How insurance costs are calculated can differ from company to company. However, most companies will use the following when determining what to charge you for your NH homeowner’s insurance.
Location
NH Insurance companies will take into consideration the crime rate in your area, how close your home is to a fire department/hydrant, and the likelihood for weather-related claims.
Type of construction
Whether your home is made of wood, stucco siding, brick, or stone.
Credit History
Many Insurance companies now use an insurance credit score to develop your rate. Pulling this score doesn’t affect your credit score.
Age of home
New homes can typically qualify for discounts. If your home has been updated in the past 20 years this will also help your rate.
Amount of coverage
Your agent will do a replacement cost estimator on your home to find the dwelling coverage. The other structure, personal property, and loss of use coverage are percentages of the dwelling amount. These coverage’s can be increased if there is a need.
Loss valuation
How your policy will pay for your home in the event of a claim, whether it will pay the actual cash value or the amount it costs to replace the items lost.
Deductible
How much of a loss you are willing to pay before you insurance kicks in. Currently the most common deductible is $500.
Contact Benway-Johnston Insurance Agency today for a NH Home Insurance quote.