The NAIC Report Card shows that NH Homeowners paid a total of $89,136,725,302 for home insurance in NH in 2015- that is a lot of money- but what does that mean to you? Here is a quick tally on how NH Homeowners Insurance rates compare vs. the US average.
US Average Homeowner's Insurance Yearly Premium Cost: $1132
NH Average Homeowner's Insurance Yearly Premium Cost: $ 905
(Source Trusted Choice)
How do insurers price home insurance here in NH?
New Hampshire Home Insurance companies will use several different factors to calculate your home insurance rates. Each insurer will file their NH homeowner insurance rates with and receive approval from the NH Insurance Department
To determine annual home insurance costs, NH Home Insurance Companies use several different rating factors including:
- Age, Condition and Size of Home
- Fire Protection Class
- Replacement Cost of the Home
- Past Claim or Loss History of Applicant
- Credit Rating of Applicant (husband & wife)
- Amount of Coverage Purchased
What to look for in a New Hampshire home insurance company?
As a consumer it is best to shop around and get several quotes for your property. We recommend that our clients consider the following 5 factors when comparing home insurance proposals:
- Cost- Premiums should be carefully weighed. Most insurers offer a variety of discounts for pay in full, multi-policy, no loss, good credit, etc.
- Financial Stability of Insurer - AM Best is a company that provides credit ratings and financial strength reports for insurance companies.
- Customer Service Level & Claims Payment history of insurers. The NH Insurance Dept. offers a useful tool the Consumer Complaint Summary- in laymen's terms companies with a ratio of less than a 1.0 are performing better than their peers.
- Coverage- not all home insurance polices are the same- some offer replacement cost on the building- but not on the contents.
- Convenience - today insurers are competing for business and offer a ton of perks- including online bill payment, e-documents, and mobile phone apps that make managing your insurance policy easier.
Here at Atlantic Insurance & Benefit Company we do not expect our clients to be experts when it comes to insurance- that's our job! With some basic info we can compare your current home insurance coverage with what the market has to offer. We work with dozens of insurers and routinely save our clients up to 30% or more on their home insurance rates.
Call us toll-free for a quote at 1-888-882-2909 or request a NH Home Owners Insurance quote here online now!