The post Why Flood Insurance is Essential for North Carolina Homeowners appeared first on Paramount Insurance Agency.

Your Flood Risk Is on the Rise

You might think that living inland means you don’t need to worry about flood damage, but that’s a misconception. Over 25% of flood claims come from homes in low-to-moderate flood risk areas. No matter where you live, your flood risk is increasing. Protect your home with flood insurance; without the right coverage, flooding could damage your home and deplete your finances.

Don’t Get Financially Soaked

North Carolina frequently experiences severe weather, including hurricanes, tornadoes, and violent storms. However, many people are unaware that flooding can happen anywhere, even if you live far from the water. Without proper insurance for flood damages, you could face significant financial losses.

The average flood claim for a home in a low-to-moderate flood zone exceeds $25,000. Paying this amount out of pocket could be financially devastating. Your N.C. homeowners insurance policy specifically excludes flood damages, so without flood insurance, you are responsible for any flood-related losses.

Flood Protection is Available

While your N.C. homeowners insurance policy excludes flooding, the National Flood Insurance Program (NFIP) offers flood protection. By purchasing a separate flood insurance policy through your local N.C. independent insurance agency, you can ensure that your home has the flood protection it needs. Flood insurance provides coverage for residential flood losses at a nominal fee and typically includes:

• Building Property
• Contents/Personal Belongings
• Debris Removal
• Additional Living Expenses (ALE)
• Loss of Use
• Mitigating Further Damage
• Removal of Property to Safety

Act Now to Secure Your Protection

Contact your local N.C. independent insurance agent to discuss the details of flood insurance, including limitations, provisions, and time limits. Keep in mind that there is usually a 30-day waiting period for flood insurance to take effect, so don’t wait for severe weather to get the protection you need.

Paramount Insurance Agency is an approved provider of the National Flood Insurance Program and can assist you TODAY with all of your flood insurance needs. Call us at 336-869-3335 to get the right flood insurance protection.

The post Your Flood Risk Is on the Rise appeared first on Paramount Insurance Agency.

Some of the Most Common Homeowner’s Claims

Owning a home means you will inevitably encounter some type of homeowners claim, such as a plumbing issue, damaged property, or theft, to name a few.  Regardless of the unexpected situation, you will be faced with damage to your home or property, some of which can be quite costly.  Knowing some of the most common homeowners claims along with having the right homeowner’s insurance protection is essential to protecting perhaps your biggest investment. 

Helpful Information to Prepare for the Common Homeowner’s Claims’ 

Knowing some of the most common homeowner’s insurance claims won’t prevent them from happening but can help you prepare for those unexpected claims when they do. Below are some of the most typical homeowners claims: 

Wind Damage- Storms, tornadoes, and hurricanes can come up quickly with high force winds that can quickly damage your home.  From flying debris to falling tree branches, your home could sustain extensive damage to your roof, structure or other parts of your home. To reduce the potential loss, make sure you routinely inspect your roof for any weak spots, rotting areas, loose shingles, etc.  Also, it is recommended you inspect overhanging trees/branches that if high winds ensue, your roof will be free from falling branches.  Heavy limbs falling onto your roof can cause substantial damage.  Lastly, make sure you routinely look for any broken windows and if necessary, install storm shutters.  To learn additional tips on tornado, wind, and hurricane safety contact your local N.C. independent insurance agent. 

Hail Damage- Hailstorms may not last long, but when they do, they can create havoc to your home, landscaping, roof, and siding.  Damages add up quickly so taking precautionary measures is essential in the protection of your home.  Routinely inspect your roof for any needed repairs and if you do need a new roof, consider a roof manufactured with more impact-resistant materials.  If you do experience home/property damage because of a hailstorm, then: 

• Document the damages (photos) 
• Contact your N.C. independent insurance agent 
• Mitigate any further damages 

Water Damage- If you haven’t personally experienced this type of homeowners insurance claim, then you probably know someone who has.  Whether it is a burst water heater, pipes, toilet overflow, or appliance issues, it can be one of the more costly types of claims.  Making sure you have regular maintenance on plumbing and appliances can help to avoid these types of potential losses.  It is recommended you contact your local N.C. independent insurance agent to determine what is covered and what is excluded under your N.C. homeowner insurance policy. 

*Note:  Flood is excluded under your N.C. homeowners’ policies and requires a separate flood insurance policy. 

