A typical renters insurance policy in New Hampshire includes three types of coverage: personal property, liability and emergency living expenses. Together, they provide solid financial protection against unexpected events. But how much does all this protection cost? Keep reading to see how much renters insurance costs in New Hampshire.
Average Renters Insurance in NH
The average price of renters insurance in New Hampshire depends on a number of factors, most notably where you live. The following is the average annual cost of a renters insurance policy in three different areas:
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How Renters Insurance Is Priced in NH
There are several factors that determine how much renters insurance costs in New Hampshire.
How much coverage you require will have a big impact on the price of your renters policy. For example, in addition to your standard coverages, you may decide to add extra coverage for particularly expensive items. Or, you may decide to increase your personal property and liability coverage limits.
Insurance is all about risk, so customers who live in areas prone to claims will pay more for their renters insurance coverage. For example, you’ll pay more if your apartment is located close to the coast, as your possessions could be damaged by high winds and flooding. You’ll also pay more if you live in an area with a high rate of theft and other crime, such as certain urban areas.
Conversely, your rate will be lower if you live in a relatively crime-free area away from the coast.
Your Personal Risk
Personal attributes, like your claims history and credit score, can affect your renters insurance rate, as well. The more claims that you file, the higher your insurance rate will be. If you have a good credit score, your insurance rate will be lower.
Discounts in New Hampshire
The rising cost of insurance is a common complaint these days. Fortunately, insurance companies offer a variety of discounts that will help you save on your renters insurance premium in New Hampshire.
- Installed security systems
- Bundling with auto policy
- Being claims-free
- Going paperless
- Paying premium upfront
- Raising your deductible
Security Protection Devices – You should receive a discount on your renters insurance if you live in a building with a security protection device already installed. Examples include fire and smoke detectors, sprinkler systems and security alarms. You may also get a discount if your building employs a doorman or security personnel.
Bundling – Another way to lower your premium in New Hampshire is through bundling. Bundling is when you buy two or more policies from the same insurance company. For example, you can bundle your renters insurance with your auto insurance.
Claims-Free – Being claims-free will also help drive down the price of your renters insurance in New Hampshire. There are some variables with this discount so be sure to check with your carrier. For example, some carriers will require you go three years without submitting a claim, others five years.
Paperless – To help the environment, many renters insurance carriers offer a small discount if you choose to receive your bills and documents electronically.
Pay in Full – Some insurance carriers in New Hampshire offer a small discount if you pay your annual premium in a single payment at the beginning of your insurance year.
Deductible – A deductible is how much you’re required to pay out-of-pocket toward a renters insurance claim. A good rule of thumb is the lower your deductible, the higher your premium. Therefore, if your goal is lower renters insurance rates, you may want to keep your deductible higher.
Another factor that insurance companies consider when determining the cost of your renters insurance premium is what kind of coverage you buy. Your average renters insurance policy in New Hampshire will typically include the following:
- Personal Property – Covers the cost of personal property damage or theft. Applies to possessions inside and outside of your apartment, such as furniture, TVs and computers.
- Personal Liability – Provides protection if you’re legally responsible for property damage or injuries to others. It may also help pay for legal expenses, medical bills and other costs.
- Emergency Living Expenses (or Loss of Use) – Reimburses you for lodging, meals and other related expenses if you need to vacate your unit due to severe damage from a covered event.
Beyond these standard coverages, you may want to customize your New Hampshire renters policy to ensure that you have the best possible protection. Examples of practical upgrades include home cyber coverage, replacement cost for contents, water backup protection, extra coverage for valuables and additional liability protection.
Home Cyber Coverage
Replacement Cost for Contents
Water Backup Coverage
Extra Coverage for Your Valuables
Additional Liability Coverage
Home Cyber Coverage – This coverage will keep you one step ahead of identity thieves and cyber-criminals. For example, if you’re the victim of a cyber-attack, your coverage could help pay to restore your computing device to its previous level of functionality.
Replacement Cost for Contents – If an item gets damaged, this coverage will pay to replace it with a new, similar item. Actual cash value, meanwhile, pays what the item is worth at the time of the loss, which might be less due to depreciation.
Water Backup Coverage – Pays to replace your belongings if they’re damaged by water backing up into your apartment, usually through sewers, drains or overflows. This coverage is a good idea if you live in a single-family home with a basement and a sump pump.
Extra Coverage for Your Valuables – If you own any high-value items, like jewelry, you can get extra coverage—called an endorsement—to make sure they’re fully covered. An endorsement will raise the coverage limit of a specific item or categories of items.
Additional Liability Coverage – Typically, the base liability amount on your renters policy is $100,000. To maximize your peace of mind, you may want to increase that amount.