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What Is A Floodplain and Why Does It Affect Your Insurance?

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At Wayne Realty & Insurance Co., Inc. residents who live in the Goldsboro, NC area can find the perfect property and buy the insurance they need to protect it at one convenient location. As realtors, we can quickly identify properties that are located in floodplains. We can also stress the importance of flood insurance to the potential home buyer. Flooding causes millions of dollars of damage each year to homes and businesses all over the country. Many of them do not have the proper insurance. A home insurance policy will not always cover the effects of water damage or flooding.

What Is A Floodplain?

A floodplain is any land near any body of water, river, stream, or waterway that can flood if the area gets too much rain. Floodplains are often low-lying areas that tend to fill with water rather quickly once the ground becomes saturated. A floodplain can extend several miles away from the original water source. All of the homes within this area can expect some degree of damage if flooding occurs.

When Do You Need Flood Insurance?

Any time you build a home or any type of building on land that is within a designated floodplain, it’s vital that you purchase the appropriate insurance. Without the right amount of coverage, you could experience a devastating financial loss if the area becomes flooded and your building receives extensive damage.

If you live in or near Goldsboro, NC and are unsure if your property lies in a floodplain, call the agents of Wayne Realty & Insurance Co., Inc. today. The agents can determine if there is a floodplain near your property and if so, how much insurance you should have in place to adequately protect your home and property.

 

 

Does Your Business Need Commercial Insurance?

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As a business owner, it is important to make sure that you do everything that you can in order to protect your business in Goldsboro, NC. There are a lot of things that you can do to protect your business as well as different aspects of your business. However, here at Wayne Realty & Insurance Co., Inc., we know that the best thing that you can do is get a commercial insurance policy. 

How to Know if Your Business Needs Commercial Insurance

If you own a business, then you need to have a commercial insurance policy. There is no other way around it if you want to provide your business with the best protection possible. One of the best things about a commercial insurance policy is that it is unique to the business it protects. You can get everything you need in a commercial insurance policy, and there is no "one size fits all" options.

If you want to make sure you can protect your business, then you need to get a policy that you can use to protect it. You can also put this policy in place to help protect your employees, protect you against employees, and even to provide workers compensation coverage to your employees. What it comes down to is that there is nothing else that can protect your business the way a commercial insurance policy can. 

If you are in the market for a commercial insurance policy, we can help you get a policy that meets all of your needs. We can provide you with a free quote, or we can even take a look at a current policy that you may have in place to make sure that it is exactly what you need. Be sure to contact us here at Wayne Realty & Insurance Co., Inc., serving Goldsboro, NC, today to learn more and get started.

Using Umbrella Insurance During Estate Planning to Protect Your Assets

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Using umbrella insurance as an estate planning tool can save you money while protecting your assets from lawsuits and loss. Umbrella insurance supports your existing legal, auto, and home policies, which can help protect your survivors from lawsuits and loss. Keep reading to learn more and feel free to reach out to your Wayne Realty & Insurance Co., Inc. representative in Goldsboro, NC with any questions.

Why You Might Need Umbrella Insurance

No one wants to think about the kind of things that can go wrong. Perhaps a child falls into your pool and is badly injured, or maybe you are driving in bad weather and cause an accident. These are just two of a myriad of things that can go wrong and result in a lawsuit against you.

Regular liability coverage is included in your home or auto insurance. This covers the injured party’s medical expense and some other fees due to your negligence. Legal expenses are also covered, but there is a cap on your total policy amount. To breach the gap, you need an affordable option. This is where umbrella insurance comes in. It’s a type of liability insurance that covers you above and beyond your primary insurance. It doesn’t replace your need for existing coverage, but it can protect you against catastrophic events. 

Umbrella policies are broader in scope than traditional auto or home insurance, which allows you to account for unique risks. For example, protection against false arrest, defamation, and invasion of privacy might be needed for specific businesses. Umbrellas liability coverage may be appropriate for transportation and retail industries. 

Contact Us

Contact your Wayne Realty & Insurance Co., Inc. in Goldsboro, NC to find out how umbrella insurance can benefit you as part of a comprehensive estate planning strategy.

 

 

What is Group Health Insurance?

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Health insurance is something that everyone is talking about and that many people have real issue with when it comes to fully understanding. That being said, there are a great number of different types of health insurance to deal with and one that is very common is group health insurance. For those in the Goldsboro, NC area, the agents with Wayne Realty & Insurance Co Inc. can help you find the policy that is right for you.

So what is group health insurance? For starters, this type of insurance is only available through an employer for specific reasons. Group insurance is a policy type that is offered to employers that offer their employees health benefits.  A group policy is going to consist of the main provider, the main facility or entity ( your employer) and the individuals that make up the group.

The more people that are in the group, the bigger the discount for the employer, and the better rates that the employees are able to get. Say you work for a business that has 200 employees. The employer has the chance to take out a group policy for those 200 employees for which they will get a discounted rate for having a larger group than they would if they took out an individual policy for each employee. As a result, the employer can then offer the insurance to the employee at a discounted rate as well so that they are covered and so that the employer meets their legal requirements for offering insurance.

