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Does my New Hampshire homeowner insurance cover flooding?
A typical New Hampshire homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.
In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.
Do I need flood insurance in New Hampshire?
It is important to have flood insurance coverage in New Hampshire because our beloved Cowboy State has seen a fair share of flooding, and there is likely more coming.
We believe that most homeowners think about Flood insurance in New Hampshire at some point, maybe before buying a home, or during the closing process. However, many of us only think about it when a big storm is looming, or we have heard on the news that there is flooding forecasted or happening currently too close to our home.
If your home or business is in a flood zone, that is considered low flood risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate agents and some insurance agents may even say you don’t need it.
I ask you to consider the facts: 20-percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas. In 80 percent of these individuals, they had water in their home or building and didn’t have flood insurance coverage.
In Harris county, nearly 135,000 homes were damaged. Three-fourths of these properties were considered low to moderate risk.
We hear often that people believe that the government will help, and this is true. However, there are a few things that must align for you to get government assistance.
1 – The president of the United States must declare the flooding event a state of emergency. If this doesn’t happen, then there won’t be assistance.
2 – The average amount of assistance that homeowners get after a flood, when they do not have flood coverage, is $5,000. The average cost of damage to one’s property after a flood is $38,000+. That $5K you get from the government? It comes in the form of a loan and you will need to pay it back. Are you willing to gamble away your financial future by forgoing flood insurance coverage?
One more note on these low-risk flood zone maps. Many of these maps are over 40-years old. If the area has been developed, then there is likely more concrete, creating a barrier for land that previously, might have absorbed the massive downpour.
Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea for part of the risk. Our recent storms are facts that it can rain anywhere within New Hampshire, and you should consider getting flood coverage, so you are not uninsured when you need it most.
NH Flooding
FEMA flood zone maps often take years to go into effect after the terrain was studied, this gives the impression that the area is “more up to date” then it really is.
The average cost for New Hampshire flood insurance in these Low-risk areas is $595 per year.
FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these New Hampshire flood insurance maps to assess risk, set premiums and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.
How much is flood insurance in New Hampshire?
New Hampshire NFIP flood insurance & FEMA flood maps NH.
There are many options available in New Hampshire regarding flood insurance, but they basically fall into two main categories.
The government option also called NFIP or FEMA and the private flood insurance market
The National Flood Insurance Program (NFIP), also known as FEMA, which is the government option for flood insurance. The NFIP has enjoyed a 50-state monopoly on the flood insurance market.
Not “private flood insurance” but NFIP Resellers
If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the of the logos below then you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.
There are alternatives to the NFIP or government insurance. It is called Private flood insurance most notably Lloyds of London Flood insurance, however, there are other options available in New Hampshire . We shop all the options for your property in your region to ensure you are getting the best premium. If you are ready to have us do the work for you, please click here.
Our shopping does include the NFIP because sometimes we find that with government subsidies you can get a much better premium.
Lloyds of London Flood Insurance New Hampshire Market
New Hampshire is fortunate to have many Lloyds of London flood insurance options. Although many Lloyds flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.
Lloyds of London has a rich history and is attributed to have invented the very first modern insurance model. Unlike most of its competition, Lloyds of London is not really a company but rather a corporate body. This structure works quite well since it has been around for over 330 years. Lloyds operates under multiple financial backers that all pool their capital to spread the risk.
I have two blog posts that take a deep dive into Lloyds of London and what they mean to New Hampshire ’s flood insurance market. If you are interested, the links are below.
Lloyds also insures the world for flood insurance, meaning they cover flooding events in India, Australia as well as much of Europe. You see the “game” of insurance is to spread your risk since Lloyds is worldwide.
My joke here is that Lloyds is banking on Gods promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole worlds flood claim.
How much does flood insurance cost in New Hampshire?
There are many factors that go into getting the cost of flood insurance for New Hampshire. If your home is in what is considered low-to-moderate risk, you can get a heavily subsidized policy though the government.
New Hampshire flood insurance low-to Moderate Risk rate and cost. This is Flood Zone X, which is not lender required flood zone.
This is usually identified as an X-flood zone. Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see grid below):
Here a link if you want to really dig into this one. Be ready for an eye chart because every option is public record and should be standardized accost whoever writes these policies:
The average cost for flood insurance in New Hampshire with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.
FEMA High-risk Rates
NH flood zone maps
If your property is in higher-risk flood zone, it is usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in New Hampshire depends on many factors that are unique to the structure. We are going to try to give you an idea for the most common homes we see in New Hampshire with a Basement foundation.
We will look at the New Hampshire cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.
We will be rating this example on the NFIP, as well as on a few of our private flood insurance policies, specifically Lloyds flood insurance options in New Hampshire.
Cost of Flood Insurance in NEW HAMPSHIRE in high-risk flood zone AE
Our example is in Hampton, but the premiums will be the same if in Keene, Woodstock, Nashua, Salem, Rye, and many other New Hampshire flood ones.
