Landlord Insurance in Bedford, NH
Experts break down landlord insurance costs, coverage, companies, and more in Bedford, NH.
With rising home costs in Bedford, NH, many residents are being forced to rent, which results in a highly competitive rental market. Landlords can benefit from this boom in renters, but you still need to protect your investment when you're letting someone else occupy your property. For this reason, a landlord insurance policy is a must.
Finding great coverage begins with a local independent insurance agent. Agents are familiar with the housing market in Bedford and will know the type of coverage you need based on the type and number of rentals you have.
What Is Landlord Insurance?
From a single-family home rental to a 200-unit condominium rental, landlord insurance is designed to protect the structure or building of your rental property and any personal property you have within the rental.
Landlords face different risks than homeowners, which is why landlord insurance exists. As a landlord, you may experience tenant damage or deal with burst pipes across multiple apartment units. Landlord insurance differs from homeowners insurance in that it's designed to cover these unique exposures that only landlords have.
What Does Landlord Insurance Cover in Bedford, NH?
The main purpose of landlord insurance is to protect you from liabilities that you may face. In Bedford, this can be one or more policies depending on the type of rental you have and the coverage you need.
Common policies within a landlord policy
- Property damage: Property damage protects you from events such as vandalism, fire, wind, rain, flying debris, burglary, and accidental tenant damage. This includes the structure or building of your rental, detached structures, and property you leave behind for tenant use such as appliances and a lawnmower.
- Landlord liability insurance: Landlord liability insurance protects you from lawsuits and liability claims that result from third-party injury or property damage. It helps pay for everything from medical bills to legal fees and settlement costs.
Additional coverages to consider
- Loss of income coverage: If you have multiple rentals, it can be your main source of income. Should a fire sweep through your apartment complex, the displacement of the tenants could highly impact the amount of income you make until the property is restored. Loss of income coverage helps pay for this lost income.
- Flood insurance: Damage from natural floodwaters is excluded from property damage coverage. Therefore, you need a flood insurance policy for any damage from events like severe storms. It will not cover earthquake or mudslide damage.
- Umbrella liability: If you own several properties, an umbrella liability policy can provide extra liability coverage above and beyond your existing liability limits.
There are additional coverages that can be added to your policy based on your individual needs. Your independent insurance agent can work with you to make sure you have the coverages you need.
How Much Does Landlord Insurance Cost in Bedford, NH?
When determining your landlord insurance premium, carriers will look at multiple things that help them determine how big of a risk your rental property poses.
Carriers may look at any of the following plus additional factors:
- The type of policies you need
- Your policy limits
- The size and number of rental properties
- Property value
- Location of property and local crime rates
- If your property has amenities, like a pool
- Your desired deductible
- Any safety measures that are or are not installed
- Whether everything within the building is up to code
- If pets are allowed
Fortunately, there are ways to save on your landlord insurance premiums including bundling policies, loyalty discounts, and several others. Your independent insurance agent will work with you to determine if there are discounts you qualify for and other ways to help reduce the price of your landlord insurance costs.
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Can a Landlord Require Renters Insurance in Bedford, NH?
Yes, landlords can require renters to have renters insurance. It's a good idea to encourage your renter to have their own coverage as most renters do not understand that their personal property will not be covered by landlord insurance policies.
Renters also tend to underestimate the value of their property, so providing a required amount of coverage can help prevent any confusion about who is responsible for what if a disaster strikes. It's recommended that landlords require tenants to have $100,000 in personal liability coverage, $30,000 in personal property coverage, and $1,000 in medical bills coverage. Of course, these numbers will vary depending on the value of the renter's property.
Does Landlord Insurance Cover Tenant Damage in Bedford, NH?
Accidental tenant damage by a tenant, such as a kitchen fire, is generally covered. However, intentional damage, such as that caused by a disgruntled tenant, would not be covered.
You and your tenant need to know what type of tenant damage is covered by your policy. This knowledge can help your tenant understand what they'd be financially responsible for and what will fall into your hands.
Who are the Best Landlord Insurance Companies in Bedford, NH?
When looking for insurance coverage, you want to go with a company that is well-known for offering reliable coverage at an affordable price. It's also beneficial to have a company that offers good customer service if you need to deal with them when filing a claim. An independent insurance agent can help you find the best landlord insurance companies in Bedford, NH.
Agents have prior experience with the top-rated companies across the state and will be able to provide insight on what to consider when purchasing from a specific carrier.
Why Shop Landlord Insurance with a Bedford, NH Independent Insurance Agent?
Rental properties can be a lucrative investment, but protecting your property always needs to be a top priority. A local independent insurance agent is the easiest way to start looking for policies today and get the coverage you need as soon as possible.
Agents will speak with you, free of charge, to learn about your rental properties and lifestyle so they can start shopping policies that fit your needs. They'll pull multiple quotes and guide you in selecting coverage that protects you from any potential risks. Work with an agent today to find the best landlord insurance policies in Bedford, NH.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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