Are You Required to Have Flood Insurance in North Carolina?

Posted on by Craig-Peterson Agency

Is there a requirement to have flood insurance if you live in the state of North Carolina? It’s crucial you know the answer to this question when you are buying a house there. You can talk to an agent at Craig Insurance Group of the Raleigh, NC area for more information about this matter and much more. 

Do You Need to Have Flood Insurance if You Live in North Carolina? 

It’s mandatory that people who own homes or businesses in high-risk flood zones get flood insurance if they have a mortgage from a lender that’s federally regulated. This is not required at the federal level if you have a property that’s in a low or moderate-risk area. It’s still likely a good idea to have this, especially if you have valuables that you want to cover with a policy. 

Who Is Eligible for Flood Insurance? 

You may be surprised to learn that everyone is eligible for flood insurance. In order to qualify under the National Flood Insurance Program for coverage, it depends on the community and zone you live in. If you aren’t eligible under this program, you may be able to get insurance from a private carrier.  

Why Visit an Independent Agent for Your Insurance? 

You’d do well to visit an independent agent to discuss your insurance needs. They can help you determine if you should get flood insurance coverage and what specific policy terms are best in your unique situation. Whether you are just moving into a house or opening a business in the Raleigh, NC area, you should reach out to the team at Craig Insurance Group for more assistance.

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How to Shop for Renters’ Insurance

Posted on by Craig-Peterson Agency

At Craig Insurance Group in Raleigh, NC, we want everyone to have the insurance coverage they need at a price they can afford. Knowing how to shop for insurance is the first step to getting a good deal. Each type of insurance is unique, but these steps will help you when shopping for renters’ insurance.

Assess Your Valuables

You don’t necessarily need to inventory the items in your rental, but it will absolutely help you find a renters’ insurance policy that fits your needs. Get receipts if you can, especially for more expensive items. Take pictures of everything, and store them somewhere you can reach them if you lose everything else. Online storage is a good option, but you should keep multiple backups. Feel free to bundle less expensive or bulk items together on your list.

Research Renters’ Insurance Providers

Even if you have a working relationship with one provider for another type of coverage like your auto policy, you should research potential providers through the lens of renters’ insurance. Look for their renters’ insurance options. Reviews from customers who had renters’ insurance through those companies can sometimes be helpful, but they’re not always unbiased.

Ask for a Quote

Once you’ve decided which providers you’d like to try, it’s time to get quotes. Few insurance providers will give you more than the basic idea of their coverage options without more details. Price quotes you see in reviews are not very reliable for that same reason. Once the provider has your details, they apply their company policy to the details to determine your premium, liability limits, and other policy factors.

Get an Agent’s Help

An insurance agent specializes in helping pair people with an insurance provider. Craig Insurance Group can help Raleigh, NC renters compile their asset information, add insight into insurance providers, and get quotes from multiple providers with less hassle.

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RV Insurance for Full-Timers

Posted on by Craig-Peterson Agency

Whether because of rising housing costs or wanting to stay on the road, you may have decided that living in an RV is a comfortable lifestyle that works for you and yours. Raleigh, NC is a wonderful city to live near, no matter how you do it, so we at Craig Insurance Group will do our best to get you matched with an RV insurance policy that suits your living conditions.

Most people who have an RV will have a part-time RV insurance policy since they will leave their vehicle parked and unused for months at a time. If you’re transitioning from another living situation into an RV that you have owned for some time, you may already have this type of coverage. Part-time coverage is a valid option, but those who live in their RV will need full-time RV insurance.

Aside from not having any periods of inactivity like part-time insurance does, you’ll typically have higher limits and a wider range of coverage that reflects the increased importance of the RV in your living situation. The policy more resembles a homeowners’ insurance policy, but you’ll still have the on-road protection needed whether your RV is towed or drivable. The combination of benefits is an all-around better solution for anyone using their RV as a full-time place to live.

Like any insurance policy, you’ll have optional coverage that will increase your premiums but provide benefits in more scenarios. The type of RV, its value, your driving record, and other factors will also be considered when a company is offering you a policy. To get a better idea of what full-time RV insurance offers and to get help finding the right provider, Craig Insurance Group of Raleigh, NC can be contacted through our website at any time.

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Knowing How Much Boat Insurance Your Yacht Needs

Posted on by Craig-Peterson Agency

Do you own a yacht and want to protect it against damage? Then, you need to find boat insurance that makes sense for your needs. At Craig Insurance Group, we know how to set up Raleigh, NC boat insurance that makes sense for you and provides you with a high level of great protection. 

Getting the Coverage You Deserve 

Your boat insurance will vary according to the overall size and value of your yacht. The value will increase based on the size. For example, a 27-foot boat will have a much less comprehensive policy than a 90-foot boat. Is there a good golden rule that you can use to insure your boat?

Yes, thankfully. Most insurance companies have a very simple guideline that you can use to set up your coverage: the 1.5% rule. What does this percentage mean? In essence, it gives you a simple way of creating a coverage option for your boat without paying too much money. 