Fire- Fires can result from faulty wiring, appliance issues, fireplaces, portable heaters, and candles and when fire strikes, it can be costly.  In fact, you may lose everything you have.  In an effort to make sure you have adequate N.C. homeowners’ insurance coverage, it is essential to routinely monitor your property and contents coverage to make sure it adequately reflects its current value.  Your local N.C. independent insurance agent can assist you with the right type of insurance protection you and your family deserve 

Theft- Did you know that 75% of all burglaries are residential?  Nobody likes to think of their home being burglarized and their personal possessions being stolen, but it happens all the time.  However, there are ways to reduce the likelihood of it happening, by taking the following pre-emptive measures: 

• Make sure all windows and doors remain locked 
• Landscape around your home so it is visible. Burglars looks for homes that are hidden behind shrubbery/landscaping to hide their invasion 
• Invest in a home alarm system 
• Increase lighting around your home and consider motion detection lights 
• If you go out of town, cut off mail and newspapers 
• Request your neighbors keep an eye out for any unusual activity 

Paramount Insurance Agency understands your needs as a homeowner and our goal is to provide the right type of insurance protection you need.  Feel free to contact us at 336-869-3335 with any questions you may have regarding these common types of homeowner insurance claims.  After all, your home may be your biggest investment! 

The post Some of the Most Common Homeowner’s Claims  appeared first on Paramount Insurance Agency.

Insuring Lakefront Properties

Having a second home on the lake comes with its share of perks such as relaxation, boating, soaking in the sun, and spending time with family and friends.  However, there are risks involved when insuring lakefront properties that must be addressed in order to have the protection you deserve.  If you own another home or are in the market for a second home on the lake, it is recommended you address some specific concerns so that you can optimize the insurance protection along with your investment. 

Considerations to Explore When Insuring Lakefront Properties 

You love spending time at your second home on the lake, especially now and in the coming months, but in an effort to maximize coverage you need to be aware of some typical challenges and find ways to minimize the risk of these hazards occurring.  Below are some key considerations to discuss with your local N.C. independent insurance agent in order to protect your vacation home. 

Water 

Having a house by the water comes with its unique share of issues that may result in an increased risk of damage.  If your second home is near the lake/water, you need to be aware of floods, hurricanes, and severe weather conditions that could result in extensive water damage that could devastate your home and everything in it.  It is recommended you speak with a N.C. local independent insurance agent who specializes in lakefront property insurance so that you can rest assured you have the right type of coverage for your waterfront vacation property. 

Flood 

If you have a second home on the lake/water, you are at risk for flooding.  Keep in mind that flooding doesn’t just target lakefront homes but homes that aren’t even in a “high-risk” zone.  Basically, if your vacation home is anywhere close to water, you should consider flood insurance, which is separate from coverage under a standard N.C. homeowners insurance policy.  For more detailed information on flood insurance, contact your local N.C. independent insurance agent. 

Fire 

Protecting your investment is key! Consider the fact that there may be times you aren’t present in your second home and that’s when unfortunate situations can happen, such as fire.  Faulty wiring or other fire hazards may not be recognized if you aren’t there to inspect.  It is important that you have routine inspections done on all HVAC and electrical appliances to ensure they are operating correctly.  Fire can destroy your entire home and all its contents, so it is imperative to discuss the value of your vacation home and its valuables with your local N.C. independent insurance agent. 

Theft 

Theft happens all too frequently, especially if you are only there part of the time.  In an effort to avoid theft and vandalism, consider installing a home security system equipped with motion detection and video cameras.  Also, it may be wise to have someone (neighbor or police/security) to do routine checks on your property while you are not there. 

Additionally, you may want to consider taking a home inventory of your personal belongings/valuables so that if theft occurs, you have the needed documentation to provide to the police and insurance company.  Keep in mind that your valuables and personal belongings may be subject to specific limitations under your standard N.C. homeowners insurance policy so make sure you review your coverages with your local N.C. independent insurance agent TODAY to make sure you are adequately insured. 

Supplemental Homeowners Insurance 

It is wise to find out whether your current N.C. homeowners insurance policy will extend to your second home or not.  Contact your local N.C. independent insurance agent to find out if you need a second policy for your lakefront property. 

Renting to Others 

If you rent out your lake house, you run into other challenges and concerns as well, such as injuries to renters, cleaning duties, and an increased risk of theft/vandalism.  It is recommended to take precautionary measures such as hiring a property manager to handle the business operations of renting or investing in an umbrella insurance policy in an effort to increase your limits of liability to account for risks of injuries.  Additionally, you need to address renting your property to others with your N.C. independent insurance agent.  Be aware that your N.C. standard homeowners insurance policy may not have coverage for rental situations. 

Protect your vacation home by adequately insuring your lakefront property.  The best way to do this is to contact us at Paramount Insurance Agency.  We specialize in insuring N.C. lakefront properties and our job is to make sure your lakefront property has the insurance it needs and deserves.  Your job is to relax and enjoy!  Call us TODAY at 336-869-3335 

The post Insuring Lakefront Properties appeared first on Paramount Insurance Agency.

Flooding Does Not Discriminate

Flooding can quickly cause significant damages to your home and while you may not live in a high-risk area, severe rain storms or weather conditions can sweep in causing rivers, lakes, and other bodies of water to overflow.  Any home is at risk so you need to discuss the possibility of getting flood protection with your local N.C. independent insurance agent right away, especially considering the average cost of flood damages to homes in low-to-moderate flood risk zone is $27,000.  If flooding damages your home, could you afford to pay that amount out of your own pocket?

