Do you own rental property in North Carolina?

If you lease real estate to tenants in Goldsboro, NC, or anywhere in the Tarheel State, your agent at Wayne Realty & Insurance Co Inc. strongly recommends a policy called "landlord insurance."

This kind of insurance is like a homeowner’s policy, insuring the physical structure of your leased property. Unlike a homeowner’s policy, it insures your rental income if your property is vandalized, burglarized, abused by tenants, or affected by wind or storm.

Landlord insurance does not cover your tenant’s personal property. Many landlords require tenants to carry renter’s insurance to prevent misunderstandings.

Wayne Realty & Insurance Co Inc. works with multiple insurance companies to get you the best possible coverage for your leased property. Because we are experts in Goldsboro, NC, and surrounding towns, we can ensure you have just the insurance you need for the risks you face.

Frequently Asked Questions About Insuring Leased Property in North Carolina

Q. Is landlord insurance required by law in North Carolina?

A. No, but not insuring your leased properties can expose you to significant losses, not just your real estate investment but also liability arising from accidents involving your tenants and their guests.

Q. Are there special situations that require landlord insurance?

A. Many North Carolinians become "accidental landlords" when they have to move before they sell their houses. They need landlord insurance, not just homeowner coverage. Ask your Wayne Realty & Insurance Co Inc. agent to know for sure.

Q. Does leased property insurance cover flood damage?

A. No, and there are low limits to flood coverage you can get through the federal flood insurance program. However, call us, and we can help you find the coverage you need.

At Way Realty & Insurance Co. Inc. in Goldsboro, NC, we understand that navigating the complexities of group health insurance can feel daunting. This article delves into the intricacies of affordability in group plans, exploring their potential cost implications and the value they can bring to employers and employees. By examining key factors such as risk pooling, tax advantages, and market trends, we aim to equip decision-makers with the insights necessary to make informed choices about their health insurance offerings.

Affordability of Group Health Insurance

When considering group health insurance, affordability often becomes a key concern for both employers and employees. One noteworthy aspect is that employers typically shoulder a significant portion of the premium costs, making it more accessible for employees compared to individual plans. This shared responsibility can foster a sense of community and collective well-being within the workplace, promoting financial stability and employee morale.

While group plans may seem cheaper initially, it is essential to examine what they cover. Many group policies have limitations on specific treatments or higher copays for specialist visits that can add up over time. Additionally, if the workforce comprises largely younger or healthier individuals, you might be surprised to discover how this can skew pricing dynamics due to risk pooling.

Contact Wayne Realty & Insurance Co. Inc. in Goldsboro, NC, for Group Health Insurance

At Wayne Realty & Insurance Co Inc., we can help you secure group health insurance. Contact our office today to speak with our team and learn about your options. We look forward to helping you learn about this essential coverage.

Many businesses have assets that they need to protect. Commercial property insurance offers protection for everything from buildings to inventory.

Covering Buildings and Improvements

When business owners think of commercial property insurance, they often first think of insuring a building. Insurance for commercial buildings, including multi-unit housing, retail stores, office buildings, industrial buildings, storage facilities, and other structures, is readily available.

Commercial building coverage can protect structures against damage. Almost every business owning a building in Goldsboro, NC, should have this coverage.

Tenant betterment coverage is available for Goldsboro, NC, businesses that lease a space rather than own a building. This coverage may provide insurance for a business’s build-out and other improvements to its leased space.

Covering Equipment, Inventory, and More

Commercial contents coverage protects items when they are at a business’s location. This coverage might insure equipment, supplies, products, and other items a business keeps on-site.

While coverage for most items is widely available, it is essential to ensure that a policy covers your business’s specific items. At Wayne Realty and Insurance Co Inc., our agents can help you choose a policy that protects your business’s specific items.

Covering Equipment and Products Off-Site

Commercial contents coverage often restricts protection to when items are at your business’s location. You may need inland marine coverage to protect items off-site, such as when they are transported elsewhere. This can cover most items when they’re being taken to or from work sites, customer locations, or your business’s different locations.

Insure Your Business’s Assets

For help insuring your business’s assets, contact Wayne Realty and Insurance Co. Inc. Our agents will set you up with the commercial property insurance your business needs.

In and around Goldsboro, NC, umbrella insurance provides additional liability protection, especially valuable in personal injury lawsuits where claims can exceed standard policy limits. Navigating these claims ensures you maximize the benefits of your coverage.

Understanding Umbrella Coverage

Umbrella insurance kicks in when the underlying policy’s limits are exhausted. Understanding the extent of your umbrella coverage, including any exclusions and conditions, is crucial when facing a personal injury lawsuit.

Immediate Reporting

If you are involved in a personal injury lawsuit, promptly notify your umbrella insurance provider. Early reporting allows the insurer to start the claims process quickly and ensures compliance with policy requirements. Failure to do this may cause problems within the case, costing you extra pain and hundreds of thousands of dollars.

Comprehensive Documentation

Gather comprehensive documentation related to the incident. This includes accident reports, medical records, witness statements, and legal correspondence. Detailed documentation supports your claim and aids the insurance company in assessing the situation accurately. Ensure all documents are organized and readily accessible.

Coordinating with Underlying Insurers

Since umbrella insurance supplements your existing policies, coordinate closely with the insurers of your primary policies. Provide all necessary information and inform them about the lawsuit’s progress. This coordination helps ensure a seamless transition when your primary coverage limits are reached.

Communication with Your Insurer

Maintain clear and consistent communication with your umbrella insurance provider. Always respond immediately to update your insurer for any change in information. Effective communication helps prevent delays and misunderstandings, facilitating a smoother claims process.

Wayne Realty & Insurance Co Inc. Helps Guide You

Wayne Realty & Insurance Co Inc. will help guide you and show you how umbrella insurance can save you in the long haul. Our team covers the Goldsboro, NC region. Get in touch with us today.