Compass Mortgage - Homeowners Insurance in NH

Keep Homeowner’s Insurance Under Control

Filing a claim, especially a large claim, is the most frequent reason insurers refuse to renew even their longtime clients. If you have more than two or three claims, which the insurer paid within the last few years, you're a prime candidate for non-renewal.

A few states have laws prohibiting insurers from "non-renewing" existing homeowner customers who pay their premiums on time. In New Hampshire, insurers are free to "non-renew" based on too many claims or even no reason at all, regardless of how many years the homeowner has faithfully paid his/her insurance premiums.

If you are buying a house that has a history of several claims within the last few years, you could find it very difficult, expensive or even impossible to buy homeowner's insurance. The insurance industry maintains a database of claims filed involving specific properties. Although you are a new buyer, the home seller's history of insurance claims will affect your ability to obtain insurance and the rate you will pay.

One Easy Step to Prevent Non-Renewal and Save Money

Smart homeowners have learned to avoid filing insurance claims unless the loss is substantial. One easy solution for most homeowners is to raise their policy deductibles. By raising your policy deductible from $1,000 to $2,000 or more, you can save on the homeowner's insurance premium and reduce the non-renewal risk. However, you must be prepared to pay any loss below the policy deductible amount.

Have questions about homeowner's insurance or the mortgage process? Call Charley Farley at (603) 471-9300 or e-mail charley.farley@weloannh.com.

Compass Mortgage Inc. - 172 Route 101 - Bedford, NH 03110-5416
Office Phone: (603) 471-9300 Fax: (603) 472-8811 Toll Free Phone: (877) 211-5300

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