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Why Every NH Tenant Needs Renters Insurance

Written by April Weismann on 01/12/2012 06:24 PM in Personal Insurance,. renters Insurance.
NH Renters Insurance

 Renter's Insurance in New Hampshire

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

Why Renters Insurance is Important to Consider for NH Tenants

What would you do if you only had the clothes on your back?  The scenario may sound extreme, but it happens, and probably more often than you think.  As experienced insurance agents who insure rental units throughout the state, we often see several total losses a year.  It is an extremely stressful and unfortunate event, but even more so if tenants are left in the lurch if they do have their own renter's insurance. 

The difference with a rented apartment versus a home you own is that all your possessions are in a place that you do not completely control. 

  • What if the resident next to you relies on space heaters powered through extension cords? This is a fairly common cause of fires, but not widely known.
  • What if a different neighbor smokes while on a home oxygen system?
  • Even if you rent a single-family home, what if the electrical work in the building is outdated and the dryer vent is clogged?  Don't let someone else's accident cost you everything.

How much does a NH Renters Policy cost?

For around $200 a year ($16/month), a tenant can buy a basic apartment insurance policy in New Hampshire to cover their property.  Rates do vary by insurance company, but some primary factors considered in the rating include coverage amount, location of property and claims history.

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

How much coverage do I need?

Policies typically do not offer less than $20,000 in personal property coverage (aka all your stuff), so this may or may not be enough to fit your needs.  Before settling on an amount, think about everything you own, including:

  • living room: tv, stereo, computer, furniture, lamps, rugs, plants
  • kitchen: appliances, furniture, dishes, food, knives
  • bedroom: furniture, clothes, purses, shoes, phone
  • basement or garage: holiday decorations, golf clubs, tools, etc.

Unfortunately, there is no way your insurance agent can tell you how much coverage you need, given how much the cost of items can vary.  That said, air on the side of caution as you may not remember to increase your coverage even if you acquire additional property.   There is nothing wrong with asking for a few quote scenarios to find the coverage best suited for your needs.

What is Replacement Cost Coverage?

Replacement cost coverage is very important to have on a tenant policy.  Otherwise, your personal property is only going to be covered up to its actual cash value.  This means that you would need to shop at thrift stores or flea markets to replace your property vs. being able to go to a store similar to where you originally purchased the property.  Replacement coverage does cost a bit more but well worth it.

What other coverage is on a NH Renter's policy?

An important part of a renter's policy is Additional Living Expenses (ALE).  This coverage may apply if your home is unlivable from an insured occurrence (like a fire).  It typically reimburses you for the difference between your additional living expenses and your normal living expenses, subject to a maximum limit.  Be sure you are aware of this limit and feel it could adequately fit your needs.

Personal Liability coverage is also typically included, which covers you against lawsuits for bodily injury or property damage caused by you, your family members or pets.  Personal liability coverage can also include the cost of your legal defense.

For more specific information on the coverages available or coverage limitations, please speak with your insurance professional.

What else do you get in your New Hampshire Renters policy?  Peace-of-mind - which is not bad for less than $20/month!

How do you get a NH Renters Insurance Policy?

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.  You'll feel better that you did.

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