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At HPM Insurance, we believe consumers should be educated on their purchasing decisions and provided options. You're not buying insurance just because you need to. You're buying it because you want to be protect your assets should a claim occur.
What is Personal Insurance?
New Hampshire residents are exposed to a range of potential perils that could leave them financially devastated. Personal insurance doesn’t necessarily reduce the risk of something happening, but it can help people survive the financial fallout of covered incidents.
“Personal insurance” distinguishes insurance policies that are designed for individuals from those that are written for businesses. Policies written for businesses are typically called “commercial” or “business” policies.
Who in New Hampshire Needs Personal Insurance?
Everyone in New Hampshire is exposed to at least some risk and can, therefore, benefit from at least some personal policies. In some cases, residents may need several policies to adequately protect them from the risks they face.
What Types of Personal Policies Are Available?
Insurance companies offer a range of personal policies in order to give people the protection options that they need. Some of the personal coverages that are available include:
- Homeowners, High-Value Homeowners, Condo and Renters Insurance
- Auto, Classic Car and Motorcycle Insurance
- Boat, Watercraft and RV Insurance
- Health, Medicare Supplements and Dental Insurance
- Life and Long-Term Care Insurance
- Umbrella Insurance
- Wedding and Travel Insurance
There are many other types of personal policies in addition to these.
How Much Do Personal Policies Cost?
The premiums charged for personal policies vary greatly because the protections that these policies offer varies. Some of the factors that may influence how much a policy costs include the:
- Policyholder’s age, gender and marital status
- Policyholder's claims history
- Location of a property or where an asset (e.g. a boat) is stored
- Coverages and limits selected
Although policies’ costs vary, it’s usually more affordable to pay a premium than face a major claim without any financial protection.
Can Policyholders’ Credit Scores Affect Their Insurance Premiums?
In New Hampshire, insurance companies are allowed to consider a policyholder’s credit score when calculating their insurance premiums. There have been a couple of studies that show a correlation between credit score and insurance risk, which is why this practice is allowed.
Most insurers consider credit scores indirectly, as part of policyholders’ insurance scores. An insurance score is a numerical value that takes into account multiple variables, one of which is a person’s credit score.
What Discounts Are Available for Personal Policies?
Insurance companies offer many discounts on personal policies. The exact discounts that are available depend on the insurer and the type of insurance policy, but some discounts are commonly available. A few that policyholders might be able to take advantage of are:
- Multi-policy discounts
- Claims-free discounts
- Pay-in-full discounts
- Safety-related discounts
Safety-related discounts may include anything from completing an approved safety course to installing safety equipment on an insured property or asset.
How Long Do Personal Policies Take to Get?
Many personal policies can be purchased relatively quickly after a risk control specialist works with multiple carriers to find the policy right for your needs and budget. A few types of policies require more time to procure. For instance, some life insurance policies require a physical exam before a policy will begin providing coverage.
No matter what type of personal policy a person is looking for, an independent insurance agent can usually help the process go along as efficiently as possible. Independent agents can compare quotes from multiple insurance companies, so individuals don’t have to spend their time individually contacting each insurer. Agents can also help navigate and issues that may arise prior to purchase.
How Can Residents Get Personal Insurance?
For help finding the personal insurance policies you need, contact us at HPM Insurance. Our independent insurance agents have helped many New Hampshire residents find the protections they need, and we’d be happy to assist you.