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Homeowners insurance is a must-have for any homeowner in Franklin, NH. The coverage ensures that you are protected from many perils, including wind damage, fire damage as well as vandalism. Homeowners insurance is an important investment that can help you recover from the damage. A typical home insurance policy in Franklin costs $6,358 a year on average.

The price depends on many factors, including the value of your property and belongings as well as materials used in construction. Homeowners who live in high-risk areas are more likely to face higher premiums. Make sure you're getting the best deal by shopping around and comparing policies with this helpful guide.

Average cost of homeowners insurance in Franklin by coverage level

The average cost of homeowners insurance in Franklin varies depending on the coverage level you choose. Homeowners insurance costs $6,358 per year for dwelling coverage of $200,000, whereas it is $9,457 for $300,000 dwelling coverage.

Below are the average annual and monthly Franklin home insurance rates for different dwelling coverage.

Coverage level (Dwelling)Average annual rateAverage monthly rate
$200,000$6,358$530
$300,000$9,457$788
$400,000$12,561$1,047
$500,000$15,808$1,317
$600,000$18,935$1,578

Note:For the above rates, the deductible amount is $1,000 and liability protection is $100,000.

Cheapest homeowners insurance companies in Franklin

It is important for Franklin residents looking for the cheapest homeowners insurance policy to compare their options because not all policies are created equal. Most carriers in the Franklin offer outstanding protection with premiums at competitive rates so be sure to get quotes from at least three different companies before making a final decision on your coverage plan.

According to Insurance.com survey, Concord is the cheapest home insurance company in Franklin, its average annual rate is $693. The following table shows the cheapest home insurance companies in Franklin and their average annual rate.

Company NameAverage Annual Cost
Concord$693
Travelers$711
Allstate$795
Nationwide Corp$816
Farmers$859
Amica Mut$901
USAA$1,341
State Farm$1,373
Liberty Mut$33,274

Homeowners insurance cost in Franklin by credit score

Homeowners with poor credit scores may find themselves paying more for their home insurance every year. Insurance companies in Franklin use this information to determine the cost of your policy, so it's important that you maintain a good score.

The average home insurance cost for homeowners with excellent credit score is $1,120, that's $45,607 less expensive than the insurance cost for policyholders with poor credit score. The table below shows the average annual insurance cost for homeowners with different credit scores-

Credit ScoreAverage Annual Cost
Excellent$1,120
Fair$2,311
Good$1,444
Poor$46,727

How much you can save on homeowners insurance in Franklin?

If you're looking to save on your homeowners insurance, the best way is by getting quotes from multiple insurers. Another option is to avail yourself of the discounts for which you are eligible. Homeowners insurance companies offer a variety of different discounts to help you trim insurance costs. There are a few different types of discounts that companies offer. Some common ones are:

Home – Auto bundle discount:

One of the easiest ways to get affordable home insurance in Franklin is by availing yourself of the multi-policy discount also known as bundling. If you purchase your home and auto insurance from the same company, you can save an average of $158 a year.

Loyalty discount:

There are other discounts such loyalty discount that can help you save $66 annually on your home insurance in Franklin.

Safety equipment discount:

Apart from bundling and loyalty discounts, insurance companies offer discounts to homeowners for installing safety equipment at home. If you install a fire alarm at your home, you can get a discount of $38 a year on average from your insurer.

New home discount:

Besides, on insuring a newly constructed home, policyholders can get a new home discount of $418 a year on average. Make sure you get all the discounts for which you are eligible to trim your Franklin homeowners insurance cost.