Why Every NH Tenant Needs Renters Insurance

Apartment Fire photo

Maybe you think you just can't afford it.  Maybe you think you really don't own much worth insuring.  No matter what you think before a claim, you will definitely think differently after a claim.

What would you do if you only had the clothes on your back?  This may sound extreme but it definitely happens, and probably more often than you think.  By selling insurance in Milford NH for the last decade, I have personally seen at least one person/family a year suffer a total loss of all of their belongings. 

The difference with a rented apartment versus an owned home is that you have all of your possessions in a place that you do not completely control.  What if the unit next to you is heated by space heaters powered through an extension cord?  This burned a multifamily building down in Wilton NH a few years ago.  What if a different neighbor smokes while on a home oxygen system?  (Refer to Manchester NH Fire story.)  Even if your rented home is a single-family, what if the electrical work in the building is outdated and the dryer vent is clogged?  Don't let someone else's carelessness cost you everything.

How much does a NH Renters Policy cost?

For just around $150 a tenant can buy a basic apartment insurance policy in New Hampshire to cover much of their property.  Rates vary on the amount of coverage wanted, where the home is located, and for most insurance companies, your credit rating.

You may also be entitled to a credit if you have your auto and apartment insurance with the same insurance company, or are a non-smoker and/or pay your premium in full.  Be sure to ask your local insurance agent about these valuable credits.

Now that you are considering NH Renters Insurance, how do you figure out how much coverage you need?

Policies typically do not go below $15,000 or $20,000 in personal property coverage (aka: all your belongings), so this may or may not be enough to fit your needs.  Before settling on an amount, think about everything  you own.  Think about everything in your living room (flat screen tv, stereo, computer, couch, lamps, rugs, plants), your kitchen (pots and pans, plates, silverware, glasses, spices, refrigerator, knives) and your bedroom as well (clothes, purses, bed, dressers, mirror, shoes).  Don't forget about the basement or garage that may store a lot of toys or tools.   (For information on insuring jewelry, guns or other special collections, please read the Holt Proctor McBriarty Insurance Agency "Insuring Jewelry, Guns and Other Special Collections" blog. )

Unfortunately there is no way your insurance agent can tell you how much coverage you need.  If you think about it, a couch can be $500 or $5,000 for this one item alone, so it is up to the individual to decide what he or she needs.

Increasing the property coverage by $5,000 does not significantly increase the price, so be sure to ask your insurance agent for a couple of quote scenarios.

What else is included in a NH Renters Policy besides property insurance coverage?

Renters insurance includes coverage for personal property, as well as Loss Of Use and Personal Liability Insurance.

Generally speaking, Loss-of-Use is a coverage that kicks in when you have a covered loss, "that makes part of the 'residence premises' where you reside not fit to live in."  Additional Living Expenses is what is covered, which means, "any necessary increase in living expenses incurred by you so that your household can maintain its normal standard of living." For more information on this, please discuss with your local agent or refer to your policy, but if you had to temporarily move into a hotel because of smoke damage to your apartment, the policy would pay for the increase in your expenses due to the hotel stay and dining bills.

Personal Liability coverage is also automatically included which, generally speaking, covers you "if a claim is made or a suit brought against an 'insured' for damages because of 'bodily injury' or 'property damage' caused by an 'occurrence.'  Each claim is unique and subject to company review and interpretation but generally speaking, this coverage would kick in if your dog bit someone, or someone slipped on a walkway that you were responsible for clearing per your lease. 

What else do you get in your New Hampshire Renters policy?  Peace-of-mind - which is not bad for around $150!

How do you get a NH Renters Insurance Policy?

Click the "Contact Us" tab on our web site and either call Holt Proctor McBriarty Insurance Agency at 603-673-1201 or email us at info@HPMinsurance.com  We would be more than happy to discuss New Hampshire Apartment Insurance with you in more detail and provide you with a quote.

Just do it.  It is money well spent.

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