Maybe you think you never gave it a second thought. Maybe you can't afford it. Maybe you think you don't own much worth insuring. No matter what you think before a claim, you will definitely think differently after one.
What would you do if you only had the clothes on your back? The scenario may sound extreme, but it happens more often than you think. As experienced insurance agents who insure rental units throughout the state, it is not uncommon for us to see fire destroy a property. It is an extremely stressful and unfortunate event, but even more so if tenants are left in the lurch if they do have their own renter's insurance.
The difference between a rented apartment versus a home you own is that all your possessions are in a place that you do not entirely control.
You can be the most careful person, but still be impacted by the actions of others around you.
For around $200 a year ($16/month), a tenant can buy a basic apartment insurance policy in New Hampshire to cover their property. Rates vary by the insurance company, but some primary factors considered in the rating include coverage amount, location of the property, and claims history.
You could also be entitled to a discount if you have auto and apartment insurance with the same insurance company, are a non-smoker, and/or pay your premium in full. Be sure to ask your local insurance agent about these valuable credits.
Policies typically do not offer less than $20,000 in personal property coverage (aka all your stuff), so this may or may not be enough to fit your needs. Before settling on an amount, think about everything you own, including:
Unfortunately, there is no way your insurance agent can tell you how much coverage you need, given how much the cost of items can vary. That said, air on the side of caution as you may not remember to increase your coverage even if you acquire additional property. There is nothing wrong with asking for a few quote scenarios to find the coverage best suited for your needs.
Replacement cost coverage is essential to have on a tenant policy. Otherwise, your personal property will only be covered up to its actual cash value. This means that you would need to shop at thrift stores or flea markets to replace your property vs. being able to go to a store similar to where you originally purchased the property. Replacement coverage does cost a bit more, but well worth it.
An important part of a renter's policy is Additional Living Expenses (ALE). This coverage may apply if your home is unlivable from an insured occurrence (like a fire). It typically reimburses you for the difference between your additional and everyday living expenses, subject to a maximum limit. Ensure you know this limit and feel it could adequately fit your needs.
Personal Liability coverage is also typically included, which covers you against lawsuits for bodily injury or property damage caused by you, your family members, or pets. Personal liability coverage can also include the cost of your legal defense.
Please speak with your insurance professional for more specific information on the available coverages or limitations.
What else do you get in your New Hampshire Renters policy? Peace of mind - which is not bad for less than $20/month!
We would be more than happy to discuss New Hampshire Apartment Insurance with you in more detail and provide you with a quote. Just do it. You'll feel better that you did.