carolina, it may be required by your mortgage lender. And the lender expects you to purchase home insurance that’s more than the mortgage amount at any given point.

Your lender’s home insurance requirements should only act as the base upon which to build. As a rule of thumb, purchase home insurance that can finance rebuilding your house from scratch. Simply said, sufficient dwelling coverage shouldn’t be less than the replacement value of your home.

How much personal contents coverage do I need?

This depends on you. Do you want the actual cash value offered by most insurance companies or a replacement value that ignores the depreciation factor? Remember that both are subject to deductibles and limits. We recommend using the replacement cost to ensure you don’t incur significant out-of-pocket expenses when filing a claim.

How much personal liability is enough?

Most insurers provide a default home insurance liability of $100,000. While it may seem like it’s a lot, it’s likely to fall short when faced with significant liability claims. Consider increasing your liability coverage to $300,000 or consider umbrella insurance if you are a high-net-worth individual.

Want more guidance on home insurance? Why don’t you talk to Wayne Realty & Insurance Co Inc. of Goldsboro, NC? We have an experienced insurance team that will offer comprehensive guidance on everything you need to know about home insurance.

Is home insurance needed in North Carolina?

When you are going to move to Goldsboro, NC it is likely that you will find there are a lot of options for housing. For many that are in this area, owning a property is a good long-term option. Those that are property owners will enjoy a variety of short and long-term benefits. If you would like to be a property owner here, you should consider getting proper insurance for it. There are several reasons why you are going to need a home insurance plan here.

Insurance is Required by Mortgage Lenders

A reason that a lot of people need to get proper insurance for their home is that it is required by mortgage lenders. Anyone that would like to finance the purchase of their home with a bank loan is subject to ongoing insurance requirements. In many cases, the lender will require that you escrow your payments to ensure you stay fully covered.

Insurance is Needed to Protect Home

There are some situations where people will not have mortgage lender insurance requirements. However, having proper coverage should still be considered a necessity. With a home insurance plan, you will be able to protect your dwelling and personal assets while also getting liability coverage. This can make a policy a great investment for you going forward.

As you are looking for a new home insurance plan in the Goldsboro, NC area, it would be a good idea for you to call Wayne Realty & Insurance Co Inc. There are a lot of important choices that need to be made when picking a new policy and Wayne Realty & Insurance Co Inc. can make it easier for you. The team can help you assess all of your needs and options so you can pick an appropriate policy. 

When is Home Insurance Required in North Carolina?

Those that live in the Goldsboro, NC area should consider purchasing a home to live in. There are many long-term benefits that come when you own a property in this town. If you are going to purchase a home, you should carefully consider your home insurance needs. There are several situations when having home insurance will be a requirement for you to carry. 

When you Have a Loan

One situation when having home insurance is required for your Goldsboro, NC area home is if you have a loan out against the property. A home insurance policy is important for anyone as it will ensure you have the ability to rebuild or replace your home if it is severely damaged. In some situations, it can also be used to pay off the mortgage. Due to this, your lender will require that you have home insurance to ensure the collateral is protected. 

Association Rules

Another situation when you may be required to have home insurance is if you live in a home association. Most home associations have some stipulations that require you to have home insurance. The home associations may want you to have this because it will ensure you can rebuild your home if it is damaged or covers a claim if you were negligent and cause damage to another person’s property.

There are many reasons why someone in North Carolina will want to have home insurance. If you believe that you need to have insurance on your home, you should contact the team at Wayne Realty & Insurance Co Inc. for your insurance needs. The insurance professionals at Wayne Realty & Insurance Co Inc. can evaluate your needs and help you to find a policy that provides you and your home with the right protection. 

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.