In our example, the Base Flood Elevation (BFE is 9) and is a home that is built before 1973
NFIP option in New Hampshire Flood Zone AE
NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
NFIP Annual premium in High-Risk flood zone is $3,822.00
This option is what we see if the property has had a flood loss before, and either doesn’t have an Elevation Certificate applied or the Elevation certificate showing that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property
New Hampshire Private flood insurance – Lloyds of London Flood Insurance (option 1)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyds of London (option 1) Annual premium in High-Risk flood zone is $786.24 (great price)
This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They do offer coverage for basements, about $2,000 for loss of use, $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.
New Hampshire Private flood insurance – Lloyds of London Flood Insurance (option 2)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyds of London (option 2) Annual premium in High-Risk flood zone is $880.11
This option is great, and we are very happy when we can get this option for our clients as well. They seem to be writing almost all risks; however, they do not write any property that is in a designated floodway or has the depth of -4 under the BFE. In our example, with our BFE being 9 ft, if the lowest floor is 5 ft, then they will not accept this risk. They will not take anything that has had a flood loss. They do offer limited coverage for basements and do not require an Elevation Certificate to rate, and as a percentage of coverage for loss of use. If you want coverage for other structures, then that will need to be added.
Private Flood insurance option (option 3) NOT Lloyds
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
The annual premium in High-Risk flood zone is $1,357.00
This option will take properties that have had one flood loss as long as it has been more than five years, and the payout was under $100,000 on the claim. Their coverage matches the NFIP. They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.
Private Flood Insurance – Lloyds of London (option 4)
This option must be written on the Replacement Cost Value (RCV) of the building, otherwise, there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option
Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible
Annual premium in High-Risk flood zone is $919.11.
This options rating system is all over the board. Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, which is a bit different from some of our other Lloyd’s flood options. We usually reserve this one if the property doesn’t fit into any of our options above. We can adjust coverages to control premiums. As mentioned before, this underwriters’ rates are all over the board. It is worth shopping through to make sure we are getting you the best premium we can. They don’t need an elevation certificate to rate.
Private Flood insurance – Lloyds of London (option 5)
Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible.
Annual premium in High-Risk flood zone is $1,419.00
This option came out of the company that used to run the NFIP program, so the coverage almost exactly matches the NFIP coverage with two differences. They offer living expenses which will cover your cost, when you are displaced from your home during repairs (most Lloyds flood policies offer this). They also offer swimming pool clean out, which is kind of unique so if you have a pool ask for this coverage.
Private Flood insurance – Lloyds of London (option 6)
Coverage of $250,000 (RCV) building coverage. No Contents and $5,000 deductible.
Annual premium in High-Risk flood zone is $2,005.50
This options rating system is also all over the board. Sometimes we get a crazy low price; other times the premium is way higher than the NFIP. They will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $25,000 on the claim. They have been rumored to give a low price the first year and then non renew following years or sometimes they jack the price way up so we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also seems to be a glitch sometimes.
There are more options coming online every day, and we are working to be looking into every viable option.
Currently, New Hampshire has 8,048 NFIP policies in force to date with the total cost of $8,531,507. That would make the average flood rate for New Hampshire $1,060. Of course, some will pay more, and some will pay less.
Hello, New Hampshire! Thanks for visiting our page for all your flood insurance needs.
Let’s start off with a group of areas that include Alton, Belmont, and Gilford, New Hampshire. These areas have a combined premium total of $117,167. The number of active flood policies total 103 which allows the average flood rate to be $1,138.
Next up is Laconia, New Hampshire where the average flood rate is $1,254. Laconia has 83 active flood policies with $104,088 in flood premiums.
Our next group includes Meredith, Bartlett, and Conway, New Hampshire where the active policies number 138. The premiums here total $141,443 which allows the average flood rate to be $1,025.
The areas that we’ll focus on next include Moultonborough, Wakefield, Wolfeboro, and Winchester, New Hampshire, where the active policies total 128. The premiums here total $141, 155 which causes the average flood rate to be $1,103.
Ossipee, New Hampshire has an average flood rate of $1,572. The premiums here total $141,490 with 90 active flood policies.
295 flood policies are in effect in Keene, New Hampshire. The premiums total $577,719 which allows the average flood rate to be $1,958. Give us a call Keene! Let us check rates for you!
A group of areas to be looked at include Berlin, Gorham, Canaan, and Hanover, New Hampshire. These areas have an average flood rate of $828. The premiums here total $108,510 with 131 flood policies active.
In Lebanon, New Hampshire, the average flood rate is $2,116. Lebanon has 111 flood policies in effect with $234,879 in written premiums.
The average flood rate in Lincoln, New Hampshire is $597. The premiums here total $87,229 with 146 active flood policies.
