New Hampshire Insurance

About New Hampshire Insurance Laws, Health Insurance and Regulations…

The New Hampshire insurance industry boasts of strong performance in recent years, despite the ongoing economic conditions gripping much of the U.S. Insurers have experienced promising growth over the past several years in numerous sectors, but continue to confront challenges in both legislation and within the market itself. The state regulates its insurance industry through the New Hampshire Insurance Department. The New Hampshire Insurance Department is responsible for ensuring that both state and federal regulations are upheld and that consumers are not taken advantage of by insurance companies. The agency also ensures that insurers can operate freely as for-profit businesses.

Auto insurance is mandatory in New Hampshire, as it is throughout the rest of the U.S. The New Hampshire Insurance Department has determined that drivers may carry a minimum level of coverage in order for their vehicles to be considered insured.

This coverage must account for: $25,000 of coverage for injuries or death occurring to one person in an accident; $50,000 of coverage for injuries or deaths occurring to more than one person in an accident; and $25,000 of property damage coverage per accident.

Drivers are not required to carry personal injury protection (PIP) coverage by the state.

According to the New Hampshire Insurance Department, the average cost oNew Hampshire Insurancef auto insurance coverage throughout the state is $1,519. Rates are on the rise as insurers attempt to account for emerging risks in the market.

New Hampshire homeowners are not required to purchase or maintain any kind of property insurance coverage. The New Hampshire Insurance Department does advise that homeowners acquire protections, however, due to the potential threat of natural disasters. Storms that cause widespread floods and blizzards are fairly common, especially in winter, and homeowners may benefit from appropriate protection for their homes.

New Hampshire home to 1.3 million people, 10% of whom have no kind of health insurance coverage. Beginning in 2014, the Affordable Care Act requires all U.S. citizens to carry some form of health insurance coverage. This law also calls for the establishment of health insurance exchanges, which are meant to provide consumers with access to affordable, yet comprehensive health care plans.

Insurance News Update: New Hampshire initially showed favor for a state-run exchange program. The New Hampshire Insurance Department had been working to evaluate the financial implications that the federal health care law would have on the state’s insurance industry, with the agency suggesting that an exchange program may not be necessary. As of June 2012, New Hampshire Governor John Lynch has determined that the state will not build or operate a health insurance exchange. Moreover, the state is currently pushing for the recognition of legislation that would prohibit the enforcement of the Affordable Care Act’s insurance mandate.

New Hampshire Insurance Resources:

New Hampshire Insurance Commissioner: John Elias

New Hampshire Department of Insurance Website:

New Hampshire Insurance Licensing Info:

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