Get your boat assessed by your insurance team or another professional and then find 1.5% of its overall value. Then, create a policy for that amount of money. This rule is powerful because it helps to create a great level of insurance without overwhelming you and your financial situation.

That said, it might be worth talking to your insurance company to figure out if there are other coverage options available to you. They might have slightly different rules, expectations, and guidelines and you must understand how each of these differs to ensure that you get the best overall experience.

Find a Policy Today 

Are you looking for boat insurance that will cover your yacht? If so, please contact us at Craig Insurance Group right away. We have helped many Raleigh, NC residents get the high-quality coverage that they need. 

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How does Umbrella Insurance Work?

Posted on by Craig-Peterson Agency

Umbrella insurance is also known as excess insurance. It is a type of liability insurance, and it is available for commercial or individual coverage. Liability is the equivalent of being legally responsible, and the dollar amounts for liability can be high. Umbrella insurance is there to protect you when your standard policies can no longer do so. Craig Insurance Group serving the city of Raleigh, NC is here to assist you to navigate the meaning of liability and the policies that provide cover for this.

Umbrella insurance works the same way that an umbrella would in the rain if you are already wearing a rain jacket. It helps protect you from a downpour. Umbrella insurance is not a primary policy and has to be purchased as an additional policy for when a disaster becomes a catastrophe. In simple terms, it means that you have experienced so much disaster that your standard or primary liability policies are exhausted. The umbrella insurance acts as a backup to help pay for any legal liabilities. When working with your umbrella insurance policy, it needs to tie in with your other more general liability policies and run concurrently. Furthermore, it may be that between your standard policy depleting and your umbrella insurance kicking in that you may need to pay a deductible.

Umbrella insurance policies will either offer duty to defend or indemnity coverage if there is a lawsuit. Duty to defend is when the insurer defends the insured in a lawsuit. Indemnity is when the insured pays for this defense first and may, depending on the policy wording, be reimbursed.

If you find yourself in a situation where there is a strong possibility of liability, then we recommend that you contact the Craig Insurance Group serving the city of Raleigh, NC today.

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Benefits of Flood Insurance

Posted on by Craig-Peterson Agency

Regrettably, floods being the most prevalent natural disaster in the U.S.A, it’s unfortunate that protection for losses from flooding is not covered in standard homeowners and renters insurance policies. North Carolina is frequently vulnerable to flooding, including seasonal heavy rains and hurricanes annually. Coverage for flood damage in North Carolina is generally available under a separate policy given through the National Flood Insurance Program(NFIP). As a Raleigh, NC resident, it’s paramount to forge a contingency plan to prepare for any eventualities. Connect with our agents at Craig Insurance Group situated in Raleigh, NC to get a good coverage design to meet your needs and budget.

Is flood insurance mandatory in North Carolina?

North Carolina law doesn’t demand residents to carry flood insurance. Nevertheless, suppose your home is situated in an area designated by FEMA as a flood-prone area. In that case, you may be required to procure flood coverage to be eligible for a mortgage-backed by the federal government. Therefore, it is paramount to consider acquiring flood insurance even if your home isn’t considered as high risk of flooding. Buying flood insurance from Craig Insurance Group can be beneficial in the following ways:

Protect your property

Are you aware that even one inch of water can propagate damages worth more than $25,000 to your dwelling? Statistics from the Federal Emergency Management Agency show that 20% of flood claims emanate outside designated flood zones. Given that your home is one of the precious assets you own, it requires prolific protection from flood damage to avert exorbitant repairs out of pocket. Flood insurance also safeguards your walls, roof, floor, and other permanent fixtures in your dwelling when floods strike.

Protect your loved ones

Home is a haven for your family. Unfortunately, flooding can relegate your family to homelessness or renting a house. If you value your dwelling and your loved ones, procure magnificent flood insurance to protect them from the devastating effects of flooding.

It accords you peace of mind.

The weather is an unpredictable situation. Floods can occur abruptly without any prior warning, propagating substantial damage to your apartment and your belongings. Every time there is a looming storm, discard these worries, obtain spectacular flood insurance for inner peace of mind.

Regrettably, many residents of Raleigh, NC have the misconception that home insurance covers flood-related damages. Yet, they realize how powerful flood insurance is after the worst happens. Contact or visit us at Craig Insurance Group offices to avert these stress-stricken moments after a flood.

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Life Insurance Isn’t Just For the Elderly

Posted on by Craig-Peterson Agency

Many people believe that life insurance is only important for the elderly, but the truth is, having life insurance at any stage of life can give the insured and their beneficiaries unparalleled peace of mind. 

There are many reasons why people of all ages should carry life insurance.  The team at Craig Insurance Group in Raleigh, NC can answer your questions and help determine what plan fits your circumstances the best. Unexpected illnesses and accidents are a sad fact of life. Here are some basic reasons why life insurance is so vital for people in early adulthood or middle age:

  • You are getting married and starting a family: More likely than not, your spouse and children rely on your income.  If you pass away, the benefits of a life insurance policy can help pay bills, removing undue financial stress from your family
  • You are incurring large debts on items like cars and houses: Life insurance benefits could help your loved one pay off cars, homes, and even student loans or other debt
  • You don’t have funds set aside to cover funeral expenses: Life insurance can solve this problem for your family and take a huge financial burden off their plates
  • Your employer might not offer sufficient coverage: Many employers offer life insurance. However, this coverage is likely to be minimal, these policies also end when your employment does.  Having an individual policy will guarantee consistency and that you have coverage that is sufficient for your needs. 

