Few states can match New Hampshire’s natural beauty and charming New England architecture. Whether you live in a traditional Victorian home or a modern dwelling, you need adequate home insurance coverage.
The homeownership rate in New Hampshire is 70.7%, according to 2018 census data, nearly seven percentage points higher than the national average. New Hampshire’s median home value comes in at around $245,000, more than $50,000 above the U.S. average.
According to the National Association of Insurance Commissioners, 117 insurance companies wrote $827 million in New Hampshire home insurance policies in 2017 and 2018. In 2017, insurance companies incurred more than $167.6 million in homeowners losses, according to the Insurance Information Institute.
Nationwide, fire and lightning damage causes the highest number of homeowners claims. New Hampshire homes face higher risk of storm-related damage due to hurricanes, nor’easters and winter storms. In recent decades, heavy precipitation has increased in New Hampshire by more than 70%. Homeowners in flood prone areas should talk to their insurance agent about purchasing flood insurance.
When shopping for the best New Hampshire homeowners insurance, always consider these key factors:
- Amount of coverage needed to rebuild your home.
- Amount of coverage needed to replace personal property.
- Deductible limits.
- Additional coverages, such as flood insurance or increased wind and hail coverage.
Best home insurance companies in New Hampshire
Price is just one factor to consider when shopping for homeowners insurance companies. Also consider a company’s financial rating and its customer service track record. Each year J.D. Power conducts a survey of the nations home insurance companies. Based on its 2019 U.S. Home Insurance Study, we’ve chosen a few top picks for New Hampshire homeowners.
- Amica Mutual ranked #1 in the J.D. Power survey, with five-star ratings in all categories, including billing, customer interaction, claims, overall satisfaction, policy information and policy offerings. Amica’s standard home insurance policy also comes with high coverage levels for loss of use and personal property.
- AAAoffers loads of discounts to reduce your annual premium. Its auto club members can save up to 10% on homeowners insurance, and folks 55 years of age and owners of newer homes can save up to 30%.
- State Farmoffers fantastic personal property protection and gives you the option to increase your standard dwelling coverage. State Farm agencies operate throughout New Hampshire, offering a full portfolio of coverages including boat, health, life and recreational vehicle insurance
- Allsate consistently ranks among J.D. Power’s top home insurance companies. It offers a wide variety of insurance products and continues to operate local agencies. Allstate’s claims process enables you to file a claim by calling the national claims center, contacting your local agent or using the Allstate mobile app.
- USAA consistently ranks among J.D. Power’s top home insurance companies. It offers a wide variety of insurance products and continues to operate local agencies. Allstate’s claims process enables you to file a claim by calling the national claims center, contacting your local agent or using the Allstate mobile app.
|J.D.Power Overall Satisfaction Rating||AM BestFinancial Rating||BBB Rating|
|AmicaMutual||5 out of 5 stars||A+ (Superior)||A+|
|AAA||4 out of 5 stars||No rating||A+|
|StateFarm||4 out of 5 stars||A++ (Superior)||A+|
|Allstate||3 out of 5 stars||A+ (Superior)||A+|
|USAA||5 out of 5 stars||A++ (Superior)||B-|
Average homeowners insurance cost in New Hampshire
According to The Zebra, an organization that studies the U.S. insurance market, New Hampshire residents pay an average annual premium of $876 for home insurance. In 2017 and 2018, the NHID conducted a rate study of the state’s top 35 homeowners insurance providers, including four of Bankrate’s top picks. The study used the following criteria to establish rates:
- Property location: Nashua
- Home built: 1985
- Construction: Wood frame, composite shingle roof
- Dwelling coverage: $200,000
- Personal property coverage: $140,000
- Liability coverage: $300,000
- Medical payments coverage: $5,000
- Deductible: $500
The rates the study found are as follows:
Based on a recent study by The Zebra, New Hampshire homeowners pay the seventh lowest home insurance rates in the United States. Here is how New Hampshire home insurance stack up against its northeastern neighbors:
Home insurance coverage options in New Hampshire
The most common type of home insurance policy is called an H0-3, which includes coverage for your house’s structure and its contents while also offering personal liability and medical payments coverage. Typically, H0-3 policies protect against:
- Damage caused by vehicles or aircraft.
