Homeowners Insurance

All homeowners policies are NOT THE SAME.

It’s not just costs that you need to look at when comparing policies. In some areas in New Hampshire and other states, replacement costs on homes have skyrocketed. The cost to remove the old structure and rebuild with like kind and quality can exceed $300.00 per square foot of living area.

Does your homeowners policy have adequate coverage for your home?

Homeowners policies in New Hampshire state that the insured is required to establish and maintain the replacement cost level on the policy. It also states that replacement cost will be determined at the time of the loss.

Example:

A basic 2,000 square foot home three years ago was estimated at around $150.00 a square foot. That would have required the above example to have 300,000 in coverage. That same house today could have a replacement cost of 600,000. Your home maybe insured for 50% of the cost to rebuild. In the event of a partial loss you could be paid 50 cents of every dollar for the loss.

The fine print on this endorsement only states that if you add additional square footage such as an addition to the home or an attached garage you need to notify us so we can have the correct amount of coverage. You do not need to notify us if you redo your kitchen or bathroom, only if you add square footage.

Many coverages need to be added to a homeowners policy to protect one of your most valuable assets. Coverages such as:

• Sewer line coverage: To provide protection in the event your sewer line to the street fails. This can be a huge expense not covered on a standard home policy.
• Sump pump failure coverage: This provides protection if you have a finished basement and your sump pump fails to remove the rain water. You could lose power or the pump or the line could clog.
• Scheduled Items: Certain items such as Jewelry, Watches, furs, fire arms, Fine Arts and other items have limited coverage and can be scheduled for a small fee to cover the full loss.