New Hampshire property owners may have one or two rental properties for additional income or manage several properties as a full-time job. If you are collecting rent and managing property as a landlord, you need landlord insurance for protection from financial loss resulting from damage to your rental property, lawsuits and more.
Three things landlord insurance covers
Landlord, or rental dwelling, insurance for New Hampshire rental property owners provides coverage if you’re offering one or more residential apartments, condos or homes for rent.
- This coverage protects you from losses that can result from property damage caused by natural disasters, break-ins, and more.
- Landlord polices also offer coverage for any personal property you leave on-site for maintenance or tenant use, like appliances, lawnmowers and snowblowers.
- Policies can also help cover loss of income in the event your rental units become uninhabitable due to circumstances beyond your control, as well as coverage for injuries to tenants or their guests.
Am I required to have Landlord Insurance for my New Hampshire Rental Property?
Expect the best and prepare for the worse is a saying we often hear people say. It is especially true when managing risks as a rental property owner.
Landlord insurance isn’t required by law in New Hampshire, but you’re smart to carry it if you’re collecting rent and managing a property. Otherwise, if your property is damaged in any way, those costs come out of your own pocket.
It’s important to understand that your homeowners policy most likely will not cover damage to your rental property, unless you’re renting out a portion of the home you’re living in. And it probably won’t cover you for liability claims.
Types of rental property coverage
Your New Hampshire rental property policy may include some or all of the following:
Property damage: Covers damage to your building(s) and personal property due to storms, fire, theft, vandalism and tenant damage. Experts recommend your policy cover the replacement costs for your entire rental property in the event of a total loss.
Liability insurance: If a tenant, guest or even a trespasser is injured on your rental property, you could be held legally responsible. Liability insurance covers the costs associated with lawsuits and medical bills. It also covers you if you are held liable for damaging someone else’s property.
Loss of income: Covers lost income in the event your rental property becomes unusable due to a fire, storm damage or other covered event.
Optional coverage: There are a number of optional riders you can add to your landlord policy, such as building code coverage, a non-occupied dwelling endorsement, rent guarantee insurance and heating or air conditioning loss reimbursement.
How much with New Hampshire Landlord Insurance cost?
Until your agent understands the unique aspects of your rental property business it is difficult to determine your exact cost. When estimating pricing your premium costs are affected by a number of factors, including:
- Your location
- The size and condition of your building
- How many rental units you have
- The specific type of coverage you’re purchasing
- If your electrical wiring is up to code
- If you allow smokers and/or pet owners to rent from you
- If the complex has a swimming pool
- If you have fire sprinklers installed in your rental units
- If the complex has gated access
- If you have burglar alarms
Landlord insurance is vital if you own any rental property. Make sure you’re protected from unnecessary financial risk by contacting your insurance professional for assistance getting the appropriate landlord coverage for your specific needs.
Consult with an agent about rental property insurance needs. Call 800-392-6532, or get started by filling out our quote form.
This article is for informational purposes only. Insurance needs and coverages vary; therefore, the terms of your policy will be specific to your situation. We recommend that you discuss your insurance needs with a licensed agent for details on pricing, coverages, and exclusions.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem.
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