I blogged the other day about the cost of hurricanes, and you are liable to hear quite a bit more about hurricanes between now and the end of November. Living in this area can make finding good Homeowners insurance tricky. It’s becoming increasingly difficult to get such insurance at all if you are east of I-95. It seems the insurance like to categorize the entire area as a flood zone, whether or not your property is actually subject to flooding. For instance, my property never floods. The soil is sandy loam, and even after the storms a couple of years ago, we only had small puddles, and those were confined to the driveway. Nonetheless, I pay through the nose for insurance.
Another trick insurance companies pull here is to re-define words to suit themselves, and to add little caveats to your insurance policies. For instance, my policy covers damage from storms (including flood), but it doesn’t cover damage from standing water. So, essentially, if my house is dislodged by a massive wave of rushing water, I’m covered, but if the foundation weakens and crumbles from exposure to the saturated ground, I’m screwed. But since I am in a mobile home, east of I-95, that’s the best we could find.
So, I’ve said all that to say this: if you are looking for home insurance in North Carolina be sure to comparison shop. Make sure that you read and understand exactly what your policy does and does not cover. If your area is prone to flooding, make sure you get coverage for that. And whatever you get, be sure you have storm coverage.