One of the important steps involved in the purchase of North Carolina mountain homes for sale is shopping for homeowner’s insurance. If you’re financing the property, the mortgage holder will require that you have a policy. And if you’re paying cash, you’ll want it for your own protection.
The two primary things to consider when choosing an insurer for your home are (1) price and (1) customer service. You hope never to have to file a claim, but if it happens you want to be treated fairly. Your future neighbors in any of the gated communities near Asheville will be a good source of information regarding which insurers are among the providers of homeowner’s insurance NC buyers select most often and why. You can also do research online or call the state insurance department for information.
Try to narrow your list to three companies and then start calling their offices or local agents. Ask what they can do to minimize your costs. But keep in mind that you should never sacrifice quality to save a few dollars. In the event of a loss, you could easily regret making that choice.
How much insurance should you buy? Forget how much you’re paying for your home. Make sure your property damage limit is high enough to cover the cost of rebuilding it. Most policies cover replacement cost for the structure, but check to be sure. You need to be compensated for the repair or replacement of damaged property with materials of similar kind and quality without any deduction for depreciation because of age, wear and tear or other factors.
If you’re looking at North Carolina mountain homes for sale in areas that are prone to flooding, be sure to ask about the National Flood Insurance Program. Your agent should have the information. Or, you can call the Federal Insurance Administration directly at (800) 638-6620.
Homeowner’s insurance premiums for gated communities near Asheville are on the rise. But there are simple ways you can offset some of the increase:
- Increase your deductibles
- Ask about discounts available to you
- Buy your homeowner’s and auto insurance from the same company
- Stop smoking
- Beef up your home security
- Insure only structures – not land
- Check your policy at least once a year and shop around for a better deal
The homeowner’s insurance NC buyers purchase is likely to be less expensive for a newer home. That’s because the structure itself and its electrical system and plumbing will generally be in better condition than those of an older property. The age can mean a difference of five to fifteen per cent in your premium. Another factor that can affect what you pay is the proximity of the home to a hydrant or a fire station. Whether the town has full-time or volunteer fire service can also impact the cost. Did you know The Coves is a certified Firewise Community? This will help with your premiums too.
Your policy will cover the loss of personal property, so be sure to do a strict accounting of what you have and be sure that it’s insured to sufficient value. Certain items, such as jewelry, art, furs, silver and home office equipment may require special consideration by the company and have separate restrictions stated in the policy.
Finally, if you have significant assets, be sure that you have a high enough liability limit to protect yourself against accidents that may happen to others on your property.
It’s our goal to make the purchase of your home as pleasant and worry-free as possible. As you tour the property, see our magnificent mountain views, and hear about all there is to do here in the year-round mild weather of the Blue Ridge foothills, you’ll soon see why so many people have chosen to retire at The Coves Mountain River Club near Lenoir.
While you’re here, if our have any questions regarding homeowner’s insurance or anything else that’s involved with you becoming part of our wonderful mountain community, we’ll do our very best to answer them.
If you’re exploring the area for the first time, ask for our 84 page complimentary Western North Carolina Visitor’s Guide which provides more information about living in the foothills.