Homeowners insurance in New Hampshire costs an average of $1,128 annually for a $300,000 policy, which is much lower than the national average of $2,532.
A standard home insurance policy covers damage from fire, theft, and certain natural disasters. But New Hampshire is prone to winter storms and heavy snow, so homeowners might want to look for policies that cover water damage and ice dams.
The best way to find affordable homeowners insurance is to compare multiple quotes, company discounts, and availability. Keep reading to learn more about home insurance in New Hampshire.
The best home insurance company for you depends on your unique needs and circumstances. Some recognizable names, like Travelers and State Farm, offer affordable and reliable coverage for homeowners in the Granite State.
The table below includes other top choices to help you compare and select the best option for your home.
If affordability is your top concern, Travelers offers the cheapest home insurance in New Hampshire. Remember that your premiums may vary depending on your home’s location, its unique characteristics, and the type of homeowners insurance policy you select.
The following table highlights the state’s most budget-friendly home insurance options for a $300,000 policy to help you find the best fit for your needs.
In New Hampshire, homeowners insurance costs an average of $1,128 per year for a $300,000 policy. Factors influencing premiums include the home’s ZIP code, age, and construction type. Homes in areas prone to severe weather may have higher premiums because snow, ice, and wind can increase the risk of claims.
Factors like your credit history, claims history, coverage limits, and deductibles can also affect your premiums.1
Higher dwelling coverage levels typically result in higher premiums, but they provide greater protection for your home. The more coverage you buy, the more the insurance company will charge to cover potential claims.
Below is the average cost of homeowners insurance in New Hampshire for several different levels of coverage for a policy with a $1,000 deductible.
A deductible is the amount you must pay out of pocket before insurance coverage kicks in for a covered loss. Choosing a lower deductible means higher premiums, as the insurance company takes on more risk. On the other hand, a higher deductible results in lower premiums because you assume a greater share of potential losses.
The table below illustrates how your choice of deductible affects the cost of a New Hampshire home insurance policy with $300,000 in dwelling coverage.
Here are a few strategies to help you save on your home insurance costs:
Bundle your policies. Many insurance companies offer multi-policy discounts for buying your homeowners policy and auto or life insurance from one company. Bundling coverage can result in discounts of anywhere from 5%–15%.2
Increase your deductible. Opting for a higher deductible can lower your premiums. Raising your deductible from $500 to $1,000 can cut up to 25% off of your insurance cost. Just remember this means you’ll pay more out of pocket in case of a claim.3
Improve your home security and disaster resistance. Many insurance companies offer discounts for installing security systems, smoke detectors, storm shutters, and other features, as these measures decrease the likelihood of claims. Check with your insurance agent to determine whether they offer these discounts and what you need to do to qualify.5
Maintain good credit. New Hampshire law allows insurance companies to pull credit history when deciding whether to insure a customer and when setting rates.4 Insurance companies use credit history to assess risk; a better history indicates to an insurer that you’re less likely to file a claim. By maintaining good credit, you demonstrate reliability, which can lead to lower homeowners insurance rates.
Shop around. Comparing quotes from several insurance companies is the best way to find the best price on homeowners insurance. Rates vary significantly from company to company, even for the same coverage. By getting multiple quotes, you can find the most competitive rates for your unique situation and ensure you’re not overpaying for coverage.
If you take out a mortgage to buy your home, your mortgage company will require you to purchase a homeowners insurance policy. This coverage protects its investment in case of damage or loss.
Buying insurance might seem like a simple compliance exercise, but it’s essential to understand exactly what your policy covers when you buy it. Ensure the policy includes high enough dwelling coverage to rebuild your home and other structures in case of a total loss, personal property coverage for your belongings, and personal liability coverage to protect you against potential lawsuits.
You might also want to consider add-ons for any specific risks or exposures that apply to you or your home. For example, loss of use coverage can pay for your living expenses while your home is being rebuilt after a covered loss.
Owning a home in New Hampshire has some unique risks due to the state’s climate and geographical features.
Finding the right home insurance for you can be difficult. If you still have questions, check out the additional information below.
Home insurance in New Hampshire costs $956 annually for a policy with $300,000 in dwelling coverage and a $1,000 deductible, according to Insurify data. But your rate will depend on several factors, including your ZIP code, age of your home, size of your home, and the coverage levels you choose.
For a $300,000 home insurance policy, Travelers offers the cheapest rates in New Hampshire, at an monthly rate of $83.
No, New Hampshire doesn’t require home insurance by law. But your mortgage company will require you to have a policy. Even if you’ve paid off your mortgage, it’s still important to protect your home and property. In the event of a natural disaster, fire, or burglary, home insurance can help cover the cost of repairs or replacement that you otherwise may not be able to afford out of pocket.
Home insurance in New Hampshire is fairly affordable compared to the U.S. annual average of $2,532. Compared to its New England counterparts, Massachusetts homeowners pay $1,716 annually, Vermont homeowners pay $936, and Maine homeowners pay $1,188.
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