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Back You are here: Home Columns Weekly Columns Auto and Home Insurance 101 Auto and Home Insurance 101 for August 14, 2013

Auto and Home Insurance 101 for August 14, 2013

WHAT ABOUT FLOODS, EARTHQUAKES AND OTHER CATASTROPHES? ARE THERE OTHER EXCLUSIONS?

Steve Bowman, Property & Casualty Insurance Broker

Flood and earthquake damage are not covered by a standard policy.
If your home is located in a flood-prone area, you are 26 times more likely to suffer flood loss than fire loss.
If you live in a North Carolina Flood Zone, you should cover your home and personal property with flood
insurance. If your home is  mortgaged, you are required by the lender to have flood insurance. Other exclusions you should know about are as follows: Neglect, intentional loss, general power failure and damage caused by war.
If you neglected  to care for your property (e.g.,leaky roof) you may not be covered. 
Another exclusion that can be costly is Ordinance or Law exclusion. Building codes  established by government bodies that drive up the cost of rebuilding or repairing after loss occurs may not be covered for the full price.
Example: wiring, Even if you live in a fairly new home, laws and building codes are constantly being updated. 
Coverage to include ordinance or law requirements can be added to your homeowner’s policy with an endorsement- an addition that could save you money in the long run.

From the office of: Steve Bowman, Property & Casualty Insurance Broker, 106 K Ave. Kure Beach, NC 28449 : Phone 910-458-1164 : 800-542-2502 : Fax 910-458-7311
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