Consider Flood Insurance for Your Flood Risk

The good news is that you can acquire affordable insurance protection you may need from inland flood losses, simply by purchasing a National Flood Insurance Program flood insurance policy from your local independent insurance agent.  This coverage affords residential protection for the following typical flood losses:

• Debris Removal
• Removal of Property to Safety (Within 30 Days)
• Contents/Personal Property (Limitations May Apply)
• Buildings, Residence, and Other Structures
• Loss of Use
• Additional Living Expenses (Limitations and Restrictions May Apply)
  

It is recommended that you contact your local N.C. independent insurance agent to further discuss the terms, conditions, provisions, and limitations as outlined in your N.C. homeowners policy and answer any questions you may have regarding the flood insurance protection you need TODAY to combat your rising flood risk.

Our expert staff at Paramount Insurance Agency is here to assist you at 866-869-3335 for all of your flood insurance questions or N.C. homeowners insurance needs.  Call us TODAY!

The post Your Flood Risk Is Rising appeared first on Paramount Insurance Agency.

Everyone Is at Risk  

Imagine buying your dream home in an area that is clearly out of a flood zone, so the thought of purchasing flood insurance never entered your mind. However, a flood did ensue, causing astronomical damage to your home and after learning your N.C. homeowners insurance policy excludes flood damage, you are now left holding the debt of over $75,000 worth of damages. Will you be able to pay for these damages out of pocket? Everyone is at a risk for flooding, so familiarize yourself with some key things you need to know about flood insurance protection.

Flood insurance requires a separate policy- Many people think their N.C. homeowner policy covers damages caused from floods, but it is excluded and requires a totally separate insurance policy through the National Flood Insurance Program. Your N.C. independent insurance agent can assist you and answer any questions you may have regarding flood protection for your home.

Flood insurance may be required- Some lenders, depending on the location of your home, may mandate flood insurance before they will finance your home. Keep in mind if you own your home, then it is entirely up to you whether you wish to carry a flood insurance policy. It is always recommended you discuss this with your N.C. independent insurance agent.

Flood insurance costs may vary- Obviously, if you live in a clearly designated flood zone, your insurance rates will be higher than someone who doesn’t.

Flood insurance is not just for coastal areas- Coastal areas are not the only places subject to flooding. Those high-zoned flood areas may be more conducive to flood damages, but remember any area can be susceptible.

Flood insurance coverage may vary- When it comes to purchasing a flood insurance policy, know what you are buying. Make sure you discuss all of the policies conditions, coverage amounts, provisions, and exclusions with your N.C. independent insurance agent.

Your Peace of Mind is Worth It 

Flood insurance may be more affordable than you think and the cost may provide peace of mind knowing that your home and all of its valuables will be protected should a flood target your home. Feel free to contact us TODAY at 866-869-3335 with any and all of your questions regarding flood damage and insurance.

The post Important Facts About Flood Coverage appeared first on Paramount Insurance Agency.

Flooding is Excluded Under Your N.C. Homeowners Insurance Policy

Many people think that if flooding occurs, resulting in damage to their home, their homeowners insurance will provide coverage, but this is NOT TRUE! In order to protect your home, you would need to purchase a separate flood insurance policy. Paramount Insurance Agency is an approved provider of the National Flood Insurance Program and can provide this protection for your home at a nominal cost. In fact, flood insurance can cost as little as $129/year. Our independent insurance agency can get you a quote for a N.C. flood insurance policy TODAY.

Flooding Doesn’t Discriminate

While it may be a perceived perception that floods only occur in certain high-risk areas, the truth is flooding can occur most anywhere. Severe thunderstorms or hurricanes can drop a large amount of rain in a very short period causing thousands of dollars of damage to your home. Sadly, if you don’t have a separate flood insurance policy, the damages caused from flooding can drain your wallet quickly!

According to the National Flood Insurance Program, a 2000 square foot home would endure the following amounts of damage per number of inches of water in your home:

• 1″-$20,920
• 3″– $22,590
• 6″-$39,150
• 12″-$52,220

Now that you have a visual of how extensive flood damages can be, it may be wise to consider purchasing a N.C. flood insurance policy right away. In exchange for a small fee per year for flood insurance, it may save tens of thousands of dollars in the long run.

Be Prepared Before Flooding Occurs

One very important fact to know is there is a 30-day waiting period before your flood insurance kicks in. What this means is if there is a threat of a severe thunderstorm or hurricane, you can’t run out and purchase a flood insurance policy. You must plan ahead of time and have the flood insurance policy in effect for the protection your home deserves. Be prepared TODAY for what may happen in the future.

Flood insurance is available to homeowners, business owners, or renters and the rates vary depending on many factors such as age and location of the building, materials used in the construction, number of floors and contents of the building. Call us TODAY to discuss any questions you may have regarding N.C. flood insurance. Our independent insurance agency can provide a quote today, so you can get the protection you need at a budget you can afford.

The post Basic Facts Surrounding Flood Insurance appeared first on Paramount Insurance Agency.