Homeowners Insurance in New Hampshire

What factors typically influence home insurance rates?

Insurance companies often consider various factors when determining New Hampshire homeowners’ insurance rates.

• Location: Where your home sits on the New Hampshire map matters a lot. If you live in an area of New Hampshire prone to natural disasters (such as wildfires, floods, or severe winter storms) or with higher crime rates, you may have higher insurance premiums.
• Home age and condition: If you own an older home, your charm-filled abode might come with outdated plumbing, old wiring, or aged roofing. These elements could lead to higher premiums due to the increased risk of damage or failure. On the flip side, newer homes might benefit from modern construction codes and safer materials, which could lower your rates.
• Credit score: Many insurance companies use your credit score as one factor when assessing risk. A higher credit score may result in more favorable premiums.
• Additional coverage: Adding extra coverage (with insurance policy endorsements), such as protection for high-value items or water damage, could increase your premium.
• Claims history: Your past claims history is another factor that insurers consider. Having a few or no past claims may make you eligible for discounts with some companies. Multiple claims on the other hand, can sometimes lead to higher rates. Many home insurance companies in New Hampshire use a CLUE report to check your home and auto claims from the last seven years.

Coverage and availability may vary depending on the insurance company offering coverage. It may be helpful to consult with a licensed insurance producer to determine your eligibility and explore available insurance coverage options.

Common insurance discounts in New Hampshire

Even though home insurance in New Hampshire is relatively affordable, you may be able to save even more with these common discounts:

• Multi-policy discount: If your insurance company provides more than just homeowners insurance, like auto or renters insurance, you may be able to save by bundling. Buying multiple policies from the same company can sometimes earn a multi-policy discount.
• Loyalty discount: Some insurers may reward long-term policyholders with loyalty discounts. However, staying with the same insurer doesn’t always mean the lowest rate. It's a good idea to compare NH homeowners insurance costs every year to make sure you’re still getting the best value.
• Advance quote discount: Often, homeowners in New Hampshire could get a discount if they plan ahead. Many insurance companies may reduce your premium if you request home insurance quotes in New Hampshire one or two weeks before you need the policy to start. This is known as an advance quote discount, and it's an easy way to save.
• New home discount: If your home is newly built or has undergone significant recent renovations, you might qualify for a discount. Homes with updated wiring, plumbing, and roofing are generally considered less risky to insure.
• Claims-free discount: A claims-free discount is another common way to save. You might get a discount if you’ve had no insurance claims over a certain number of years. Insurance companies sometimes offer a reduced premium as a reward for maintaining a low-risk record.
• Security systems discount: Home security features could also lead to potential savings NH homeowners who install burglar alarms, deadbolts, or professionally monitored systems may qualify for a security discount. These upgrades are associated with lower risk of theft and make your home less risky to insure.
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Not every insurance company in NH offers every discount, so it's worth comparing multiple home insurance quotes in New Hampshire before locking in your policy coverage.

What does New Hampshire home insurance typically cover?

Homeowners insurance in NH could help protect you financially against unexpected damages and losses. A standard policy in New Hampshire typically covers the following types of coverage:

• Dwelling coverage: This insurance coverage helps protect the structure of your home itself. If a tornado, fire, or hailstorm damages your house, your policy may help cover the cost to repair or rebuild.
• Other structures: Coverage usually extends to detached structures on your property – like a garage, shed, barn, outdoor fireplace, fence, swing set, or wall. Recreational items, such as swimming pools, may also be included.  
• Personal property coverage: This part of your policy helps cover personal belongings inside your home. It can include furniture, clothing, appliances, and your heating or cooling systems. If you own expensive items such as jewelry, fine art, or collectibles, you may need to purchase extra coverage to fully protect them.
• Personal liability coverage: Liability coverage helps protect you financially if someone is injured on your property and pursues a claim or lawsuit. It could help pay for legal costs, settlements, and medical expenses for 3rd parties.
• Loss of use (or additional living expenses): If your home becomes unlivable after a covered event, this coverage helps pay for temporary living expenses, such as hotel stays or meals.  

Additional New Hampshire insurance coverage options

While standard home insurance in NH provides broad coverage, it doesn’t cover everything. You might need additional protection for risks specific to New Hampshire, such as:

• Flood insurance: Flooding is New Hampshire's most common and costly natural disaster. Flood damage is not covered in your standard NH homeowners insurance. If you're near a floodplain or low-lying area, you may want to look into a separate flood insurance policy (available through FEMA or private providers).
• Sewer or water backup: This add-on coverage can help protect you if sewage or water backs up into your home or if your sump pump overflows. It may help cover the cost of cleaning up and certain repairs, including repairs to the sewer line within your property boundaries.
• Earthquake insurance: While earthquakes are rare, they do occur in New Hampshire. If you live near Concord or other seismically active areas, you might want to add earthquake insurance coverage to your policy.
• Hurricane Insurance: New Hampshire residents could be at risk for hurricanes. You may want to look into this additional coverage to help protect your home from hurricane damage. 

What New Hampshire residents need to know

Your standard homeowners insurance in NH protects against most risks, but some homeowners could benefit from additional coverage.

Here are a few important things NH residents should know:

• Flood risk: If you're near a floodplain or low-lying area, you may want to look into a separate flood insurance policy (available through FEMA or private providers).
• Don't under-insure your home: With rising construction costs, review your policy's dwelling limit to confirm it reflects current rebuilding costs. Replacement cost coverage is based on the cost to rebuild your home. 
• Increasing property values: As real estate values rise in New Hampshire, it's a good reminder to review your homeowners policy regularly with a licensed insurance producer to make sure your coverage continues to meet your needs. 
• Home features: Certain features could make your house riskier to insure. For example, if you have a swimming pool or trampoline, your premium will likely be higher due to the increased risk of injury. Outdated electrical, plumbing, or heating systems could also raise your rate because they're more likely to cause damage.

Tips to lower your NH home insurance premium

Home insurance in NH doesn't have to break the bank, especially if you know a few tricks to keep your premium low. Here are some smart and simple tips that may help lower your house insurance policy.

• Perform regular maintenance: A home that's in good shape is less likely to have claims, and that can help keep your premiums in check. Tackle those projects now before they turn into more expensive problems. Simple fixes, like sealing foundation cracks, cleaning gutters, or replacing old pipes, show your insurance company that you're proactive.  
• Don't just auto-renew; shop around: It's easy to let your policy auto-renew every year, but that could cost you. Instead, obtain at least three quotes when your renewal date approaches. Different insurers weigh things such as NH ZIP codes, proximity to a fire station, or your home's age in different ways, so shopping around could reveal a lower rate for the same (or better) coverage.
• Think twice before filing small claims: Yes, home insurance could help, but not every problem needs to be filed. If your fence gets damaged in a windstorm or a window breaks during a backyard soccer match, it might be cheaper in the long run to pay out of pocket. Filing multiple small claims could flag you as a higher risk, which might lead to premium increases or even non-renewal. Save your coverage for the bigger stuff, like a kitchen fire or severe water damage, and handle the little things on your own when possible.
• Increase your deductible: Consider increasing your deductible to potentially lower your insurance policy premium. However, make sure you are able to pay the higher deductible amount out of pocket if a covered event happens.
• Upgrade your home: Insurance companies typically prefer homes that are built to withstand the elements. Installing fire-resistant roofing, impact-resistant windows, or even a home security system may unlock discounts.
• Upgrade your roof: An older, worn-out roof may be viewed as higher risk by insurers and could lead to increased rates. Some insurance carriers offer discounts for certain snow and wind-rated roofing options.