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Having a renters insurance policy is crucial in case you fall victim to fire, theft, or someone is injured on your property. Your property owner’s insurance only covers their losses. Renters insurance will help you replace your belongings or cover medical costs in the majority of cases.

While the cost of renters insurance is generally extremely low, buyers enjoy high personal property, liability, and other coverage. Our guide below is designed with New Hampshire renters in mind–to provide the inside scoop.

What Is The Average Cost of Renters Coverage in New Hampshire?

Protect yourself with rental property insurance in New Hampshire and you may pay close to the average of $150 a year, which is 20% below the national rates. Renters insurance is an affordable defense for your belongings when disaster befalls your home. Plus, it would only take you a mere 21 hours working at a minimum wage job to pay the annual premium. Your possessions and peace of mind are worth so much more.

This is for basic coverage. You get personal property replacement, liability coverage, and some offer additional living expenses after a claim. If you have jewelry or other expensive single items, you may want to add extra coverage to your renters policies for those items.

Even with this additional personal property coverage, the average renters insurance premium could still be under $200 a year.

Do You Need New Hampshire Rental Insurance Coverage?

Just because you are careful with your home and personal items doesn’t mean your apartment is safe. In an apartment complex, it only takes one person forgetting to put out their cigarette for a fire to engulf your entire unit, one burst pipe to destroy your rare book collection, and one determined thief to make off with all your electronics. Don’t believe us? In 2012, 5,444 burglary incidents occurred in New Hampshire.

Though life-changing misfortunes happen every day in the White Mountain State, statistics paint a scary reality. Only 31 percent of renters in the U.S. get renters insurance. Wouldn’t you rather pay a low annual rental insurance rate than have to replace thousands of dollars’ worth of your stuff?

What Discounts Could You Qualify for on Renters Insurance Coverage?

Where you live, what you own, your claims history, and whether you have another policy with an insurance company all influence your renters insurance premium. Even though renters insurance is already quite budget-friendly, there are still some discounts you can qualify for, including:

  • Multi-Policy: Save when you combine policies like auto, home, life, pet, and more. In the insurance industry, most companies offer multiple types of insurance. When you bundle your policies with one carrier, you can save money.
  • No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
  • Safety Devices: Installing safety systems like smoke alarms and security systems can result in premium discounts.
  • Higher Deductibles: Agreeing to a higher deductible can lower your renters insurance premium. But be careful, make sure the deductible is something you can afford if you need to make a claim. In most cases with renters policies, a higher deductible may not be worth the relatively small discount on already cheap policies.
  • Choose Your Coverage Limit: Many policies have $10,000 limits on personal property, which may seem like plenty. They have the option to increase your limits. Keep in mind, insurance can only compensate you for property you own. So if you don’t have $20,000 worth of personal property, it doesn’t make sense to get that much property damage or replacement coverage.

Facts on Renters in New Hampshire

In New Hampshire, 29% of residents are renters and pay an average of $1,066 a month for a two-bedroom apartment. Unfortunately, a landlord’s insurance isn’t going to cover damages to your unit. You are responsible for your own coverage. But in comparison to what you’re already spending on housing monthly, $150 per year is an easily justified cost for renters insurance.

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