If you own your own home, a comprehensive insurance policy is a must-have, but finding the right policy can be difficult. With Obrella, however, shopping for and choosing home insurance is as simple as picking up the phone. When you use Obrella, you can connect with professional insurance experts who will put their in-depth knowledge of New Hampshire home insurance to work for you. They can help you sort through your options from several providers and customize your coverage depending on your needs. With just a single phone call, you can choose a policy and even get it bound—hassle-free!
New Hampshire Home Insurance Costs
New Hampshire home insurance premiums average $848 annually, compared to the national average of$1,034 per year. This lands New Hampshire in 30th place when it comes to which states have the highest average insurance premiums across the country.
- Median Home Value: 246,000
- Household Income: 73,397
- % of Income on Home Ownership: 33.70%
The median of a home in New Hampshire is $239,900. There are around 2.5 people residing in these homes and 70% of the time, one of them is the owner of the home. Median household income in New Hampshire is $64,230, and just over 34% of that is spent on home ownership expenses. That puts New Hampshire at 12th in the nation when it comes to how much household income goes to the bills that come with home ownership.
As a homeowners, you can turn to an insurance expert to help you find the right homeowners insurance policy. Call [mapi-phone-link /] to start getting home insurance quotes in New Hampshire.
Determining Home Insurance Premiums in New Hampshire
Insurance companies calculate the cost of your home insurance policy by considering various factors. These factors include everything from the size and age of your home to crime rates and housing prices in the surrounding community. If you live in an area that has a history of natural disasters like earthquakes, floods, or tornadoes, this will impact your rates as well. A range of other factors can also impact your insurance premiums like your credit score or home add-ons such as a swimming pool, guest house, or private deck.
What can be deduced from these details? They all relate to risk. If your insurance provider determines that these factors make your home riskier to insure, you’re likely to wind up paying more for your homeowners insurance policy. You do have some control over these risks, however. Making your home more secure is a good start. Installing a complete home security system, for example, means your home is less likely to be burglarized, lowering the chance that your insurance company will have to replace stolen items. Even installing motion-sensitive lights and surveillance cameras can lower your risk and therefore your premium.
Homeowners Insurance in New Hampshire
Many home insurance companies in New Hampshire give you a range of coverage options to choose from; here are a few examples:
- HO-1: Limited Coverage
- An HO-1 policy provides protection against any of the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. However, this basic policy is no longer available in most states.
- HO-2: Basic Policy
- HO-2 is a basic policy that provides protection against all 16 classified disasters.
- HO-3: Standard, most popular
- The majority of people in New Hampshire purchase this type of policy because of its extensive coverage and relatively few exceptions.
- HO-8: Older Home
- To protect against depreciation, this policy will usually reimburse homeowners for damage on an actual cash value basis, though some older homes may not qualify for full replacement cost policies.
What is Covered By Standard New Hampshire Homeowners Insurance?
Do you know what’s covered under your insurance policy? Home insurance coverage will typically only reimburse you if the damage to your home or the personal injury of another on your property occurs as part of a situation specifically outlined in your policy. So, if an earthquake caused part of your home to collapse, you can only get reimbursed for the damage if your policy specifically includes earthquake coverage. Want to know more? Consider the following list of common home insurance coverages:
- Coverage A – Dwelling
- Coverage A deals with damage to the home itself, any structures attached to the home, and any of the home’s plumbing, heating, wiring, or permanent air conditioning systems.
- Coverage B – Other Structures
- Tool sheds, free-standing garages, fences, guest homes, and other non-attached structures are covered under Other Structures.
- Coverage C – Personal Property
- Personal Property coverage pays back homeowners in the event that a personal possession—like clothes, furniture, or electronic equipment—is lost or damaged. This coverage is valid whether or not the loss or damage occurs on the property—so items in a storage unit, for example, would still be covered.
- Coverage D – Loss of Use
- If home repairs prevent you from inhabiting your house, Loss of Use coverage can help. This coverage reimburses the homeowner for their living expenses for as long as they are unable to live in their home.
- Coverage E – Personal Liability
- If anyone sustains injuries on your property and files a suit alleging that you’re at fault, Personal Liability covers any financial losses you may sustain.
- Coverage F – Medical Payments to Others
- If someone gets hurt on your property or by your pet, this coverage will take care of any resulting medical bills.
New Hampshire Insurance Resources
New Hampshire Insurance Department:Home insurance in New Hampshire is regulated by the New Hampshire Insurance Department. Prior approval from the department is not required, but homeowners are expected to understand state requirements on the department website. The department also offers premium rate comparisons for homeowners. As a New Hampshire homeowner, you should utilize this resource.
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?”
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!
If you still have questions about homeowners insurance in New Hampshire, let an insurance expert help you understand your options and find the right policy for your unique needs.
Don’t get lost or frustrated shopping for home insurance we’re here to help! With Obrella, you can find the right coverage for your New Hampshire home in no time. We provide the resources for you to read and the gateway to connect with insurance agents who can answer your questions, discuss your needs, and review your options with you to help you find the best coverage. They can even bind your policy over the phone!
So quit worrying about the difficulties of finding the right home insurance and trust Obrella. Professional insurance experts are just a phone call away, so pick up the phone and dial [mapi-phone-link /] today.