The average flood rate drops to $361 in Woodstock, New Hampshire. Woodstock has 204 flood policies in effect with $73,561 in flood premiums.
Amherst NH flood map
Another group of areas we’ll study includes Amherst, Bedford, and Hillsborough, New Hampshire where the active policies total 170. The premiums here add up to $187,378 which allows the average flood rate to be $1,102.
Goffstown, New Hampshire’s average flood rate comes in a little higher at $1,194. The premiums here total $164,809 with 138 flood policies in effect.
Our next group includes Hudson, Merrimack, and Milford, New Hampshire where the premiums add up to $167,712 with 163 policies active. The average flood rate here is $1,029.
In Manchester, New Hampshire, the average flood rate is $1,257. Manchester has $250,069 in flood premiums with 199 active flood policies.
234 flood policies are active in Nashua, New Hampshire. Nashua has $140,232 in written premium which allows the average flood rate to be $599.
Up next, we’ll check out New Boston, Pelham, and Peterborough, New Hampshire, where the average flood rate is $1,600. The premiums here total up to $187,258 with 117 flood policies in effect.
Looking at Weare, Franklin, Henniker, and Hookset, New Hampshire, we see the average flood rate drops to $1,138. The premiums for these areas add up to $174,180 with 153 active flood policies.
Concord NH flood map
$1,301 is the average flood rate in Concord, New Hampshire. Concord has 111 flood policies in effect with $144,367 in written premium.
The premiums in Newburg, Fremont, Londonderry, and New Castle, New Hampshire total $143,555 with 131 policies in effect. The average flood rate for these areas is $1,096.
Derry, New Hampshire has 113 flood policies active with $79,414 in premiums. The average flood rate in Derry is $703.
The average flood rate rises to $1,472 in Exeter, New Hampshire. Exeter has $133,932 in flood premiums and 91 active flood policies.
Hello Hampton, New Hampshire! You all have the highest number of active policies in the state at $1,820! The premiums here total $1,587,575 which allows the average flood rate to be $872.
The average flood rate drops to $373 in Newmarket, New Hampshire. Newmarket has 161 active flood policies with $60,111 in flood premiums.
Let’s check out North Hampton and Windham, New Hampshire where the active policies total 93 with $75,870 in premiums. The average flood rate here is $816.
151 flood policies are active in Portsmouth, New Hampshire. The premiums in Portsmouth total $136,862 which allows the average flood rate to be $906.
$842 is the average flood rate in Raymond, New Hampshire. Raymond has 119 flood policies in effect with $100,230 in flood premiums.
In Rye, New Hampshire, the premiums are $321,437 with 289 flood policies in effect. The average flood rate in Rye is $1,112.
The average flood rate in Salem, New Hampshire drops to $847. There are 386 active flood policies in Salem with $321,054 in flood premiums.
When we look at Seabrook Beach Village, New Hampshire, we find the average flood rate rises to $1,432. The premiums here total $216,229 with 151 flood policies in effect.
$95,522 is the premium total in Seabrook, New Hampshire. Seabrook has 85 active flood policies and an average flood rate of $675.
Dover NH flood map
Up next is Dover, New Hampshire, where there are 80 flood policies in effect with $95,522 in written premium. Dover has an average flood rate of $1,194.
Our last group of areas include Milton and Rochester, New Hampshire where the average flood rate rises to $1,402. The premiums total $134,623 with 96 active flood policies.
Finally, let’s look at Claremont, New Hampshire where there are 55 flood policies in effect with $127,913 in written premiums. The average flood rate in Claremont is $2,326.
Thanks for checking out all the flood information on New Hampshire!!
New Hampshire V and VE flood zones
V and VE flood zones with the NFIP can be extremely expensive. We have seen premiums that are $30,000 a year for a single home family. This is ridiculous!!
We suggest that you let us shop your V or VE flood zones on to the private flood Market that is underwritten by Lloyds of London.
How to save money on Flood Insurance in NH VE flood zones
All homes that are ocean-facing are custom built so with this special consideration our Lloyds of London VE flood zone and other Private Flood Insurance options for oceanfront properties take this into consideration with variable coverage options as well as significant savings below is a case study for a property we were shopping just last week.
Our example was in the North Hampton, NH area and is in a VE flood zone map.
For the coverage of $250,000 with no contents and a $5,000 deductible, the NFIP annual cost for flood insurance in a VE flood zone is $23,859.00. Ouch!
Since we are who we are and experts in Flood Insurance we will look at every property every way possible to ensure that we are getting the best premium for our clients and WE often Do (smile win
Flood Insurance cost calculator in New Hampshire
For decades, the NFIP has over-charged 50 percent of its policyholders and under-charged the other 50 percent, while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.
About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures year after year. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. In fact, a recent white paper by Milliman found that 90 percent of homes in Sandy-struck New York and New Jersey would see reduced flood insurance rates through private insurers.
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