§ 58-45-41. Coverage limits. - North Carolina Statutes

§ 58‑45‑41. Coverage limits.

(a)        The Associationshall cause to be issued insurance up to the reasonable value of the insurableproperty, subject to a maximum of seven hundred fifty thousand dollars($750,000) on habitational property. The above limits on habitational propertyshall apply to the value of the building only. Insurance issued by theAssociation for commercial property shall not exceed three million dollars($3,000,000) on any freestanding structure or any building unit within multiplefirewall divisions, provided the aggregate insurance on structures withmultiple firewall divisions shall not exceed six million dollars ($6,000,000)on all interest at one risk.

(b)        Contents ofhabitational property can be insured up to forty percent (40%) of the buildingvalue. The Association shall ensure that rates accurately reflect the maximumlimits for contents coverage and any reduction in contents coverage limits forhabitational property.

(c)        If the value of theproperty exceeds the maximum coverage limits as described in this section, theAssociation shall not issue coverage without the insured's purchase of excesscoverage to the full value of the property insured.  (2009‑472, s. 1.)