New Hampshire Renters Insurance
Whether you are a professional renting an entire house or are a student renting a small apartment in Manchester, you need a NH renters insurance policy. Why? What if you came home to find every item you own destroyed? Could you afford to replace everything on your own?
What Is Renters Insurance?
Although tenants don’t own the apartments or houses they live in, they’re still exposed to various property and liability risks. Renters insurance is designed to help tenants in New Hampshire protect themselves from many of the risks that they do face.
Renters insurance is a specific type of personal insurance that’s generally crafted with tenants in mind. Although these policies are modeled after homeowner's policies in many ways, there are points of difference between the two types of policies. The differences in renters policies make them better-suited for most renters.
Who in New Hampshire Needs a Renters Policy?
In broad terms, anyone whose primary residence is rented or leased should have a renters policy in place.
The following are some examples of people who should consider a renters policy:
- Someone who does not own a primary residence elsewhere and rents a house, apartment, or condo from another party
- College students who rent off-campus housing
Why You Can't Afford NOT To Have NH Renters Insurance!
As a tenant, you face a greater risk than the average homeowner because you do not completely control your home. What if the electrical panel is not updated, been updated in decades, or the tenant next to your smokes or uses space heaters as a primary heat source? If you rent, there are things out of your control, but one thing isn't - protecting yourself.
Maybe you assume that your landlord's insurance would cover your personal property in a claim. This is not true. Your landlord carries the insurance for the building and any of the property they own inside the apartment. As they do not own your property, they cannot insure it.
What Coverages Are Included in Renters Policies?
The coverages that renters policies make available can differ, but most policies offer three primary coverages:
- Personal Liability Coverage may offer protection against certain lawsuits that claim a policyholder is liable for injury, damage, or loss
- Personal Property Coverage may offer protection for personal possessions kept in an apartment like a computer, furniture, clothes, dishes, etc.
The minimum amount of coverage usually starts between $15,000 and $20,000 and goes up from there. To figure out how much you need, think about what you own and how much it would cost to replace everything. That is how much coverage you should have on your renter's policy.
- Additional Living Expenses Coverage may provide funds to secure other lodging if a covered incident renders a leased residence uninhabitable.
How Much Does NH Renters Insurance Cost?
For approximately $200, a renter can purchase a basic tenant insurance policy in New Hampshire to cover most of their property. Rates vary based on the amount of coverage wanted, where the home is located, and your credit rating. For information about how credit score impact premium, read What Does My Credit Score Have to do with What I Pay for Insurance, found on the HPM Insurance blog.
$200 is not much when you would consider how much it would cost to replace everything you own, cover your personal liability, as well as additional living expenses.
At HPM Insurance, we have had tenants of landlords we insure come in asking if the landlord's policy covers their personal belongings after a significant loss. It is tough to tell them no, even worse when they realize how inexpensive a policy would have been.
Do Renters Need to Purchase Dwelling Coverage?
Dwelling coverage typically isn’t included in renters policies, and renters typically don’t have to worry about this coverage. In most cases, insuring the rented dwelling is the responsibility of the landlord.
Do Renters Who Have Homeowners Insurance Need More Personal Property Coverage?
Renters who lease a second home and already have their own homeowner's insurance policy likely have personal property coverage through this policy. Whether they need additional personal property coverage through a renters policy depends on their homeowner's policy's specifics. Sometimes additional personal property coverage is needed, and it’s not necessary for other situations.
Because this is a complicated situation that depends on the specific language of a policy, renters should consult with a specialized insurance agent if they’re in this situation. A specialized agent will know how to analyze a homeowner's policy’s personal property coverage.
Do College Students Need Their Own Renters Policy?
Whether college students need their own renters' policy when going off to school typically depends on the terms of their parent’s policy and where the student lives during the semester. Students who live in on-campus dormitories don’t need their own insurance policy. They are usually covered on their parent’s policy. Students who live in private off-campus housing most likely need their own renter's policy.
This is another situation where a knowledgeable insurance agent should be consulted. An agent can help review a parent’s policy and make sure that a college student is adequately covered.
How Can Residents Get Renters Insurance?
Renters insurance can protect all that you have worked for and give you peace-of-mind. With so much out of your control, know that you can control your future a bit, should you need it.
For help finding renters insurance coverage in New Hampshire, contact the independent insurance agents at HPM Insurance. Our team has helped many renters get the coverage they need, and we can make sure you get a policy that offers robust protection too. As an independent agency, we’re able to offer various policies from different insurers to find one that’s ideal for your situation.