Everything You Need to Know about Home Insurance in New Hampshire

When people think about New Hampshire, beautiful mountains and maple syrup may come to mind. That’s justified since Mount Washington in the “Switzerland of America” is the highest peak in the northeastern U.S. Plus, maple farmers here produce 90,000 gallons of maple syrup every year. That’s a lot of the sweet stuff.

New Hampshire can lay claim to many fascinating tidbits of history, as well as plenty of places for its residents and visitors alike to enjoy all that the state has to offer. With its plentiful granite formations and quarries, the most well-known nickname is the Granite State.

Those in the know claim this state’s fall foliage display puts all the others to shame. Lake Winnipesaukee is the place to go if you want to be amazed. The snowmobile was invented here – and it’s no wonder. Winters here are snow days – perfect for all snow sports but very cold. In the brief summer months, residents have warm and humid days.

There’s plenty to do in the Granite State. If you want to spend time outdoors, visit Flume Gorge for a walk along a stunning natural gorge. If walking isn’t your thing, take the Conway Scenic Railroad for a trip through time and through some of New Hampshire’s most beautiful landscapes. Traveling with kids? Don’t miss a day at Storyland – a premier theme park destination to delight kids of all ages. And don’t forget to sample some famous lobster chowder while you are out and about!

Homeowners in New Hampshire are lucky to have all of this natural beauty available year-round. To make the most of all this state has to offer, it is essential to have homeowners insurance that safeguards your assets. The agents at InsureOne can assist you in finding the best coverage and price, providing you with peace of mind while you enjoy the wonders of New Hampshire.

How Much Does Homeowners Insurance Cost in New Hampshire?

The average cost of homeowners insurance in New Hampshire is $953 per year or approximately $79 per month for a policy with $300,000 in dwelling coverage. This amount is close to half the national average of $1,754 per year.

Although it’s true that those living in New Hampshire face possible home damage from winter storms, the risk is relatively low, since homes are built to withstand the effects of snow and ice. Wind damage is rare, and tornadoes and wildfires do not pose a large threat. For these reasons, homeowners have much lower premiums than those in other states.

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How Do Home Insurance Deductibles Affect Rates in New Hampshire?

As with all insurance policies, the amount you choose for your deductible has a bearing on your resulting premium. If you do submit an approved claim, you’ll be responsible for paying the amount of your deductible, while your insurer pays the rest up to your policy limits.

This amount may be required up front or subtracted from your eventual payout. If your insurer requires you to pay your deductible up front, make sure you’ll have the available cash to do so in the event of an approved claim. If it is subtracted, you’ll still have to cover that amount when paying for the work to repair your home. That’s why it’s important to make a good choice when determining your deductible amount.

Here’s an example: You’ve submitted an approved claim for roof damage in the amount of $10,000. Your deductible is $1,000. You’ll be responsible for that $1,000 either upfront or your insurer will pay out $9,000, leaving you to pay the contractor the remaining $1,000 for the roof repairs.

Compare Home Insurance Rates by Coverage Levels in the Granite State

The following table shows the average annual premiums in New Hampshire for different levels of dwelling coverage.

Dwelling Coverage (New Hampshire) Average Annual Insurance Cost
$100,000 $450
$200,000 $702
$300,000 $953
$400,000 $1,200
$500,000 $1,426

At InsureOne, we search through multiple A-rated carriers to find plans that fit your specific needs. We’ll shop around for you and provide you with the top options so you can choose.

Is Home Insurance Tax Deductible in NH?

For the most part, you cannot deduct your home insurance from your taxes in any state. If you use your home for more than just a primary residence, such as working from home or renting parts of it out, you may be able to deduct some of those expenses. It’s always best to get advice from a tax professional if you have any questions.

Does New Hampshire Have the 80% Homeowners Insurance Rule?

