New Hampshire is vulnerable to many natural disasters, including avalanches, harsh winter storms, flooding, and even tornadoes. Even though New Hampshire doesn't require home insurance by law, it's important to understand the risks your home faces when deciding whether or not to purchase it.
For example, you should know whether a plan covers hail damage if hailstorms occur in your area. If you live in a high crime neighborhood, you'll also require solid personal property protection. The National Flood Insurance Program (NFIP) is a government program that sells flood insurance because private insurers typically don’t cover floods.
You should also know that in New Hampshire, insurers can use your credit score to determine your premium.
Comparing New Hampshire Home Insurance Rates
The price of New Hampshire home insurance varies widely based on where you live. Insurance companies will ask you to pay based on the risks that you and your home present. For example, you'll pay more for home insurance if you live in an avalanche zone or if your home has a wood stove.
Again, bear in mind that a typical homeowner’s insurance plan won’t cover flood damage. If you live in a region that’s prone to flooding, then you may need to purchase additional insurance through the federal National Flood Insurance Program.
Insurers Can Use Credit Information in New Hampshire
New Hampshire doesn't limit how insurers use your credit information beyond what federal law requires. Many other states limit how insurance companies use your credit. Some even require that you grant them permission to use your credit information.
In New Hampshire, insurers can look at your credit information without informing you. Public records, past payment history, and length of credit history make up your credit information. It also includes how many times you asked for credit, your open lines of credit, credit types, and outstanding debt.
They use this information to decide the likelihood you will file a claim. You may pay more for homeowner’s insurance if you have bad credit. Insurers may not sell a policy to you if your credit is poor. However, not all insurers determine your rate using credit as a factor. If you shop around, you may find an insurer who will give you a favorable rate even if your credit score is poor.
Frequently Asked Questions About New Hampshire Home Insurance
1. If a neighbor's tree falls on your property, who pays for damages?
The insurance company of the person that suffered the damages pays for repairs in most cases. Your insurer should pay for the damages no matter where the tree came from, as long as Mother Nature causes the fall.
2. If you need to upgrade your home to bring it up to building code standard, will your home insurance cover the costs?
In many cases, homeowners insurance won’t cover the additional repair costs required to bring a building up to code. However, you may find a plan that will cover these additional expenses. Check with your insurance agent about whether your plan pays for these upgrades.
3. Does your home insurance cover the personal belongings of your kid if he or she lives in a college dorm?
The majority of home insurance policies will cover some amount of a student's personal property while he or she is away at school – check with your insurer to see how much your policy covers, and whether or not you need to purchase additional coverage.
4. What is a home inventory form?
A home inventory form keeps track of what you own, how much you paid for it, and the estimated worth of your items. You're responsible for recording this information about your clothing, electronics, jewelry, and other goods. You can either do this on paper or through a mobile app.
How to Get Great Rates on New Hampshire Home Insurance
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New Hampshire Home Insurance Resources
New Hampshire Insurance Department
Provides general consumer information as well as information on various types of New Hampshire insurance