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Home & Auto questions, answered
The basics you’ve probably wondered about — clear, simple, and straight from your Wells advisors.
Auto insurance is required by law for every registered vehicle in North Carolina. Homeowners insurance isn’t mandated by the state, but most lenders require it to protect their investment. Even if your home is paid off, coverage helps safeguard one of your biggest assets from unexpected loss.
A typical home policy covers your house, personal belongings, liability, and extra living expenses if you’re displaced after a covered loss. It generally won’t include flood, wind, or earthquake damage unless you add separate coverage. Auto insurance covers your legal liability for injuries or property damage you cause, and can be expanded with options like collision, comprehensive, uninsured motorist, and medical payments coverage.
Premiums reflect the risk an insurer takes on. In the Carolinas, factors like hurricanes, severe storms, and local repair costs can shift rates year to year. Your individual details - claims history, property type, credit, and driving record - also play a role. Wells helps you understand those variables and find competitive, stable options.
A lapse in required auto coverage can lead to state penalties, fines, and possible license suspension. For homeowners, inadequate coverage can leave costly gaps or violate lender terms. If your policy is at risk of lapsing, reach out right away—we’ll help you stay protected.