If you don’t have life insurance and want to learn more about the options available, or even if you do have life insurance but think you need to make some adjustments, contact us at Craig Insurance Group in Raleigh, NC. 

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What can happen if I do not have auto insurance?

Posted on by Craig-Peterson Agency

Those that are in the Raleigh, NC area will enjoy the great economy and variety of local amenities. If you are looking to maximize your experience in this community, owning a car is a great option as it will make it much easier for you to get around. Along with purchasing a vehicle here, you also need to get insurance for it. If you do not have proper auto insurance here, you could face a few different setbacks.

No Protection for Vehicle

If you do not get an auto insurance plan when you are in North Carolina, you will first be disadvantaged by not having protection for your vehicle. A vehicle can cost someone a significant amount of money to purchase and maintain. At the same time, it is something that you will rely on to get around the community. If you do not get proper coverage for it, you could lose the vehicle and not have a way to replace it if there is a bad accident or it is stolen.

Violation of Law

If you are not actively insured and drive your vehicle around North Carolina, you could also find yourself in violation of state law. Anyone that wants to drive here needs to carry liability insurance at all times to comply with the law. If you do not have this coverage, you will face various penalties. 

Having an auto insurance plan continues to be a necessity for people in the Raleigh, NC area. If you would like to get an insurance plan here, calling Craig Insurance Group can be a great option. The team with the Craig Insurance Group understands how important this coverage is, and they can offer the support needed to understand your options and choose a plan. 

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Renters’ Insurance for Any Rented Home

Posted on by Craig-Peterson Agency

If you rent a home, it doesn’t matter which type of home it is. You need renters’ insurance. Many people think about renters’ insurance when they rent a house, but it’s also important to have it for apartments, condos, trailers, and more. If you don’t yet have renters’ insurance, contact us at Craig Insurance Group in Raleigh, NC.

Protect Your Belongings

One of the types of coverage included in a renters’ insurance policy is coverage for your possessions. All of the items inside your rented home are insured when you have a renters’ policy. The best practice is to create an inventory of what you own and keep it in your rented home soon after moving in. This can be done by making a list of all of your major possessions and filming yourself going from room to room so that there is a video record of what you own.

Protect Your Home

Another type of coverage included in a renters’ policy is protection if something should happen to your home that renders it uninhabitable. Several disasters, accidents, and calamities can happen that leave a rented home unlivable. If this should happen, your renters’ policy will pay for you to move to a different residence while yours is being rebuilt or repaired. This protects your standard of living. 

Protecting Your Finances

Renters’ insurance also contains some protection against your liability. If someone comes to your home and gets sick or injured, this insurance will pay for their medical bills and lost wages. This keeps you from being sued in the event of an accident or illness. 

Get Your Renters’ Insurance Policy

If you rent your home and don’t yet have the renters’ insurance policy you need, call us at Craig Insurance Group in Raleigh, NC.

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Do I Need Boat Insurance All-Year-Round?

Posted on by Craig-Peterson Agency

If you live in Raleigh, NC, you might find it fun enjoying the waters with a boat, Jet Ski, and anything in between. Amid the excitement of water activities, you need to purchase proper boat insurance from Craig Insurance Group to protect your prized asset. 

Most boaters enjoy boating activities during hot months. During winter, it’s not unlikely to find most water vessels parked in garages. That said, many boaters wonder whether they should cancel their boat insurance when not in use. If you want to find out, keep reading.

Do I need boat insurance all year through?

If you are a boat owner, you might ask yourself: should I carry boat insurance all year through? Isn’t it expensive? While the boating season might be over, here are reasons you need to have boat insurance throughout.

  • It’s required: While boat insurance isn’t mandatory in North Carolina, if your boat is loan-financed, your lender may require you to carry boat insurance until you finish paying off the loan.
  • Risks still exist: Yes, you are not in the water, but risks can still occur. Even though your boat is parked in the garage, perils like fire, vandalism, and theft can still strike. While you may have home insurance, it only provides limited protection to your boat. Home insurance protects your boat while it’s within your property, and it doesn’t offer all-around protection like boat insurance.
  • Saves you on boat insurance premium: Nobody likes paying out money. However, we can lose while trying to save. The case and point are trying to cancel your boat insurance during the off-season only to reactivate during hot seasons. This trend may become more expensive than carrying boat insurance throughout. Why?

Most insurance companies will reward you with a free deductible for every claim-free year. Others may reward you with discounts for carrying boat insurance all year through. Unfortunately, you won’t enjoy these incentives if you cancel your insurance halfway. 

Boat insurance in North Carolina

Because risks don’t have off-seasons, you need to carry boat insurance from Craig Insurance Group throughout the seasons. Contact us today for an unbeatable quote.

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