New Hampshire Homeowners Insurance
Homeowners Insurance in New Hampshire: Complete Consumer Guide
The 9th state in the union, New Hampshire is a great place to live. English explorers established a colony here in 1623 and the French and English fought during the late 1600s and early 1700s, forcing the Native American tribes out because they sided with the French who kept losing battles. New Hampshire was the first colony to declare its independence from Great Britain. New Hampshire is nicknamed the “granite state” because there are so many granite quarries here. Mining sand, gravel and semiprecious stones like garnet and beryl is also done here. You’ll find picturesque towns and lots of hiking trails here, where major industries include manufacturing, technology and health care. Famous people from New Hampshire include Mandy Moore, Ronnie James Dio and Sarah Silverman.
Types of Homeowners Insurance policies in New Hampshire
What kind of home insurance policy do you need for your home? Here are the different types of policies.
HO-1 is the most basic type of home insurance policy but many carriers do not offer it.
HO-2 covers a bit more than the basic form, but is still limited in scope and less commonly used than the HO-3 form.
HO-3 is the most common type of homeowners insurance policy and has a broader coverage than the HO-2 form.
HO-5 is the most comprehensive form of homeowners insurance. It’s the most common type of homeowners insurance after the HO-3.
HO-6 is for condo owners, and is usually a walls-in policy that doesn’t cover much of the structure if at all.
HO-8 is a special type of homeowners insurance policy for homes that don’t meet the standards for other policy forms.
What factors affect rates on homeowners insurance in New Hampshire?
New Hampshire federally declared Severe Storms as the most common disasters with 22 counts since 1953, followed by Flood, Snow, Hurricane, and Coastal Storm disasters. Here's top 5 federally declared disasters in the State of New Hampshire.
Top 5 disasters in the State of New Hampshire
New Hampshire federally declared Hurricane disasters the most with 8 counts since 1953, followed by Snow, Severe Storms, Biological, and Flood. Here are the top 5 federally declared disasters in the state of New Hampshire:
|Rank||Declaration Title||Disaster Number|
Source: Federal Emergency Management Agency (FEMA)
How much is homeowners insurance in New Hampshire?
The average yearly homeowners insurance cost is $1,049 a year, broken into monthly payments.
Source: The average cost of homeowners insurance by state, Business Insider.
Crime Rate: Is New Hampshire a safe state?
|2019 Crime in New Hampshire||Crime Number||Crime Rate*|
*Rate per 100,000 inhabitants
Safest Cities in New Hampshire by Property Crime*
- Durham, NH has a population of 16,810 with a Property Crime rate of 2.5 per 1k. The city average home value is approximately $404,969.
- Windham, NH has a population of 14,876 with a Property Crime rate of 4 per 1k. The average home value there is about $507,178.
- Milford, NH came in third as the safest city in the state of New Hampshire and has a population of 16,121 with a Property Crime rate of 4.8 per 1k. Its home value averaged at about $314,557.
- Goffstown, NH has a population of 18,163 with a Property Crime rate of 6.3 per 1k. Its average home value is $320,217.
- Exeter, NH has a population of 15,425 with a Property Crime rate of 6.4 per 1k. The city home value averaged $400,592.
*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.
Compare Home Insurance Rates in New Hampshire
Top homeowners insurance companies in New Hampshire
Allstate has slightly cheaper rates than average, under $700 a year. The company boasts an A+ from AM Best for financial superiority and that is important when it comes to paying claims.
USAA is almost always the best option for military families. They have the lowest complaint index in the industry and have been awarded 5/5 stars from JD Power, which proves they offer great customer service.
Mapfre Insurance is a great option and may have the lowest prices to offer. Some homeowners report paying just over $500 a month and that is much cheaper than the average price found in New Hampshire.
New Hampshire Home Insurance FAQs
What to do if insurance denied a roof claim?
Replacing a roof is expensive but important. If your home is exposed to the elements or prone to flooding, costs will escalate quickly. Homeowners insurance will only pay for roof claims if the roof was in good shape before it faced a peril.
Is there a statute of limitations on homeowners insurance claims?
Typically, you have a year to file a claim, but this policy varies according to each carrier and each state. Check with your agent and don’t stall on important claims. The longer you take to file one, the longer it’ll take to get paid or you may even nullify your eligibility if you wait too long.
Can you claim homeowners insurance deductible on taxes?
Homeowners insurance is usually not tax deductible.
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At the top of the list, is reviewing insurance policies. Are you getting the coverage you need at the price you want? If not, it may be time to change policies. Need a different price? Shop around for better offers.
Gutters and downspouts work to navigate water flow off the roof so that there is no standing water that can lead to complications such as rotting wood, rotting fascia and foundation cracks
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Do you hear gurgling or trickling noises from the toilet? Does water drain more slowly than usual? Do you have a sink hole in your yard suddenly? Is your grass suddenly vibrantly green in patches?
If you're a new homeowner or if you simply decided to look into what homeowners insurance covers, you probably have a few questions about your policy. We have answers.
Keep in mind that in order to get paid for the tree removal you will have to first pay your deductible. Your deductible costs anywhere between $250 and $1,000 so it may make sense for you to pay for the tree removal out-of-pocket. Also, your rate may go up if you file a claim. Is it worth it?
With all the benefits that come with owning a swimming pool there are also risks, which is why swimming pools are often called “an attractive nuisance.” According to the Centers for Disease Control and Prevention (CDC), approximately 10 people die from unintentional drowning.
Mortgage payments and possibly a homeowners warranty aren’t the only costs of owning a home. Nope, it doesn’t end with taxes and homeowners insurance either. Most people who set out to buy their first home are in for a surprise when the closing date approaches and they learn that they owe all sorts of money for the house they just bought.
Homeowners insurance was not designed to cover small or even big fixes, but to repair damage that is covered under the stipulations of your policy. In fact, you may end up paying more in monthly premiums if you file a claim that gets rejected. For this reason, we advise you to fully review your case and your policy to see if you’re covered before filing a claim.
Homeowners insurance is an important protection to have even when it’s not required for a primary home, a vacation home or condo.