Homeowners Insurance in New Hampshire
What is homeowners insurance?
Homeownership comes with many responsibilities, not the least of which is making sure that your house is properly protected. Purchasing homeowners insurance is an important part of properly caring for a New Hampshire home.
Homeowners insurance policies typically come with several protections. These might extend coverage to a homeowner, their family, their personal possessions and, of course, their house.
Who in New Hampshire needs to have home insurance?
Most New Hampshire residents who own a house should carry insurance. This includes residents who live year-round in the state, as well as those who have a summer or winter home here.
In many cases, insurance is required when residents purchase their property with a mortgage. Lenders normally require basic insurance coverages for as long as a mortgage is in place. Additional coverages that extend protection beyond the lender's lien are highly recommended.
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Coverages to Consider
- Dwelling Replacement Cost
- Other Structures Coverage
- Loss of Use Coverage
- Personal Property Coverage
- Scheduled Personal Property Coverage
- Personal Liability Coverage
What protections can homeowners get through home insurance policies?
Home insurance policies come with many coverage options, which might extend coverage to a house, additional structures, personal possessions, and the family who lives there. Some common coverage options are:
- Dwelling Replacement Cost Coverage: May cover the primary house against damage and loss
- Other Structures Coverage: May cover secondary structures, such as sheds, detached garages and old barns, that are on a property
- Loss of Use Coverage: May help pay for different accommodations if a covered incident makes the home unusable
- Personal Property Coverage: May cover common personal belongings, such as furniture, dishes and clothes, against damage and loss
- Scheduled Personal Property Coverage: May cover high-value belongings, such as electronics, firearms, antiques and collectibles
- Personal Liability Coverage: May cover certain liability lawsuits that could be filed against a policyholder or their family living
How much protection do homeowners policies provide for a house?
Homeowners policies offer different levels of dwelling coverage for an insured house. They might provide:
- Forced-placement coverage is very limited, normally covering only up to the remaining balance on a mortgage. Banks might purchase this coverage when the homeowner doesn't have enough home insurance, and the cost is added to the monthly mortgage.
- Actual cash value coverage is usually the most basic option available for homeowners. Typically, it covers up to the fair market value of the home. While this allows homeowners to recover any equity they have, it may not be enough to rebuild their house.
- Replacement cost coverage usually provides enough coverage to rebuild, even if the amount exceeds the house's value. The coverage may offer a certain percent above a home's value (sometimes called "extended replacement cost"), or it may not have a maximum amount that can be paid (sometimes called "guaranteed replacement cost").
What are the abbreviations for homeowners policies?
Insurance companies and agents often group similar homeowners policies together, using specific abbreviations for each category. Some of the different abbreviations and their corresponding policy types include:
- HO-1 BasicForm Policies: Generally offers protection against certain specific perils that are listed
- HO-2 Broad Form Policies: Generally offers protection against additional, specific perils that are listed
- HO-3 Special Form Policies: Generally offers protection against perils unless specifically excluded
- HO-5 Comprehensive Form Policies: Generally offers protection against perils unless excluded, with fewer exclusions
- HO-7 Mobile Home Policies: Generally designed for mobile homes
- HO-8 "Older Home Policies: Generally designed for older homes
We have several insurance agents at Portsmouth Atlantic Insurance that are familiar with these & other policy types. We can explain each form in greater detail & discuss the best option for your needs.
How can New Hampshire residents get homeowners insurance for their house?
If you have a house in New Hampshire and want to explore insurance options, contact us at Portsmouth Atlantic Insurance. Our agents will work closely with you to find the best available policy for your residence.
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