Shopping around for insurance can be tricky, especially when it comes to determining how much you need and what is required by law. This is particularly true for New Hampshire residents, where insurance requirements are different than in nearly every other state in the nation.
Knowing the basics of New Hampshire insurance will help you not only get the coverage you need for your home and your car, but it will also help you save money in the process.
New Hampshire Auto Insurance
In New Hampshire, residents are not automatically required to carry a certain amount of liability insurance as most other states do. Some drivers who have been in an accident or have a history of traffic violations or a DUI may be required to, as well as those who fail to prove enough financial responsibility to operate a vehicle.
When liability insurance is required, minimums are:
- $25,000/50,000 bodily injury
- $25,000 property damage
Even if you are not required to have liability insurance, it's always a good idea. This type of insurance will cover costs in the event you are found at-fault in an accident. In addition to liability insurance, drivers should also consider the following:
- Comprehensive coverage. This covers repair or replacement costs if your car is stolen, damaged by weather, or incurs damage not related to a collision.
- Collision coverage. This covers costs to your own vehicle in the event of an accident.
- Uninsured/underinsured motorist. With the number of uninsured drivers on the rise, this type of coverage covers costs in the event you are hit by someone without insurance.
New Hampshire Insurance for Homes
Homeowners insurance in New Hampshire is a little less complicated in terms of requirements. While the state itself doesn't require insurance, virtually all mortgage lenders will. Most homeowners opt for what's known as an HO-3 policy, which covers the most common perils (fire, lightning, hail damage, and so forth) and theft. It doesn't cover flooding, so if you live in an area prone to high water and flooding, it's a good idea to add it to your policy.
Even if you don't own a home, you'll want to have your belongings covered. Renters should purchase renters insurance, which is inexpensive (about $200 a year) but protects your belongings from fire, theft, or other types of damage.
Saving on New Hampshire Insurance Rates
Shopping around for quotes and then comparing prices is one of the best ways to make sure you are getting a good deal on your insurance. This can be time consuming unless you turn to a comprehensive site like LocalInsurance.com for information pertaining to insurance in your area. Localinsurance.com is an excellent source for finding and comparing New Hampshire insurance rates quickly and easily.
