It can be a daunting task to make your way through the many New Hampshire home insurance companies and fully understand what they offer in the way of coverage. You should carefully consider all the facts, especially when you realize that for most people, their home is their greatest investment. It is also most people’s greatest financial asset. So it is wise to make smart choices when it comes to formulating a policy that is right for you and your needs.
Many consumers don’t know a lot about New Hampshire home insurance and once they have purchased a policy, most tend to stay with the same insurer, year after year. Like all insurance policies, your home insurance coverage needs to be reviewed annually (or perhaps more often, depending on your circumstances). It’s easy to forget that things you purchase for your home add value to your personal property, so the cost of replacing these items, whether due to theft, fire, smoke or water damage, can all increase substantially.
Also, improvements and/or additions you make to the structural property itself can increase its value and the amount of coverage you have with your policy may need to be increased accordingly. We are all aware of the problems many people had with their claims after natural disasters destroyed much or all of their property.
Unfortunately, many consumers are unaware that specific coverage for earthquakes, hurricanes, etc. are oftentimes considered “extra” and as such, they have to be written into your policy separately and at additional cost. You will need to consider New Hampshire home insurance to protect you in case of theft, also.
Most people greatly underestimate the replacement cost of all their possessions. And again, if you own high value jewelry pieces, artwork, antiques or the like, you may be required to list these items separately and have appraisals and photographs on file with the insurance company. Remember that renters need New Hampshire home insurance, too! Your personal property has value and you need to protect it in case of theft or damage due to fire, storms, etc.
When you have read the following article and decided on the type of policy you want, contact the people at insuranceUSA.com. They will offer you reliable quotes for the policy that is right for you!
Choosing Your New Hampshire Home Insurance Policy
Generally, there are two types of New Hampshire home insurance policy options available. The first is called a monoline policy, which contains just one type of coverage, liability insurance, for instance.
The second type of New Hampshire home insurance policy is called a package policy, and it is made up of several different types of coverage. As a rule, it is more economical to purchase a package New Hampshire home insurance policy rather than buying several types of separate coverage.
There are seven types of New Hampshire home insurance policy options available. Each type of New Hampshire home insurance policy is briefly described below. For more detailed information on each policy and to find out which one best suits your needs, let the agents of InsuranceUSA.com help you out today!
Homeowner’s-1 (HO-1): This is the basic type of New Hampshire home insurance policy, but one that is not offered by all insurance companies because it is very limited in its coverage. A few of the damage covered by the HO-1 New Hampshire home insurance policy are fire, lightning, smoke, wind, hail, burglary, theft, vandalism and bodily injury. Carefully check the policy to see exactly what is covered with this type of insurance.
Homeowner’s-2 (HO-2): This New Hampshire home insurance policy covers everything listed in an HO-1 policy, plus damage from falling objects, the weight of ice and snow, water leaking from a plumbing system, electrical damage to appliances, and damage due to the rupture of water heaters or other heating systems.
Homeowner’s-3 (HO-3): This type of New Hampshire home insurance policy is also known as the Special Form Policy, and it is the most widely used type of New Hampshire home insurance policy. Many lending institutions recommend using this standard policy. The policy covers homes for all risks of physical loss, except for those that are specifically excluded in the policy. It is important to understand just what is, and is not, covered under this type of insurance.
Tenant’s/Cooperative Owner’s – (HO-4): This New Hampshire home insurance policy is designed to protect against damage to the contents of an apartment as well as personal liability for injuries suffered in the apartment.
Homeowner’s-5 (HO-5): The HO-5 New Hampshire home insurance policy provides the same coverage as the HO-3, plus it covers personal possessions in the event of physical loss, unless specifically excluded in the policy. The extra protection can be added to the HO-3 policy by buying a Special Personal Property policy.
Condominium Unit Owner’s (HO-6): This New Hampshire home insurance policy is the same as the HO-4, but it is specifically for condominiums.
Homeowner’s-8 (HO-8): This New Hampshire home insurance policy offers similar coverage to HO-1, but instead of replacement cost coverage, it offers actual cash value coverage. This is generally used in instances where the replacement value of the property is more than the market value, as is often the case with older homes.
How Much New Hampshire Home Insurance Do you Need?
You may be asking how much New Hampshire home insurance do I need? The answer is only as much as needed to cover a loss but not so much that you can’t afford the premiums.
Most insurers will ask you have your house appraised by a professional home inspector before they’ll write you a policy. Furthermore, you will want to compile an inventory of all your major possessions such as furniture and appliances. Hang onto your receipts and take photographs. Also, update your policy at least once-a year or whenever you make any changes.
Should you ever have questions or concerns about your New Hampshire home insurance, make sure you contact your insurer for answers. And remember, InsuranceUSA.com is a great place to research New Hampshire home insurance and request a free quote!
Non-Renewals and Policy Cancellations
An insurance company cannot simply cancel an New Hampshire home insurance policy and it must remain in effect for the “term period” provided nothing warrants its legal cancellation. Possible reasons for an insurance company discontinuing coverage during the term period include:
- Non-payment of premiums
- Felony conviction
- Modifying a residence so as to make it uninsurable
- Creating unsafe conditions at the property
- Committing fraud or otherwise submitting false claims
After the policy term period is over, an insurance company can cancel or not renew a policy for any legal reason. In such an event, adequate written notice must be provided prior to the cancellation or non-renewal.
Obtaining Good New Hampshire Home Insurance
When you begin to shop around for New Hampshire home insurance you must first make sure that you know that the suppliers that you are considering are properly registered with the state authorities. The easiest way to check any insurer out is to simply request a copy of the State issued certificate that has their license number on it.
Once you start to work with a specific insurer they will present you with a survey to complete. The results of this survey will give the New Hampshire home insurance provider the means to give you a good quote. The more information you include in the survey the more accurate the quote will be.
A low price doesn’t always guarantee a high level of service. Make sure that you are happy with the fact that the insurer you choose will be responsive in a timely manner if you need to file a claim with them.
Obtaining Good New Hampshire Home Insurance via the Internet
Shop around when you buy New Hampshire home insurance. You can use traditional means such as calling or using a shop front office but it is easier and more efficient to shop for your New Hampshire home insurance using your computer. There are many good sites available to make your search for appropriate New Hampshire home insurance a fast and pleasant experience.
Try InsuranceUSA for a hassle free insurance buying experience. As with the more traditional means of buying New Hampshire home insurance you will need to answer a series of questions for the insurer to be able to make sure that they have the right product on offer for you.
Speed of response and fair treatment when handling claims is as important as the cost. Make sure that you consider all of these factors when you choose your New Hampshire home insurance.
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