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. 

Why basic auto insurance may not be the right choice for you

You may feel that getting the very least amount of auto insurance you can legally get away with is a good idea. It might be for you, but there is no guarantee that you won’t be sorry if you have an accident. At Wayne Realty & Insurance Co Inc. in Goldsboro, NC, we ask the right questions to determine the right auto insurance for each of our customers. 

In North Carolina, basic auto insurance is liability only. What you must carry is 30/60/25. That means you must have $30,000 in bodily injury coverage for one person hurt in an accident and $60,000 for all injuries related to that accident. You also must have $25,000 in coverage for damage you may do to a property. 

This is enough liability coverage if you don’t have a lot of personal wealth. If you have assets, you may want to consider a higher liability level to protect yourself. Another consideration is whether or not you have a car loan or are leasing your vehicle. You will be required to have collision and comprehensive coverage to protect the car, which is not yours. 

Once you pay off your car loan, you’re not required to have full coverage, but is that a good choice for you? Maybe not. If, like most Americans, you need a vehicle to drive to work, go shopping, and do the activities that are part of our daily lives. If you are responsible for an accident or your vehicle is the victim of a hit and run, would you have the ready funds to make repairs? If the answer is no, you may want to have full coverage. 

Contact Wayne Realty & Insurance Co Inc. in Goldsboro, NC to discuss your auto insurance needs. 

What Is a Catastrophic Health Insurance Plan?

Life isn’t always predictable. You could be in the best of health today and experience a significant health event tomorrow. That’s why it’s essential to have health insurance that will cover you in an emergency. If you live in Goldsboro, NC, Wayne Realty & Insurance Co Inc. will help you compare different plans, including a catastrophic policy.

What Is a Catastrophic Health Insurance Plan?

A catastrophic health insurance plan is a type of health insurance that provides coverage for medical expenses related to accidents or illnesses that are considered life-threatening. Catastrophic health insurance plans typically have high deductibles. You’d have to pay for most of your medical expenses before your insurance would kick in.

If you are considering a catastrophic health insurance plan, there are a few things to keep in mind:

  • Ensure your plan meets the minimum requirements for coverage under the Affordable Care Act (ACA). 
  • Decide how much coverage you need and whether you want additional benefits such as prescription drugs or mental health coverage. 
  • Compare the costs of different plans to find one that fits your budget.
  • Review the plan’s terms and conditions to ensure you understand what is covered and what is not.

Catastrophic health insurance plans can help care for high medical costs if you experience a significant health crisis. However, short-term health insurance might be an option if you’re healthy and don’t think you need major medical coverage. But it’s good to be safe than sorry.

Wayne Realty & Insurance Co Inc. can help you weigh your options and find the perfect health insurance plan for you and your family. If you’re in Goldsboro, NC, give us a call today!

FAQs about commercial insurance

Owning a business has risks, and there is not much you can do except try to protect yourself with commercial insurance. Each company has its own set of risks, and having an insurance agent who understands your type of business is essential. Wayne Realty & Insurance Co Inc. in Goldsboro, NC has a team of experts who can help you to choose the correct elements for your commercial policy to maximize your protection. 

Should I have commercial property insurance for my business if I don’t own the building?

Commercial property insurance covers a lot more than just the building. It will cover the building if you own it, but if you are a renter, it will cover everything you use to do business. It covers machinery, office equipment, records, inventory, raw materials, display units, and tools. Whatever your particular business uses. 

Do I need workers’ compensation insurance in North Carolina?

If you are an employer with three or more full or part-time employees in North Carolina, you are required to protect your employees with workers’ compensation insurance. 

Is commercial insurance necessary for home businesses?

Yes, it is. You’re mistaken if you think your home property insurance will be adequate for all your business property. Your home liability coverage will not protect you if someone is injured while visiting you on business. You also can’t use your personal vehicle to do business; it needs a commercial auto policy. 

Is business interruption insurance worth it?

It can mean the difference between surviving a hazard and closing your business. But, you need to read the exclusions, and what types of hazards are covered to determine if the coverage will be of value to you. 

Contact Wayne Realty & Insurance Co Inc. in Goldsboro, NC to help choose the perfect coverage for your business. 

Reasons Why You Should Get Umbrella Insurance

Umbrella insurance is arguably the most important type of personal liability coverage that you can get in Goldsboro, NC. Why do you need to pay for another liability insurance coverage yet already have regular liability coverage? Umbrella insurance covers liability that exceeds your homeowners, renters, auto insurance coverage, or liability that isn’t covered by these policies. Here are reasons you need umbrella insurance:

1. If You Live With Inexperienced Drivers in Your House

Handing your car keys to an experienced driver such as a teenager requires a lot of faith. This is because their inexperience can result in nasty accidents with many injuries to persons and a lot of property damage that exceeds your auto insurance policy limit. Umbrella insurance will pay for the above-the-policy limit costs of medical bills and property damage that you would otherwise pay out of pocket.