- Damage caused by civil unrest or vandalism.
- Damage caused by explosions, falling objects or volcanic eruptions.
- Damage caused by the weight of ice or snow.
- Fire, lighting or smoke damage.
- Frozen air conditioning and heating pipes and plumbing.
- Hail and wind damage.
- Losses due to theft.
- Water damaged caused by internal plumbing or air conditioning and heating systems.
All homes need certain basic coverages, including:
- Dwelling coverage: This pays for damages to your home’s structure and attached garages and carports. Dwelling coverage also covers a home’s electrical and plumbing infrastructure, along with air conditioning and heating systems.
- Other structures coverage: This insurance pays for unattached structures, such as fences, guest houses and sheds.
- Personal property coverage: This part of your insurance plan helps pay for your home’s contents, including clothing, electronics and furniture. Personal property insurance also covers property that is damaged, lost or stolen from storage units or other off-site locations.
- Loss of use coverage: This helps pay your temporary living expenses if your home becomes uninhabitable following a covered loss.
- Personal liability coverage: This type of coverage helps pay for damages awarded by a court if someone sues you for injuries or damages caused by an incident that occurs on your property.
- Medical payments coverage: This pays the medical expenses of someone injured on your property.
Depending on the age and location of your home, you may need to increase certain coverages or take out separate policies. For example, home insurance does not cover flood damage. New Hampshire homeowners who live in low lying areas or near rivers or lakes should purchase flood insurance through FEMA’s National Flood Insurance Program. New Hampshireites living near the coastline might need to purchase additional liability coverage if they have a heavily wooded lot, just in case a tree falls on a neighbor’s house.
Home insurance policies limit the amount of coverage for certain types of belongings, so consider adding endorsements to your personal property coverage if you own expensive artwork, coin collections, firearms, jewelry or silverware. If you work from home, you may also need to add an endorsement, or take out a separate policy, to cover business equipment. Some New Hampshire homeowners insurance companies also offer identity theft coverage, which you can add to your policy for $25 to $65 per year.
Common causes of home insurance losses in New Hampshire
Hurricanes pose the greatest risk to New Hampshire homes. New Hampshire ranks as the 19th highest state in the nation for storm surge risk. In recent decades, New Hampshire coastal dwellings have increased by nearly 200%. In 2012, Hurricane Sandy devastated the northeastern United States, causing more than $20.6 billion in insured losses.
New Hampshire faces moderate risk of tornados, wildfires and earthquakes. However, blizzards and ice storms can wreak havoc on northeastern homes, bursting pipes, collapsing roofs and downing powerlines and trees. According to the III winter storms caused around $30 billion in losses from 1996 to 2015.
Frequently asked questions
What is the cheapest homeowners insurance in New Hampshire?
The cost of homeowners insurance can depend on many factors, including your credit score, the age of your home and its location. Based on Bankrate’s study, Amica Mutual and USAA offer some of the lowest home insurance rates in New Hampshire.
How do I get homeowners insurance in New Hampshire?
More than 100 companies sell New Hampshire homeowners insurance, including major providers such as Allstate, Amica Mutual and State Farm.
Are rural New Hampshire homes more expensive to insure?
Rural homes can be expensive to insure, depending on their proximity to emergency services. Insurance companies offer the best rates for homes located within five miles of a fire station and 1,000 feet of a fire hydrant.
Will homeowners insurance protect recreational vehicles, such as snowmobiles and boats?
While some home insurance policies might offer limited coverage for recreational vehicles, it’s best to cover them with separate policies. Most major insurance companies sell coverage for recreational vehicles and providers often offer discounts for bundling multiple policies.