Finding good home insurance coverage at a reasonable price is a priority for many homeowners. The best way to do it is to compare prices. We evaluated rates for large insurers to help you find the best cheap homeowners insurance in New Hampshire.

 

Cheap Home Insurance in New Hampshire Cost Comparison

It’s wise to compare quotes for home insurance if you’re looking for cheap homeowners insurance. Our analysis shows that home insurance costs vary considerably from one insurance company to another. You won’t know which insurer offers the best price without comparison shopping.

Home insurance company Average annual home insurance cost in New Hampshire
$547
Vermont Mutual
$564
Plymouth Rock
$667
$782
Safety
$851
$882
$931
$950
Amica
$1,002
$1,030
$1,092
MMG
$1,511
The Hanover
$1,684
Source: Quadrant Information Services, based on dwelling coverage of $300,000

Remember that the best home insurance companies offer more than just a great price. They will also provide a variety of coverages to cover your specific needs.

Homeowners Insurance Cost Factors in New Hampshire

Cheap home insurance in New Hampshire will depend on several factors, such as:

  • Your deductible choice.
  • The coverage and policy limitations.
  • The age of your home.
  • Your home’s materials.
  • The fire rating of the area.
  • The cost to rebuild the house.
  • Your home insurance claims history.
  • Your credit history.
  • Your property’s claim history.

When shopping for home insurance quotes, these factors will play a part in the price you’re offered for a policy.

What Does Homeowners Insurance Cover in New Hampshire?

A standard home insurance policy (often called an HO-3) covers a house for anything except problems that are specifically excluded. Smoke damage, fire, explosions, tornadoes and theft are a few of the problems covered by home insurance.

Common home insurance exclusions include earthquakes and floods.

It’s a good idea to review how home insurance works to protect you so you can best determine how much home insurance you need.

Home insurance policies can be broken down into these main coverage types:

  • Dwelling: This pays to repair or rebuild your damaged house or attached structures such as a deck, garage or balcony.
  • Other structures: This coverage pays to repair or replace unattached structures such as a fence, barn or shed.
  • Personal property: Your belongings such as furniture, rugs, jewelry, appliances and tools are covered.
  • Liability: This pays for property damage and injuries you accidentally cause to others. For example, if a guest slips on your icy driveway, liability insurance can pay for legal fees (including a defense), court judgments and settlements.
  • Medical payments to others: This type of home insurance pays small medical claims for non-household members, no matter who is at fault for the injury. For example, if a friend trips over a sprinkler, this could pay for a trip to urgent care. Coverage amounts are small, such as $1,000.
  • Additional living expenses: If you cannot live in your home for a period of time due to a fire or other problem covered by your policy, additional living expenses coverage pays costs such as hotel rooms, restaurant meals and other extra, necessary services, like a pet boarding service.

What’s Not Covered by New Hampshire Homeowners Insurance?

Standard home insurance policies commonly exclude earthquakes, floods, intentional loss, war, nuclear hazard, vermin and insect infestations, and wear and tear.

It’s important to read your homeowners insurance policy closely to understand what’s not covered.

Flood Insurance in New Hampshire

A standard home insurance policy will not cover flooding. With the number of floods that affect New Hampshire, you may want to consider flood insurance, especially if you live in an at-risk area.

With New Hampshire on the coast and multiple rivers throughout the state, the potential for flooding is great. In July 2021, there were two federally declared flooding disasters. While many other areas in New Hampshire may flood, they may not meet the requirements for a declared disaster. It is important to remember that any flood can be dangerous and costly.

There is usually only limited financial help available from the government after a flood. It’s a good idea to protect your property by getting flood insurance. The majority of people with flood insurance buy it through the National Flood Insurance Program (NFIP), a federal program. Private flood insurance is also available.

Monetary and direct assistance is made available through FEMA’s Individuals and Households Program (IHP). If you qualify, IHP helps with housing and other types of support after a disaster that is not covered by your insurance or other sources.

Earthquake Insurance in New Hampshire

If you want coverage for earthquake damage, you will need to buy a separate earthquake insurance policy. A standard home insurance policy doesn’t cover earthquakes.

Earthquake insurance typically covers:

  • Dwelling
  • Other structures
  • Personal property
  • Additional living expenses

An earthquake deductible is usually separate from your home insurance deductible and often ranges between 10% to 25% of your dwelling’s policy limit.

Tips for Buying New Hampshire Homeowners Insurance

Whether you’re a first-time or a long-time homeowner, it’s a good idea to comparison shop for a home insurance policy. You will want to find a policy with a good price without sacrificing on coverage. Here are some guidelines to help you pick the right homeowners insurance policy:

  • Assess your rebuilding costs. Your home insurance agent should be able to tell you the cost to rebuild your house, based on local materials and labor costs in your area. Your dwelling coverage amount should be equal to this estimate.
  • Evaluate how much liability coverage you need. Your liability insurance amount should cover what could be taken from you in a lawsuit. A good minimum amount of coverage is $300,000.
  • Consider add-on coverage for your belongings. You may want to do schedule personal property for certain pricey possessions such as jewelry or other types of valuables. This will mean they’re insured for their full value.
  • Think about replacement cost coverage instead of actual cash value. If your possessions are damaged, replacement cost coverage is the better option. It pays for new, similar items, whereas actual cash value coverage only pays the depreciated amount.
  • Assess coverage gaps. You can typically plug any holes in your coverage with add-on coverage, such as higher limits for your landscaping or coverage for sewer and drain backup.
  • Ask for discounts. Many companies offer discounts for bundling one or more policies, for having home security systems and fire alarms, and more.
  • Research financial ratings. A.M. Best or Standard & Poor’s are a great place to look up your insurer’s financial strength. Without an “A” or better financial strength rating for your insurance company, some lenders will not approve a mortgage.
  • Compare quotes from multiple insurance companies. Make sure you shop around. Prices can vary widely among insurers and the best way to find a good rate is by gathering multiple home insurance quotes.