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Random Quote: no neeed to double gaff it.....%$$%#%
Can anyone tell me about homeowners insurance for the coastal areas of North Carolina. I am interested in investing there and would like to know the truth about the costs involved in insuring. Im talking $250-300,000 coverage. Not OBX, but within an hours ride of it most likely. I have tried to research it, but can only come up with talk about increases that are upcoming,and the two types of insurance available. probably will not be a rental, but a second residence.
Any info would be helpfull. I am just trying to figure if its doable or not.
Thanks
I have a secondary residence in Wilmington. I have a few policies.
Regular Homeowners through All State (runs about $450.00)
A separate wind and hail policy through North Carolina Joint Underwriters runs about $1100.00)
Also a $1,000.000.00 Personal Umbrella Policy I don't recall the amount I think about $230.00
If you are going to be about an hour from OBX (if west) your wind and hail may not be necessary or a lot less expensive. You can try All State this is the agent that I use: LAGOMARAGER AGENCY
4837 Carolina Beach Rd, Ste 101, Wilmington, NC 28412 910-392-5040emailweb site
Good luck, hope this helps
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Born to fish...Forced to work
No Regrets.... EdgeWater 247cc
I think the wind and hail is about the same for all counties where it is required, just the amount of coverage based on home value is different. The risk pool is calculated equaly I was told. No difference if my house was just a mile east of 95 or 4 miles from the coast. Nationwide in Wilmington, doing more research myself, have switched to USAA and saved on homeowners waiting on new wind and hail quote.
I live on the OBX but I am not in a flood zone. I have a typical 1600SF beach box. My insurance is about $2200/year. That includes the regular homeowners policy ($500) plus the wind and hail ($1700). I think flood insurance would be another $100-150/month.
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13 foot Fantasy F-13, 18.5 foot Wahoo CC
Trying to find insurance for a second home is difficult unless you have your primary home insured with them as well. My primary home policy company does not write at the coast so we needed to find a different carrier, which we did after a great deal of leg work. We selected Farm Bureau and did not have any issues getting the policy and the costs are about the same as our neighbors. We have not had any claims yet, and hope it stays that way. Hope this helps.
In my opinion, North Carolina Farm Bureau is the only way to go.
I live in Currituck. House is valued around $270k. One-third of the home is in an X flood zone. Flood insurance was quoted at less than $400/year and that's what we closed on, but the underwriters came back with more than double that amount months later. My insurance salesman won't return my phone calls to explain it. I just checked and wind, hail, fire, theft, etc. is just under $1400/year.
Thanks to all of you. Thats pretty much what I was expecting. If I go of course I have to be within trailering distance from the ocean.
hopefully its in our future.
I live on the OBX but I am not in a flood zone. I have a typical 1600SF beach box. My insurance is about $2200/year. That includes the regular homeowners policy ($500) plus the wind and hail ($1700). I think flood insurance would be another $100-150/month.
That seems high. You seriously need to talk to the Farm Bureau. My parents are on the north end, and after 40 years with Liberty Mutual, they switched after seeing our rates.
111 West Carlton Ave near the post office, 449-2109.
Quote:
Originally Posted by amchevy
If I go of course I have to be within trailering distance from the ocean. Hopefully its in our future.
Just as a reference, I'm 300-400 feet from the sound and 11 miles from the Wright Memorial Bridge. Now is the time to buy!
That seems high. You seriously need to talk to the Farm Bureau. My parents are on the north end, and after 40 years with Liberty Mutual, they switched after seeing our rates.
111 West Carlton Ave near the post office, 449-2109.
Just as a reference, I'm 300-400 feet from the sound and 11 miles from the Wright Memorial Bridge. Now is the time to buy!
Not only am I with farm bureau I used to work for them.
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13 foot Fantasy F-13, 18.5 foot Wahoo CC
If your NC house is east of the Intracoastal, you will have a hard time finding homeowners insurance that does not exclude wind and hail. Our policy on a home in Manteo is through Auto Owners and costs $478 /yr. Wind and Hail coverage is provided in a separate policy through the NC underwriters Beach Plan. That costs another $1100/yr. Then we have federal flood insurance which costs around $250/yr. as I recall. The price for NC Underwriters Beach plan should be the same regardless of which agency you use. However some agents may mis-input your home's data or coverage limits into the Beach plan resulting in a higher or lower quote than it should be. This can be bad because they may screw up the coverage. So check carefully if you see variation in Beach Plan quotes.
BTW, after having this home with State Farm for 15 years with no claims, they decided to drop our wind and hail coverage, and offer us a ridiculous renewal option. Thanks a lot Sate Farm. You'll never have my business again.
If I remember right State Farm was the last to cancel the wind coverage from their HO policies. Some of the other couriers being praised here did that a few years ago some folks just forgot.
Assume 1% of your Purchase Price, unless you are in a VE Flood Zone. Give Bo Rhodes a Call at Gateway Insurance, he has the best rates on the beach, all my clients use him.
North Carolina homeowners insurance
