Homeowners Insurance New Hampshire

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Homeowners Insurance in New Hampshire

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What is Homeowners Insurance?

Homeowners insurance is a type of property insurance that protects your home, your belongings, and yourself from a variety of potential losses. Home insurance, as it’s sometimes called, typically offers coverage for:

  • Dwelling: The structure of your home itself, including the walls, roof, and attached structures like a garage.
  • Personal Property: The belongings inside your home, such as furniture, electronics, and clothing.
  • Liability: Coverage for bodily injury or property damage that others may sustain due to your ownership of your home. This could include things like a slip and fall accident on your property or your dog biting someone.
  • Additional Living Expenses: If your home becomes uninhabitable due to a covered event, this coverage may help pay for temporary housing and other living expenses.
Homeowners Insurance New Hampshire

What Does Homeowners Insurance Cover in New Hampshire?

The specific coverages included in a homeowners insurance policy will vary depending on the insurer, the type of policy you choose, and the specific risks in your area. However, some common coverages for New Hampshire homeowners include:

  • Fire and Lightning: Damage caused by fire or lightning strikes is a major concern for homeowners everywhere.
  • Theft: Coverage for stolen belongings may help you recover financially if your home is broken into.
  • Wind and Hail: New Hampshire experiences strong winds and occasional hailstorms. Homeowners insurance may cover damage caused by these events.
  • Vandalism: If your home is vandalized, your homeowners insurance may help pay for repairs.
  • Frozen Pipes: The harsh New Hampshire winters can lead to frozen pipes that burst and cause significant water damage. Some homeowners insurance policies may cover this type of damage, but it’s important to check the specifics of your policy.

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Homeowners Insurance New Hampshire

What Additional Coverages Should Homeowners Consider for Homeowners Insurance in New Hampshire?

While the coverages listed above are common, there are additional coverages you may want to consider for your New Hampshire home:

  • Increased Coverage for Dwelling: The standard amount of dwelling coverage may not be enough to rebuild your home in today’s market. Consider increasing your dwelling coverage to ensure you have adequate protection.
  • Increased Coverage for Valuable Items: Do you own expensive jewelry, artwork, or electronics? Standard homeowners insurance policies may have limits on how much they will cover for these types of items. You may want to consider a floater policy which provides additional coverage for specific valuables.
  • Medical Payments: This coverage may help pay for medical expenses for someone who is injured on your property, regardless of fault.
  • Personal Injury Protection: This coverage may provide compensation for you and your family members if you are injured in a covered event.

It’s important to understand what isn’t covered by your homeowners insurance policy. Some common exclusions include:

  • Flood Damage: Flooding is a serious threat in some parts of New Hampshire. Flood insurance is a separate policy that most homeowners insurance policies will not cover.
  • Earthquake Damage: Earthquakes are not common in New Hampshire, but they can still occur. Earthquake damage typically requires a separate endorsement to your homeowners policy. Discuss this option with your insurance agent to see if it’s right for you.
  • Normal Wear and Tear: Homeowners insurance is not meant to cover the gradual deterioration of your home due to normal wear and tear. However, some policies may cover damage caused by sudden and accidental wear and tear, such as a broken window.
  • War and Terrorism: Damage caused by war or terrorism is typically not covered by homeowners insurance.

There are several different types of homeowners insurance policies available in New Hampshire. The most common types include:

  • HO-3 (Broad Form): This is the most common type of homeowners insurance and offers coverage for a wide range of perils, including fire, theft, vandalism, and wind damage.
  • HO-2 (Guaranteed Replacement Cost): This type of policy guarantees to replace your home at its current replacement cost, regardless of its market value. This may be especially important in areas where construction costs are high, like many coastal communities in New Hampshire.
  • HO-1 (Dwelling Fire): This is a more basic policy that only covers damage from fire, lightning, and other specified perils. It’s generally the most affordable option, but it may not provide enough coverage for most homeowners.

When choosing a homeowners insurance policy, it’s important to consider your individual needs and the risks specific to your home and location. Here are some additional factors to keep in mind:

  • The age and condition of your home: Older homes or homes in need of repairs may require more coverage.
  • The presence of any high-risk features: Homes with features like fireplaces, wood-burning stoves, or swimming pools may require additional coverage.
  • Your deductible: The deductible is the amount you pay out of pocket before your insurance kicks in. Choosing a higher deductible can lower your premium, but it’s important to choose an amount you can comfortably afford in the event of a claim.

The cost of homeowners insurance in New Hampshire can vary depending on a number of factors, including:

  • The value of your home
  • The location of your home (proximity to coastline, fire hydrants, etc.)
  • The type of coverage you choose
  • Your deductible
  • Your claims history
  • Your credit score (in some cases)

According to the New Hampshire Insurance Department, the average cost of homeowners insurance in New Hampshire is lower than the national average. However, this is just an average, and your actual cost may be higher or lower.

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How Can Homeowners Ensure Their New Hampshire Home Is Adequately Protected with Homeowners Insurance?

Owning a home in New Hampshire is a significant investment. With so many factors to consider, choosing the right homeowners insurance policy can feel overwhelming. Homeowners insurance is an essential tool for protecting that investment and giving you peace of mind. Don’t wait until something happens to realize the importance of having the right coverage in place. Contact Cunningham Associates Insurance today for a free quote and let us help you find the perfect homeowners insurance policy for your New Hampshire home.

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