Whether you are an executive renting a condo in Manchester, a young parent leasing a house in Nashua, or a student living in an off-campus apartment near Dartmouth College, you can cover your property and protect your finances by carrying renters insurance.
Local independent agents can help you find the best and most affordable policy. These agents do not work for a particular insurance company, so they are free to request customized quotes from some of the best renters insurance companies in New Hampshire.
Find an independent insurance agent near you to learn about the many benefits of having renters insurance.
Is Renters Insurance Required in New Hampshire?
Renters insurance is not required by law. However, sometimes landlords may require their tenants to carry it as one of the terms of their lease. In most cases, though, this coverage is fully optional.
Just because it is optional doesn't mean it's not worth having. Renters insurance policies can provide you with a wide range of valuable coverage.
In New Hampshire, where the average cost of rent is $1,111 a month and an estimated 44.3% of tenants spend more than 30% of their income on rent and utilities, it’s understandable that you may not want to add to your housing costs by buying renters insurance.
However, you may be surprised by how affordable these policies actually are.
How Much Does Renters Insurance Cost in New Hampshire?
The average renters insurance policy in New Hampshire costs just $149 a year. That is less than $13 a month, which is a small price to pay for a significant amount of coverage.
Factors that can make your actual cost higher or lower than this average amount include:
- The value of your personal property
- The amount of liability coverage you would like to include in your policy
- The crime rate and weather risks in your ZIP code
- The size of your deductible
- Whether you are bundling your renters insurance with another policy like car insurance
When you take the time to compare quotes from a few different insurance companies, you can be confident that you are buying your policy at a competitive price. Independent agents make comparison shopping easy.
What Does Renters Insurance Cover in New Hampshire?
Renters insurance is designed to provide you with protection in a few different ways. A typical policy will include:
- Coverage for your personal property: This is called contents insurance. It can cover repair or replacement costs if your personal belongings are lost or damaged because of a covered hazard such as:
- Property crimes, like burglary and vandalism
- Fire and smoke damage, whether the fire originated in your home or in a neighboring unit
- Severe weather, such as high winds, hail, thunderstorms, lightning, hurricanes, tropical storms, tornadoes, and heavy snow
- Water damage caused by leaky roofs, broken windows, or burst pipes, but not damage that is due to flooding
- Coverage against liability lawsuits: This is called renters liability insurance. It can cover your legal defense costs and financial obligations if you or someone in your household unintentionally cause injuries, property damage, financial loss, or other harm to others.
- Coverage against displacement: This is called loss of use insurance. It can cover your temporary living expenses if a covered event like a windstorm leaves your rental home uninhabitable and you must seek alternate accommodations until your landlord brings the building back up to code.
You will want to be sure that you have enough contents coverage to fully cover all of your belongings, including furniture, electronics, clothing, jewelry, and kitchenware, so that you can afford to replace everything if you experience a total loss due to a disaster like a fire.
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What about Coverage against Floods in New Hampshire?
Although renters insurance covers against hurricanes and storms, it does not cover against flood damage. This can pose a problem, considering that an estimated 13% of all properties in the Granite State have a greater than 26% chance of sustaining significant flood damage in the next 30 years.
If your rental home is impacted by a flash flood, your landlord will be responsible for covering damage to the building, but not to your personal property. If you are renting a ground-floor apartment or a house in a flood-prone area, you may be wondering what your options are.
The only way you can have coverage against floods is if you supplement your renters insurance policy with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program run by FEMA.
Because you will only need to purchase contents coverage with your flood insurance policy, you should be able to get all the coverage you need at a very reasonable price.
How Can an Independent Insurance Agent in New Hampshire Help Find the Best Policy?
When you are shopping for renters insurance, a local independent agent can be a wonderful resource. These agents can answer your insurance-related questions and can assist you with finding the right policy to meet your coverage and budgetary needs. Best of all, talking to an independent agent is free.
Arrange an obligation-free consultation with an independent insurance agent near you today, and you can soon be comparing customized quotes from some of the best renters insurance companies in New Hampshire.
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