2. If You Have High-Value Assets or Significant Savings

The more high-value assets like property and significant savings you have, the more you are bound to lose in case of a lawsuit. Substantial savings and high-value assets make you a target of nefarious lawsuits from unscrupulous persons. Getting umbrella insurance in such a situation means that your high-value assets and savings are protected from being used to settle a lawsuit. Wayne Realty & Insurance Co Inc. usually advise our clients to get umbrella insurance to protect their wealth.

3. If You Keep Certain Dog Breeds

Although we like to keep dogs as pets, they still have their natural predator instinct. Certain dog breeds like Pit Bull, German Shepard, and Rottweiler are highly aggressive and can viciously attack your neighbors and even passers-by and injure them badly. Umbrella insurance will cover such liability as it isn’t covered under the homeowners’ policy. 

Contact Wayne Realty & Insurance Co Inc. for the best umbrella insurance deal in Goldsboro, NC.

Understanding commercial general liability insurance

Wayne Realty & Insurance Co Inc. is proud to serve the greater Goldsboro, NC area business community. If you have questions or concerns about insurance for your company, let’s set up a meeting today. We look forward to working with you!

What you need to know about commercial general liability insurance (CGL)

There are different levels of CGL that can help your company protect itself from liability. For example, if you opt for Premises Coverage, you are protected if someone is injured or damage is caused due to business operations that occur at your location. It can also be expanded to include damage caused by off-site operations or a product or service at a different location.

Other entities and individuals can also be added to the policy as a named insured. Excess liability protection comes into play if a claim exceeds the policy level of the primary CGL policy. This can also help when the primary policy does not provide certain coverage, such as wrongful termination cases.

As you can see from this brief description, having a CGL is an effective way to protect your firm from liability risk. If your company is growing, it is also likely that the amount of risk exposure it faces is also increasing. Having a CGL policy may not have been something you considered when your company started out, but it may be necessary now that your firm is more established. 

Let’s work together to protect your company!

Goldsboro, NC area business owners count on Wayne Realty & Insurance Co Inc. for their insurance needs. If you need to add a CGL policy to your current insurance portfolio, call us today. We look forward to seeing you soon.

Why liability coverage is so important for business owners

Business owners in the Goldsboro, NC area can consider the team at Wayne Realty & Insurance Co Inc. as their insurance partners. We are here to help our community protect all of their hard work and dedication.

The importance of liability coverage for business owners

Having a comprehensive commercial policy that includes an appropriate amount of liability protection is a foundational requirement for protecting your business. Think about it, just one frivolous lawsuit can create a situation that could potentially end your business!

Because of the reality of our litigious society, it’s essential to protect yourself. When you have the liability coverage you need, you can focus on your business and keep it running successfully. We are here to help you achieve just that!

Liability insurance can protect you in several ways, from lawsuit concerns to employee issues down to product problems or recalls. This is just a small set of examples where a company can be held liable for damages and suffer a financial loss. Rather than thinking that you have the coverage you need, wouldn’t it be much better to know for sure?

A comprehensive review of your current commercial policy can help you identify any gaps that you may have in your coverage. And, it’s always better to address a situation before it becomes a problem! Now is a perfect time to take a closer look and ensure that you have the liability coverage you need.

Schedule your appointment today

Wayne Realty & Insurance Co Inc. is here for business owners in the greater Goldsboro, NC area. If you would like to learn more about how liability coverage can help protect your business, give us a call today. We look forward to working with you!

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.

5 Items to Review in Your Commercial Insurance

A smart CEO is always rechecking the numbers and making adjustments to keep their company moving forward, whether they’re on Wall Street or starting up a new small business in Goldsboro, NC. These 5 steps are guidelines for how to review your commercial insurance policy.

Your Property and Income

One half of commercial insurance is protecting your company in the case of damaging incidents that slow or stop your business. Knowing how much your company’s property and time is worth will help you adjust your coverage to properly manage the risk.

Your Covered Perils

Basic commercial liability policies are inclusively worded. Only the listed covered perils or damaging events will be recognized in your claim. If you purchase commercial umbrella insurance, it has exclusive wording, so anything not mentioned as an exclusion in the policy can be covered once your other insurance is tapped out or after a small amount similar to a premium if no other policies apply.

Your Fleet of Vehicles

Commercial auto insurance is covered separately from the rest of commercial insurance, so you may need to expand your policy if you pick up a company car or get a truck to haul your equipment.

Your Workers’ Compensation Needs

Small businesses with only one or two employees are not required to have workers’ compensation insurance, but companies that have more than that will need coverage. Even if you aren’t required, workers’ compensation is a good idea if your employees are taking on a lot of risks.

Your Alternatives

Shopping around from time to time may get you lower prices or a better suite of benefits. Wayne Realty & Insurance Co Inc. in Goldsboro, NC is always ready to help you review your financial risks and sort through your commercial insurance options.