Franklin, NH, is home to nearly 9,000 people. This historic New England city offers its residents many recreational opportunities, a strong community, and a variety of housing options. If you own a house in Franklin, you can protect the investment you have made in it with a solid homeowners insurance policy.
A local independent insurance agent can provide guidance and advice when you are looking for the best and most affordable policy to cover your Franklin home. Contact an insurance agent near you to start comparing a selection of customized homeowners insurance quotes.
How Much Does Homeowners Insurance Cost in Franklin, NH?
The good news is that home insurance rates in the state of New Hampshire are lower than the national average. Comparing quotes from a variety of insurers lets you be certain that you are not overpaying for your coverage.
- National average yearly premium: $1,211
- New Hampshire average yearly premium: $972
Of course, your actual home insurance quotes are likely to differ from the average rates listed above because costs are calculated on a case-by-case basis. Factors that can influence your rates include:
- The age, size, and value of your home
- The type of home you are insuring (e.g., single family detached home, multi-family home, rental property, condo, townhouse, manufactured home, vacation home, tiny home, etc.)
- The crime rate and weather risks where your house is located
- Your claims history and credit score
- The size of your deductible
- Whether you are bundling your home coverage with other policies like car insurance or life insurance
Comparing rates lets you choose the homeowners insurance policy that offers the coverage you want at the most competitive price. Independent insurance agents in Franklin make comparison shopping easy.
What Are the Risks Faced by Homeowners in Franklin, NH?
There are a number of ways that your home and property can be damaged in Franklin, NH. You can expect your insurance policy to offer coverage against the following potential hazards:
- Property crimes (including burglary, vandalism, and arson)
- Accidental fires
- Severe storms (including hurricanes, tropical storms, tropical cyclones, electrical storms, windstorms, and hailstorms)
- Severe winter weather (including heavy snows, ice accumulation, and freezing temperatures).
Hazards like those listed above are why insurance companies paid out more than $152 million in homeowners insurance claims in New Hampshire in 2019.
A Word about Flood Damage in Franklin
Floods pose a very real risk in Franklin, especially for residents with properties near the Pemigewasset, Winnipesaukee, and Merrimack rivers and their tributaries. However, flood damage is not covered by homeowners insurance.
According to FEMA, just one inch of water in your home can cause as much as $25,000 worth of property damage, so it is very important to supplement your homeowners insurance with a flood insurance policy.
A local independent agent can help you evaluate your flood risk and, if you want, can help you secure an affordable policy through the NFIP (National Flood Insurance Program). Flood insurance takes 30 days to go into effect, so do not wait until heavy rains are imminent to purchase your policy.
What Is Loss of Use Insurance?
Your homeowners insurance policy will provide you with what is known as loss of use insurance. This coverage is designed to cover your temporary living expenses if damages from a covered event render your home uninhabitable.
This coverage can pay for accommodations like a hotel or rental property, offer a meal allowance if you do not have access to a kitchen, and even cover your extra mileage if you have to drive further to get to work. You can use this benefit while repairs are made to your house or while you are looking for a new home.
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Why Is Liability Insurance Important for Franklin Homeowners?
Your homeowners insurance policy can also provide you with a significant amount of liability protection. Most insurance providers offer between $100,000 and $300,000 worth of homeowners liability insurance.
This insurance is designed to cover expenses such as court costs, legal fees, settlements, judgments, and other damages if you or a member of your household is responsible for accidental injuries, property damage, or financial losses to others.
Some examples of times your homeowners liability insurance may come in handy:
- If a visitor to your home is injured on your property, such as if they slip on an icy walkway or trip on a loose floorboard.
- If your dog gets loose and bites somebody.
- If you accidentally cause someone to suffer significant injures while skateboarding at River’s Edge Park.
- If you are accused of libel or slander.
Dog bites account for the majority of homeowners liability claims. That is why most insurance companies will charge more for liability coverage if you have what is considered a dangerous breed dog. Rates can also increase if your house has a pool, trampoline, treehouse, or other hazardous feature.
If you have a lot to lose and want more liability coverage than your home insurance can provide, an independent insurance agent can also help you purchase an umbrella insurance policy. This is a highly affordable way to boost all of your liability coverage.
Does Franklin Homeowners Insurance Cover against Burglaries?
The burglary rate in New Hampshire is lower than the national rate; and in Franklin, the rate is even lower. This helps to keep home insurance rates affordable.
- Number of burglaries per 1,000 homes in the US: 3.76
- Number of burglaries per 1,000 homes in New Hampshire: 1.36
While the risk of burglary may be low, it still exists. If your house is broken into, you may find it reassuring to know that your homeowners insurance can reimburse you for any property that may be stolen as well as for any resultant damages to your house.
Be sure to keep a copy of the police report because you will need it when you file a claim.
Why Work with an Independent Insurance Agent in Franklin, NH?
Independent agents in Franklin make it easy to find the best and most affordable coverage for your Franklin home. These agents can answer your insurance-related questions and can offer trustworthy guidance and advice when you are shopping for homeowners insurance coverage.
Also, because they are free to work with several different insurance companies, independent agents can provide you with a variety of customized quotes. Contact an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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