Month: July 2021

How Home Insurance Policies Can Vary

Posted on by AgentInsure

When you buy home insurance for your Hope Hills NC home, it’s likely to vary from your neighbor’s. Yes, home insurance isn’t standard across — many factors cause variations in home insurance. Keen to find out? Hang on, as Cross Creek Insurance explains. 

The factors below may cause your home insurance premiums to vary year on year. These include:

Sum insured

Sum insured refers to the amount you receive when filing a claim. Here, you need to understand the difference between replacement value and market value. The market value includes the value of your land. Simply put, it’s the amount of cash your home would fetch if it were to be sold today. On the other hand, replacement value is the amount it would cost if your house were to be rebuilt today from scratch. 

Depending on the value you use (although replacement value is ideal), your premiums are likely to differ since the two values aren’t the same. 

Deductibles

It’s most likely that your home insurance plan has deductibles, which the amount you pay first before your insurer compensates you. If you choose a high deductible, your premiums reduce — and vice versa is true.

Coverages

The more coverages you include, the more expensive your premiums become. For your home, you can choose the below coverages:

  • Liability coverage
  • Dwelling coverage
  • Additional living coverage
  • Personal contents coverage
  • Other structures
  • Medical payments

As you can see, home insurance is broad. As such, your policy is likely to vary depending on the number of coverages you include in your plan.

Riders / endorsements

These are optional coverages you consider when boosting your home insurance policy. Some examples include flood, umbrella, and sewer backup policies. Definitely, if you consider add-ons, your home insurance policy will vary. 

Other factors that cause home insurance policy to vary include:

  • Home security level
  • Your location
  • Age of your structure
  • People or pets residing in your home
  • Claim history

Would you like to learn more about home insurance? Contact Cross Creek Insurance, serving Hope Hills, NC, and its environs. 

What could happen if I do not carry auto insurance in North Carolina?

Posted on by AgentInsure

Those that are in the Hope Hills, NC area and own a car should get an auto insurance plan for it. This type of insurance is very helpful as it can offer some valuable protection. If you do not carry this insurance, you could face a few different challenging situations. 

Responsible for Damages

One of the reasons that you should get auto insurance is so you can have coverage if you are at fault when in an accident. Even if you are a careful and diligent driver, accidents do happen. If you are at fault, you will have to cover any damages. If you do not have this coverage in place at all times, you will have to pay to cover the damages out of your own personal savings. This can be difficult as total damages in even a minor accident can be expensive.

Violation of Agreements

If you do not have an auto insurance plan, you could also find yourself in violation of certain agreements. Having auto insurance is required by state law and typically required by auto loan providers. If you do not carry this coverage, you will be in violation of these agreements. This could lead to penalization, which can include being assessed a fine or being in default with your lender. 

If you do want to get an auto insurance plan, and you are in the Hope Hills, NC area, speaking with the team at Cross Creek Insurance is a great option. As you are building your insurance plan, Cross Creek Insurance will give you great guidance and support. This will help you build a plan that will protect you and your vehicle while also ensuring you stay in full compliance with your insurance requirements.