Most insurance companies use the 80/20 rule to determine how much they will pay out in the event of a claim. If your home is insured for less than 80% of its replacement value, you may receive a smaller reimbursement than the replacement value on your policy.

You’ll find the language that explains this in your home insurance policy. For example, a home with a replacement cost of $300,000 should be covered for at least $280,000 (80% of $300,000). If the home is insured for less than that, the insurer will only pay out a portion of the minimum coverage purchased.

Your home’s replacement value shifts over time, as lumber prices increase or if you make renovations. Check with your agent periodically to make sure your home is still covered for at least 80% of its replacement value.

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Bundling Home and Auto Insurance in NH

Finding the best home protection around is the end goal, but saving a little money while doing it won’t hurt. There are different ways you can reduce your premium, including changing your deductible. But when you show your insurance company loyalty by combining two or more policies together, you’ll receive one of the highest rewards insurers hand out.

Just bundling your home insurance with your auto insurance can net you a 25% reduction. Maybe you have a boat to cruise around Lake Sunapee. Or perhaps you are a motorcycle enthusiast that can’t resist the twists and turns of the Mount Washington Auto Road (beware of the wind up there!)

Whatever you have that’s worth insuring is worth bundling for a break in price. Don’t forget to take advantage of other discounts available, as well.

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What Weather Events Affect Home Insurance Costs in New Hampshire?

As mentioned, home insurance rates are low here because New Hampshire does not experience major damage on a regular basis. With that said, it’s still best to be proactive. In the summer, life is mellow with a warm humid spell for about three months. It’s a good time to make sure your home and property is winter-ready. From the end of October (sometimes the beginning!) through February (and, in some cases, April!), snow will fall, and blizzards will roar. Here’s how to get ready like a native:

  • Have your heating system serviced
  • Clean and regularly replace heating filters
  • Insulate hot water heater and indoor water pipes
  • Seal the attic and insulate
  • Clean your fireplace and have your chimney checked

You can find more handy tips on surviving a New Hampshire winter from New Hampshire’s Ready NH program.

What are the Different Types of Home Insurance?

The type of home insurance you choose depends on your residence. In a large majority of cases, HO-3 is the default home package. But if you have a condo in Concord or a manufactured home in Manchester, you may choose either HO-6 (condo) or HO-7 (mobile and manufactured).

Similarly, if you want an increased level of protection, you may choose HO-2, which is like HO-3 but provides significant upgrades in coverage.

Choosing the right type of home insurance is crucial. You can trust the team at InsureOne to help you find a flexible policy from a top-rated carrier that meets your individual needs.

What is the Most Common Homeowners Insurance in New Hampshire?

Although it depends on the type of home, the most common home insurance in New Hampshire is geared towards protecting homeowners from the types of damage common to the area.

For example, those living near the coastal side may need to consider purchasing flood insurance from the government, in addition to their regular policy. Flooding is not common in the Granite State, but for those living on the short stretch of coast, it is a consideration.

More critical is a policy that will address possible damage done during ice storms and blizzards. Snow pack is extremely heavy, so it’s important to make sure your roof is up the challenge. Similarly, ice may cause trees to crack and break, so keeping the area around the home free of large trees is important.

Melting snow may cause flooding in basements, which frozen pipes can burst and cause flooding inside the home. Make sure your policy includes funds for alternate living arrangements if you need to relocate while your home is repaired.

By understanding these unique characteristics, you can ensure your home is adequately protected with the right insurance policy.

Get the Best Homeowners Insurance in New Hampshire Today

Outdoor enthusiasts delight in the rugged and natural beauty of this state. And home insurance is considerably less expensive here. That said, homeowners still want top-rated coverage with flexible options. At InsureOne, agents take the time to research a variety of options for you, so you can continue snowboarding and skiing with the family.

You’ll get the best home insurance at the best price. Give InsureOne a call at (800) 836-2240 or check their online site today. Or, if you are in the neighborhood, take time to stop in for a one-on-one visit.