Along with the North Carolina coastal region, NC also has several large cities with many condominiums and townhouses. In fact, the inner cities of NC may have more multi-family housing than the tourist areas. Greensboro and the Raleigh area of NC sees their share of tornados, and like other urban areas, have a higher crime rate. Wilmington, the Outer Banks, and Hatteras, as well as much of Brunswick County seems to have heavy devastation almost every year from hurricanes. No matter where you live, the need for NC condo insurance and adequate homeowners insurance is great.
North Carolina Condo Insurance
Raleigh, Greensboro, Wilmington, Hatteras, Charlotte and Holden Beach NC Condo Insurance
Condo or HO6 Insurance
Homeowner's Associations in North Carolina usually provide insurance for the building and common areas, and many require you to have an H06 (interior) condo insurance policy to cover your furniture and wall coverings. Even if it isn't required by the HOA, every condo owner should have insurance on the inside and contents of the unit.
The average minimum NC condo H06 policy will cost you about $300 a year. That gives you about $10,000 in coverage. Of course if you have expensive furnishings, that might not be enough.
Condo Rental Insurance in NC
Similar to the H06 condo insurance is condo renters insurance. If you are leasing or paying rent to stay in an apartment or condo, most of the time your possessions are not covered. If your condo is in a flood zone and water damages your furnishings, you are going to be out of luck without an insurance policy to cover it. NC Renters insurance is about the same in price and coverage to the HO6 policy, and unless it is specific to your rental contract, the owner will not be obligated to reimburse you for storm damages.
Wind and Hail or Hurricane Insurance For Condos in NC
While the HOA probably carries hurricane insurance on a condo complex that is in a hurricane-prone area, you might want to check your own HO6 or condo rental insurance to see if damage from hurricanes is covered. If you are not beachfront, but in the "wind zone" you will have to have a separate policy for this type of damage.
Because of the North Carolina coast's high hurricane occurrances, many insurance companies sometimes stop offering insurance to coastal areas, and oceanfront condos in particular. During 2006, it was nearly impossible to find a insurance company for an oceanfront condo. Because of this the states have set up guidelines and "wind zones" and offer a state-funded insurance policy for those that can't get it through their carriers. But get your wind and hail insurance coverage BEFORE the hurricane season and the premiums will be less expensive as well. Wait too late, and you may not get it at all. NC tends to have more storm damage than any other area of the east coast.
Wind and Water Damage and Condo Insurance
The same thing applies to condos in North Carolina that are in a flood zone or areas in the Piedmont that are often threatened with tornados. Always ask your NC insurance agent if these things are covered, regardless of the type of insurance he is providing for you. Your NC condo policy may have some exclusions that you haven't considered.
Those who live in the higher crime cities such as Charlotte and Winston-Salem also need coverage for break-ins and even malicious damage. We recommend Scott Todd in North Myrtle Beach, SC as an expert agent for hurricane, HO6, homeowners, and car insurance in North and South Carolina. Scott has operated the North Myrtle Beach Allstate Insurance Agency for many years, and also has extensive experience with insurance needs in the NC Coastal regions. We have found that he represents insurance companies with some of the best rates and coverage for both states.