New Hampshire Landlord Insurance
Find the right landlord insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Although it’s a small state, New Hampshire manages to accommodate a sizable population within its borders. Over the years, the population has been steadily growing, and with more than 1,000,000 people, residents are always searching for a place to live. Being a landlord in the state can be a lucrative career, especially if you’re located near suburban areas that allow for an easy commute to Boston. Just make sure that you apply the same care to obtaining a New Hampshire landlord insurance policy as you do when choosing tenants for your rental property.
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NH Security Deposit Law
- Landlords can either charge a security deposit of $100 or one month’s rent, whichever amount is greater.
- If you, as a landlord, hold a security deposit for longer than one year, you must pay interest.
- You must return the security deposit within 30 days of the tenant's moving out.
- If the tenant lived with you and you provided no written agreement regarding security deposits, you must return the deposit within 20 days of the tenant's moving out.
- The security deposit law doesn’t apply to landlords who rent out a single-family residence and have no other rental properties.
Do You Need New Hampshire Landlord Insurance?
In some cases, your homeowners policy may cover a rental unit. If you’re only renting out your vacation condo for a week or two out of every year, you probably don’t need a separate landlord insurance policy. On the other hand, if you rent out several houses to Dartmouth College students, purchasing a landlord policy is a very good idea. Although being a landlord can be a rewarding endeavor, it also comes with several risks.
You’re responsible for ensuring that the rental property is up to rental housing code. If a tenant is hurt and can prove that it’s due to your negligence, you could face a lawsuit. Not to mention the fact that having additional property means you run a greater risk in the face of natural disasters or house fires. However, if your tenant causes damage, you can use the security deposit to help with repairs, but the rest may come out of pocket unless you feel like going to court. Protect yourself by purchasing landlord insurance.
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New Hampshire Landlord Insurance Coverage Options
Similar to a standard homeowners policy, your landlord insurance will cover the main structure of your rental property. You can recover the cost of repairs or a total loss if you have the right amount of insurance. Be sure to speak with your agent about setting the right coverage limits. The unique characteristics of your rental property determine the coverage limits. For instance, if you own several rental communities, your needs are different than if you rent out a garage studio apartment.
One very important aspect of landlord insurance is liability protection. If your tenant is hurt or even a guest experiences an accident, you could be liable. At that point, the tenant has the right to file a claim with your insurance company to seek a settlement of damages. Occasionally, liability cases go to court, but having the right amount of liability coverage will protect you in both instances. Your minimal coverage should include this coverage:
- Property insurance: This covers the actual rental property plus any property that the landlord keeps on the premises.
- Liability insurance: This protects the owner against damage or negligence claims.
These are other coverage options worth considering:
- Legal fee coverage
- Loss of rent coverage
- Rental business insurance
- Umbrella insurance
- Workers compensation
Get the Coverage You Need
If you aren’t sure whether you need additional coverage, talk to an independent agent in our network. An agent can help you analyze your needs and suggest different coverage options to ensure you have protection. If price is an issue, let your agent compare New Hampshire landlord insurance quotes to find an affordable rate. It only takes a few moments to locate an independent agent right in your area.
Contact your independent agent today.