This is a great way to really make sure that employers and employees are both covered and that everyone gets the insurance they need without having to spend thousands of dollars each month to do so. For those in the Goldsboro, NC area, the agents with Wayne Realty & Insurance Co Inc. can help.

What Types of Things are Covered Under Commercial Property Insurance?

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It is not legally mandatory for residents of Goldsboro, NC to have commercial property insurance on the buildings in which they do business, but it can be required by the owners of the building if it is being leased or rented, and many people choose to insure their buildings to protect their assets. This policy can be purchased as part of a commercial insurance package, or it can be written separately, and on the declaration page, it should list any finished additions, outbuildings, machinery, or equipment that is to be covered. 

Specified Perils Versus Open Perils

You can discuss insuring specific perils with your insurance representative, and these can include things like fire, wind, and tornado. Flooding and the movement of earth that takes place after a flood is usually excluded, as these will require you to purchase specific insurances for these scenarios. Open perils coverage is more inclusive and covers multiple things unless they are written in as an exclusion. This offers more comprehensive indemnification. 

Other Coverages

Business owners can be covered under builder’s risk protection while they are adding on to the current structure of their edifice. They can purchase insurance for legal liability that helps in situations where damage is caused through error or an omission on the part of the business to the personal property of others, and this can include fire legal liability. Business owners can also obtain coverage that protects them against losses due to zoning and land use laws. 

Wayne Realty & Insurance Co., Inc. Can Help

Wayne Realty & Insurance Co., Inc. are purveyors of commercial insurance and can help you with any questions you may have regarding coverage. We have experience serving the Goldsboro, NC region and consider it a privilege to serve you. Stop by our office or call us to discuss all your commercial insurance needs. 

What Risks Are Covered Under Property Insurance?

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Physical property like buildings and other structures, including the equipment inside these properties, need protection from unexpected losses. The only way a property owner can protect him or herself from such losses is through insurance, and in this case, a property insurance coverage will suffice. The coverage you get under property insurance largely depends on the type of policy you have. Wayne Realty & Insurance Co., Inc. offers competitive property insurance packages in Goldsboro, NC.

How Property Insurance Works

Property insurance is a coverage that reimburses financial loss to the renter or owner of a structure and personal belongings inside the structure in the event of theft or damage. Typically, property insurance covers fire, smoke, lightning, hail, wind, water, and more. Proper insurance also includes a liability coverage that protects the renter or owner if someone other than themselves sustains any injury within the building and decides to file a lawsuit against the owner or renter.

In most cases, a property insurance policy will not cover water damage resulting from standing water, groundwater seepage, sewer backups, drain backups, hurricanes, and floods. Damages caused by insurrections, terrorism or any other acts of war, earthquakes, and mold may also not be covered. Losses resulting from such events can be covered by policies sold individually separate from the property insurance package.

All-Risk Insurance or Named Peril?

All-risk insurance and named peril are the two main types of property insurance offered in North Carolina. Some insurance providers refer to them as comprehensive policy and open peril policy respectively. Essentially, an all-risk property insurance policy covers all types of risks except a few excluded perils while the named peril policy only covers risks listed explicitly in the policy.

Both types of coverages have their pros and cons, but that is contingent on your location. Many homeowners prefer the all-risk policy as it eliminates duplication and overlap in coverage. If you are in Goldsboro, NC and would like more information on property insurance, get in touch with us at Wayne Realty & Insurance Co., Inc.

 

What To Avoid When Buying A Home Insurance Policy

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Purchasing a home insurance policy it’s not easy especially with the standards set by the typical policy, the insurance types to choose from, and the insurance companies involved. This can be a little confusing, and it allows you to commit mistakes if you purchase the insurance without getting the proper information. As much as it is a complicated process getting a home policy, it is important that you buy one so you can keep your family and home safe. If you reside in Goldsboro, NC, you can visit Wayne Realty & Insurance Co., Inc. to help you with the process of picking a home insurance policy. Below are some of the things you should avoid when purchasing a home policy.

Shopping around before you buy the policy

The most common mistake consumers commit is failing to shop around before settling on one insurance company. You should get different quotes from different insurance providers, then settle on the one that is fair regarding interest rates, handling policy claims, and the standards for the policy. This will save you money and give you peace of mind.

Failing to understand the policy executions

This is the worst mistake a consumer can make. If you do not understand your policy executions, you end up paying for things that the insurance should cover. You should know perils that the insurance covers and the ones that are not included. Things like fire should be covered by the home insurance policy, but if you do not understand the executions, you end up paying for the damage caused by a house fire. It is essential that you ask your policy provider to explain their executions clearly before you buy the home insurance.

For the people living in Goldsboro, NC, the good news is that Wayne Realty & Insurance Co., Inc. can provide you with all the information. Reach out to our agents to learn more about a home insurance policy.