New Hampshire (NH) home insurance
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Home insurance is a smart choice for residential property owners in the Granite State. In addition to New England winters, the jet stream passing over New Hampshire causes wide variations in weather. The right New Hampshire home insurance can give you peace of mind, regardless of the forecast. VIU by HUB makes it easy to compare New Hampshire home insurance quotes from top carriers and get expert advice on managing risks to your home.
New Hampshire has snowy winters and coastal storms year-round. The northern and western portions of the state experience extremely cold temperatures during winter. Southeastern New Hampshire has a milder climate influenced by the proximity of the Gulf of Maine but lies at a lower elevation and is prone to flooding. Severe weather events in this region include coastal storms and tropical cyclones. Learn more about several risks to homes in New Hampshire:
• Severe storms and flooding led to seven out of 15 major disaster declarations in New Hampshire between 2011 and 2020.
• The Mother’s Day Flood in 2006 caused more than $10 million in public damage.
• In December 2020, 34 inches of snow fell in one day in Belknap County.
The part of New Hampshire where you live determines whether your home is more at risk from damage caused by winter storms or coastal weather. Heavy snowfall affects most of New Hampshire during the winter. In January, an average of 14.8 inches of snow falls in Berlin, compared to 13.9 inches in Manchester and 12.4 inches in Portsmouth. Nor’easters can impact the entire state, bringing blizzards with heavy snow and high winds and causing flooding near the coastline.
Home insurance policies typically cover damage resulting from storms and heavy snow. Most homeowners insurance excludes flooding. Residents of coastal New Hampshire and other areas that have an elevated flood risk should obtain additional flood insurance coverage. A separate flood insurance policy is available from an insurance company or from the National Flood Insurance Program.
State law does not require property owners to insure homes in New Hampshire. However, lenders may require new home buyers to maintain a specified level of coverage until they finish paying off their home loans.
Owners of homes in known flood zones who have federally backed mortgages must carry Flood Insurance coverage. Check to see whether your home is in an area that has a mandatory purchase requirement for flood insurance.
Homeowners can compare New Hampshire home insurance quotes to determine which policy form meets their needs. A policy should cover the cost of rebuilding a home in the event of a total loss, which could exceed the value of the dwelling.
Granite Staters have a number of options for limiting financial risks associated with property damage. In addition to choosing a policy form, a number of add-ons or endorsements are available through most insurance carriers. Use the VIU by HUB comparison tool to check New Hampshire home insurance quotes and consider the costs of additional coverage in any of the following areas for more comprehensive protection.
Basic and Broad form home are named perils forms that cover and tend to be the most affordable types of New Hampshire home insurance. These forms only cover a limited range of risks. Open peril policies, such as Special form or Comprehensive home insurance, cover all risks that are not specifically excluded from a policy.
Coverage for the contents of a dwelling is included in most homeowners policies. Be sure to review the limits for this type of coverage when comparing policies. Consider paying a slightly higher premium to raise the limits on Personal Property coverage, and consider endorsements or separate policies to adequately cover high-dollar items such as jewelry or fine art.
Homeowners could be liable for injuries other people suffer on their property. Liability Coverage can help to limit your exposure to financial and legal risk. Check the amount of Liability Coverage in a Broad, Special or Comprehensive form New Hampshire home insurance policy. If your policy does not include Liability, adding this type of coverage fills a significant gap.
Flooding is the most common disaster in New Hampshire, but most home insurance policies exclude flood damage. Additional Flood Insurance coverage is very important for residents of coastal New Hampshire, which often experiences storm surges. Flood Insurance is available in a separate policy from an insurance company or from the National Flood Insurance Program. Some carriers make limited flood coverage available as an add-on or endorsement for sewer backups and other types of damage that homeowners policies do not cover.
The average monthly premium for home insurance in New Hampshire is $130, or about 30% below the national average. The value of a home and the type of policy form a policyholder chooses affects monthly costs and annual rates. Several factors are taken into consideration by insurers when charging a premium for a homeowners policy. Costs depend on:
• Age of home.
• Deductible levels.
• Home location.
• Home security.
• Claims history of insured.
• Insurance carrier.
Older homes may have outdated systems that pose higher levels of risk. In some cases, homeowners can lower rates by modernizing electrical, heating or plumbing equipment. Homeowners insurance policies that have higher deductibles, which are paid out-of-pocket before the insurance kicks in, tend to have lower premiums. It is important to select a policy that has affordable deductibles yet includes sufficient coverage levels.
The environmental and weather risks in different regions of the state and variations in property crime rates can cause policy costs to vary widely based on the location of your home.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
