When you bind coverage for your home, your insurer will ask a long list of questions about the details of your home, including square footage, number of floors, type of construction, and any special features of your home. When you pay your home insurance premium, most of the premium goes toward paying for your dwelling coverage. While the ABC’s of coverage aren’t always discussed at the point of sale, each coverage on your home insurance is coded by letter. Pipes or service lines running from your house to water mains (etc.) are also not covered.Īlways consult your policy for current named perils and exclusions because policies can differ by state and by company. Floods and land movement are not covered by a standard homeowners insurance policy. Some excluded risks may seem unlikely, but two common causes of damage to homes are buried in that list. Claims due to business activity or illegal activity at your home also won’t be covered in many cases. The following risks to your home are typically excluded from coverage on a home insurance policy:ĭamage due to neglect and damage due to intentional acts (by the homeowner) are also commonly excluded from coverage. Sudden and accidental damage from artificially generated electrical current.Sudden and accidental tearing apart, cracking, burning or bulging (household systems).
Accidental discharge or overflow of water.The perils typically covered by a standard HO-2 policy: An HO-2 policy, also called a named-peril policy, covers only the perils specifically named in the policy. The most common types of home insurance policies for single family homes are HO-2 policies and HO-3 policies. With so many potential gaps in coverage, finding the best premium is a really a task of finding the best coverage for your home at a price that meets your budget. Some of these perils are covered by a standard home insurance policy, some may be only partly covered, and at least one isn’t covered at all. New Hampshire residents also experience freezing pipes, snow-laden roofs, ice-clogged gutters, and flooding to contend with.
The most common claim is for wind and hail damage, racking up over $8,000 for an average claim. Nationally, the largest average covered losses are due to fire and lightning at nearly $44,000 for the average claim.
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