Known as the Granite State, New Hampshire is no stranger to natural disasters. Since 2005 it has experience destructive floods, hurricanes, tornadoes and severe winds, winter storms, earthquakes, and fires. If you’re relocating to New Hampshire or already reside there, you should strongly consider getting home insurance so that you’re protected from damages that could occur to your home and property.
How Much Does New Hampshire Home Insurance Cost?
Homeowners in New Hampshire paid an average home insurance premium of $791 in 2010, according to the Insurance Information Institute. Insurance companies in New Hampshire consider various criteria when they determine rates. Factors such as the age and condition of your home, as well as the building materials used to construct it, can affect your insurance rate. Even your home’s distance from a fire hydrant can impact your premium.
However, a variety of discounts that can lower your premium are available. For instance, some companies offer discounted rates to customers who install smoke detectors, sprinkler systems, or burglar alarms. You can also opt to lower your premium and increase your deductible, which is the amount of money you pay before the insurance company begins paying a loss. This will lower your monthly payment, but make sure you can afford the higher deductible in case you do face a loss. Individuals may also qualify for multi-policy discounts if they consolidate their homeowner and auto policies.
What Does It Cover?
Standard home insurance policies in New Hampshire provide financial protection from damages caused by fire, snow, hail, smoke, lightning, vandalism, and theft. It covers the structure of a home, structures on a property, and the clothing, appliances, furniture, electronics, and other possessions within the house. Most policies include liability insurance, which protects you from a potential claim or lawsuit for bodily injury or property damage that occurs as a result of your negligence. Liability coverage also pays medical expenses in the event that someone is injured on your property.
The New Hampshire Insurance Department offers numerous guides to help you become more familiar with home insurance and insurance providers in the state.
Do I Have to Get Home Insurance in New Hampshire?
Home insurance isn’t required by New Hampshire state law, but it’s a good idea to get it because it can save you a lot of financial pain if your home or property is damaged in a fire, windstorm, or any other natural disaster.
Optional Coverage to Consider
- Flood. In the past decade, parts of New Hampshire have been devastated by flooding, which displaced residents and destroyed or damaged housing. In fact, the president declared disasters in 2006 and 2007 and the Federal Emergency Management Agency requested an independent evaluation to determine how such severe flooding occurred. It is recommended that New Hampshire residents purchase flood insurance, which is not covered by standard policies. Homeowners can purchase flood insurance through the National Flood Insurance Program (NFIP). If your home is located in a flood plain, your mortgage lender will generally require you to purchase flood insurance.
- Earthquake. Aside from tremors that have originated within state lines, New Hampshire has been affected by some stronger earthquakes that occurred in northeastern Massachusetts. Earthquake insurance is not included in standard policies but it is available through most insurance companies at an additional cost. It is usually issued as an endorsement and attached to your home insurance policy. For more information, contact your insurance agent.
Mobile Home Insurance in New Hampshire
Mobile home insurance covers the structure of your mobile home, your personal belongings, and additional living expenses if your home is damaged or destroyed. You can typically find mobile policies and regular ones from the same providers. Mobile home policies also include liability coverage. Check your policy to determine whether exclusions apply.