New Hampshire / Maine Renters Insurance

Your Renters Policy Protects:

• Furniture
• Clothing
• Appliances
• Personal Belongings, no matter where they are used
• Personal Liability, that protects you against a claim or lawsuit if someone is injured or their property is damaged while in your apartment

Unmatched Selection of Coverage Options:

• Contents Replacement. Provides the cost for personal belongings, at today’s cost, without depreciation.
• Personal Injury. Protects you against libel and slander.
• Identity Theft Protection. Provides assistance from a consumer fraud specialist and covers expenses related to restoring your good name and financial reputation.
• Valuable Items Endorsement. Provides a blanket of coverage that is broader than what a basic Homeowners policy provides. It is the right coverage for people who own valuable possessions such as jewelry, artwork cameras and computers.
• Personal Articles Floater. Provides even more comprehensive coverage than the Valuable Items endorsement. It is the right coverage for people who wish to protect items that have been carefully selected and whose values exceed the limits of either the Renters policy or the Valuable Items endorsement.
• Umbrella Policy. Offers an additional $1 million to $5 million of liability protection.
• Flood Coverage. Flood damage is typically not covered under a homeowners policy. This affordable coverage covers damage to your personal property and provides cleanup reimbursement.

Personal property coverage

Your landlord should have insurance coverage for the building in which you live providing coverage for the structure of the building, any personal property the landlord owns (such as appliances and carpeting) and liability for injuries due to the property owner’s negligence in upkeep or safety of the property.

But in the event that your personal belongings and valuables are destroyed in a building fire or stolen by a thief, you need to have a renters insurance policy in place to cover your losses. If you do not have such a policy, you will need to recover from your loss out of pocket.  Renters insurance provides low-cost coverage for your furniture and personal possessions – at home or away from home – against damage from such hazards as fire, lightning, windstorm, hail, explosion, smoke, vandalism, and plumbing leakage. A renters insurance policy also protects your property against theft loss in your apartment or anywhere in the world.

This personal property coverage is also called contents coverage since it insures the contents of your apartment. You determine the value of your property and the renters insurance premium is based on this amount. A rule of thumb is to figure the value of items in each room. We might recommend $5000 per room … more if you have expensive items. Call us at 603-437-1992 if you have questions. We will gladly help you arrive at a reasonable estimate of the value of your belongings.

Statistics about Tenants in the United States

• In 2010, the U.S. Census found that approximately 35% of all homes in America were renter-occupied.
• In 2012, a poll conducted by ORC found that only 31% of tenants in this country carry renters insurance.
•  The average renter owns $20,000 worth of personal belongings.

Renters insurance is not mandatory in any state. In some cases, however, landlords will require their tenants to buy renters insurance, and they are perfectly within their rights to do so.

You are most likely to be required to carry renters insurance if you live in an apartment building or other type of multi-unit rental. The main reason for this requirement has to do with liability coverage for the leasing company and the other tenants. If you should accidently start a fire, your landlord and other affected tenants can receive reimbursements through your policy.

Whether or not you are required to carry this insurance, choosing to purchase a renters insurance policy is a wise decision that will protect you from devastating loss.

What if I Don’t Own Anything Worth Insuring?

Many people who rent rooms in homes feel that renters insurance is an unnecessary expense. While you may not have a lot of expensive belongings, if you take the time to write down an inventory and an estimated value of everything you own, you may be surprised.

Be sure you list everything including all your furniture, clothes, dishes, electronics, jewelry, appliances, and even cosmetics. Now think about how much it would cost to start with nothing and replace everything you own. That is exactly what you would have to do if a fire or natural disaster caused you to lose everything.

Now look at your most valuable items. What if they were stolen? Could you afford to replace them? Statistically speaking, apartment residents report burglaries more frequently than people living in houses. Renters insurance allows you to be prepared so that you will not be faced with undue financial burdens in their wake.

What Does Renters Insurance Cover?

Renters insurance covers your personal belongings or “contents” against damage and loss, including from theft, fire, and even smoke, which can be quite destructive. Your contents insurance may provide actual-value reimbursement for your items, or, for a slightly higher premium, may cover your full replacement cost. If most of your possessions are older or worn, the more expensive policy is ideal as you will be able to purchase new items to replace everything you lost.

Your rental-home or apartment insurance will typically cover the cost of temporary housing if your home should be uninhabitable for a period of time following a disaster. It is important not to assume that your landlord will cover this cost for you, as that will depend upon the cause of the fire and the landlord’s specific coverage.

Finally, your policy will provide liability insurance should you be held responsible for an injury to a visitor in your home. This coverage can be quite beneficial as medical bills can add up quickly. Even something as minor as a trip to the hospital for stitches can cost more than a full year of renters insurance coverage.