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Primary Homeowners Insurance In Wilmington, NC

Your primary home is most likely the largest asset you have, and this deserves the very best homeowner’s insurance product on the market. You need to maximize coverage for the full replacement cost of your home. Our agents will make sure a proper calculation is done to determine your home’s cost to build by using today’s construction and materials cost. You also need to make sure your personal belongings are insured and especially those items which carry above average values such as jewelry, antiques, collectibles, etc. Liability coverage is a major factor as well. Let us help you determine exactly how much liability coverage you should have. Contact us today for a complete review of your insurance portfolio.

primary homeowners insurance wilmington nc

What Is The Definition Of A Primary Residence?

A primary residence, also sometimes called a principal residence, is the dwelling where you live most of the time. It can be a single-family house, condo, townhouse, or even an apartment – as long as it’s your main living quarters. You can only have one primary residence at a time. This is the address you’ll likely use for your driver’s license, tax returns, and voter registration.

What’s The Difference Between Primary And Secondary?

The key difference between a primary home and a secondary home boils down to occupancy and purpose.

Primary Residence

This is your main dwelling, the place you live in most of the year. This covers your main dwelling place. Insurance companies typically consider a property a primary residence if you live there for more than half the year. It generally offers broader coverage and potentially lower premiums because you’re there more often to maintain the property and address issues. 

Secondary Home

Also referred to as vacation home, this covers properties you don’t live in full-time. Since they’re vacant more often, insurers see them as riskier and may charge higher premiums. It really depends on the carrier. Coverage might also be limited compared to a primary residence policy. For example, it might be based on named perils, meaning only specific threats are covered.

It’s important to discuss these differences with your agent at The Huneycutt Group if you have a second home.

Can You Have Two Primary Residences?

For insurance purposes, you can’t have two primary residences. Insurance companies base rates and coverage on how often you live somewhere. A primary residence gets better coverage and potentially lower rates because you’re there to maintain it. If you’re unsure which property is your primary residence based on occupancy, be sure to consult your agent at The Huneycutt Group.

What Does Primary Insurance Cover? 

Primary home insurance, unlike homeowner’s insurance in general, isn’t a specific coverage type. It refers to how the home is occupied. This means it typically offers broader coverage compared to insurance for secondary homes (vacation homes) because you’re there more often to address potential issues.

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Dwelling

Protects the structure of your home from damage caused by fire, theft, vandalism, and other covered perils.

  • Vandalism/theft
  • Severe weather
  • Fires
  • Appliance leaks
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Personal Belongings

Covers your furniture, clothes, and other possessions in case of damage or theft.

  • Dishes
  • Clothing
  • Furniture
  • Sporting Goods
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Detached Structures

Covers things like garages or sheds.

  • Wind Storms
  • Fires
  • Vandalism
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Liability

Protects you financially if someone gets injured or their property is damaged on your property.

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Additional Living Expenses

Covers costs like hotel stays if your home becomes uninhabitable due to a covered loss.

The specific details of what is and isn’t covered will vary depending on your insurance company and the policy you choose. It’s always important to carefully review your policy documents to understand your coverage.

What Is The Difference Between Named Insured And Additional Insured? 

The key difference between a named insured and an additional insured on a home insurance policy boils down to coverage and responsibility.

Named Insured

This is the primary policyholder. They take out the policy, pay the premiums, and have full rights and benefits under the policy. This includes filing claims, receiving claim payouts, and making changes to the policy.

Additional Insured

This is someone else added to the policy by the named insured. They receive the same benefits of the coverage and are able to file a claim. An additional insured might be a spouse, domestic partner, or even a temporary resident. An additional insured can also be referred to as the second named insured.

Side note: An ‘Additional Interest’ is a company or leinholder that can be liable for an accident that involves an insured person.

How To Know Which Policy Is Right For You

We know that talking about insurance coverage can be overwhelming. The Huneycutt Group makes it easy by asking the right questions and explaining your coverage to you so you don’t have to wonder, worry or guess.

Take 90 seconds to tell us about your home and we’ll get back to you TODAY.

Primary Residence Insurance FAQs

An HO-3 policy form is the most common home insurance coverage. It covers damage caused by a natural disaster or perilous event and liability for injuries that occur on your property.

Homeowners insurance policies generally cover property damage to a residence’s interior and exterior, loss or theft of possessions, and personal liability for accidental harm caused to others. The three basic levels of coverage are: actual cash value, replacement cost, and extended replacement cost/value. It’s important to discuss these with your agent at The Huneycutt Group.

Both of these policies cover your personal property, the interior finishes of your unit (walls, flooring, ceilings, etc.), and your liability. The main difference between an HO-6 (condo policy) and an HO-3 (home policy) is that under an HO-6, the building structure and exterior are not covered. It’s important to understand your HOA by-laws (and their reserves).

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