For renters in New Hampshire, the options are endless. Do you want to live near the ocean? Try renting an apartment or a small house in the town of Portsmouth. Do you need to be near big city action? The city of Manchester has a great reputation and is an affordable location for families and young adults alike. If you prefer a more rural setting, the city of Berlin is right above the White Mountain National Forest and Franconia Notch State Park.
Needless to say, no matter where you want to live in this state, there’s a place for you as a tenant. If purchasing a house isn’t an option, a rental can just as easily be called home. Although many renters skip this very important step, renters insurance is necessary for protecting your liability and personal possessions.
- 24% of the population are renters
- Average rental price is $1,152
- Average studio rental price is $720
- Average 1 bedroom rental price is $895
- Average 2 bedroom rental price is $1,187
- Average 3 bedroom rental price is $1,500
- Average 4 bedroom rental price is $2,295
New Hampshire Renters Insurance: Liability Coverage
Renters insurance comes with two coverage components: one covers your personal belongings and the other provides liability coverage. No matter where you live, accidents happen. If you cause an accident, you can be held responsible for any injuries or damage that results. Depending on the nature of the accident, paying for the injuries or damages can be very expensive. Without liability coverage, that money must come from your own pocket. With liability coverage, you’re protected.
How Does Renters Liability Insurance Work?
Let’s say your dog bites a neighbor and she must visit the emergency room. Although you still remain on good terms, she files a claim with your insurance company citing medical expenses as well as time lost from work. Your insurance company will review the claim, and if approved, will provide her with benefits up to your coverage limit. If your coverage limit is $25,000 and her total claim is $9,000, you only pay your deductible. But, if your coverage limit is $25,000 and her expenses cost $52,000, you’re responsible for $27,000. Setting the right coverage limit is essential to comprehensive liability protection.
New Hampshire Renters Insurance: Personal Belongings
While the structure of your rental unit is covered by the landlord’s insurance policy, your personal belongings are not. If a fire destroys your apartment or it’s broken into, or even if your personal items are stolen from your car, your New Hampshire renters insurance can help to cover the loss. Without it, you must replace your personal items out of pocket. When you insure your personal items, take an inventory of each room. Try to assign a value to each item in the room. Focus on large items that you can’t live without as well as things like forks, towels, and sheets.
Once you’ve tallied up your entire rental unit, you’ll have a good idea of how much you stand to lose. Next, double that total and you’ll have roughly the amount of coverage you should purchase to cover your possessions. Doubling the total value of your items allows for market inflation so you can maintain the same standard of living in the event of a loss. If you have expensive items or collector’s editions, these priceless items may need to be scheduled individually on your coverage, while others may simply need an expanded cause of loss option. Your agent can walk you through the steps of purchasing a New Hampshire renters insurance policy. You’ll receive competitive New Hampshire renters insurance quotes as well as a trustworthy insurance guide.
If you’re ready to protect your possessions and financial assets, contact an independent agent in our network.