New Hampshire renters insurance costs an average of $100 per year. Though your specific policy may vary, a standard policy will insure you against property damage, personal liability, and the cost of alternative living arrangements after a major loss.

Future disasters or accidents might be the last thing on your mind when you’ve just signed the lease for a new apartment. Purchasing a renters insurance policy is an easy and inexpensive way to make sure you’re prepared for the unexpected.

To help you protect your belongings—and bank account—if something goes wrong, the

car insurance

super app

Jerry

has created this guide to buying

renters insurance

in New Hampshire.

What is renters insurance?

Renters insurance covers the cost of unexpected damages, losses, or injuries that happen on a property you are renting. Four coverages are commonly included in renters policies:

Property (Coverage C): When your personal property is damaged or lost due to any event named in your policy, this coverage will pay for either the actual cash value (ACV) or replacement cost of the items.

Loss of use (Coverage D): If all or part of your rental property is damaged beyond use and you have to move out temporarily, this coverage will pay for the cost of alternative living arrangements, like hotel fees.

Personal liability (Coverage E): If someone else gets injured or their belongings get damaged on your property, you may be held liable for their losses. This portion of your policy covers legal fees or payments you are required to make to the other person.

Medical payments (Coverage F): If someone is hurt on your rental property and requires medical care, a portion of the expenses will be included in your coverage.

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What does renters insurance cover?

Your renters insurance policy will include a detailed list of named perils, or the incidents that will be covered. In New Hampshire, your policy will typically cover losses that result from the following perils:

Fire

Lightning

Smoke

Theft or vandalism

Explosions

Impact by a vehicle or aircraft

Falling objects

Frozen or broken plumbing fixtures

Accumulated ice or snow weight

Hail

The named perils can vary, so it is important to know what is included in your particular renters insurance policy. Remember, any situation not explicitly named in your policy will not be covered.

What does renters insurance not cover?

Unfortunately, damage caused by floods or earthquakes is not covered in most renters insurance policies.

Many New Hampshire residents live in high flood risk areas. If your rental property is in an area that has a history of flooding, it may be smart to buy a separate flood insurance policy to add to your standard renters insurance.

You should also be aware that while most of the things in your home are included in your policy’s property coverage, some belongings may not be covered. These include:

Items for your job or business: Your renters insurance won’t cover electronics or other items that belong to your employer or your at-home business. To protect things like your work laptop and printer, you will need additional coverage.

Valuables: If you own antiques, artwork, or jewelry, they may not be covered if the individual items have a higher value than what is specified in your policy. Again, you may need additional coverage for these items.

Your car: Even if your car is parked on the property you are renting, your renters insurance coverage won’t apply to your car. You’ll need a separate

car insurance

policy that meets New Hampshire’s minimum requirements.

MORE:

Minimum car insurance required in your state: what you need to know

Key Takeaway Renters insurance covers your belongings, but it also provides important personal liability coverage if someone is injured on your rented property.

Is renters insurance required in New Hampshire?

No State law in New Hampshire requires renters to hold renters insurance, but landlords can require that you show them proof of insurance as part of the lease agreement.

Even if your landlord doesn’t require it, purchasing renters insurance is still a good idea. If an unexpected loss or injury ever does happen on the property you are renting, your insurance will cover most—if not all—of the costs that you would otherwise be stuck paying yourself.

The good news for renters in New Hampshire is that the average cost of a renters insurance policy is only $100 per year, making it $60 less than the national average. So, for a monthly payment of less than $9, you can rest easy knowing that you are covered if there is ever a disaster or injury in your home.

How to build a New Hampshire renters insurance policy

To make sure that your renters insurance policy has the right coverage for your needs, you will need to conduct a personal asset inventory. Make a list of all the furniture, electronics, art, and appliances in your home. For each item, write down all of the following information if possible:

Quantity

Purchase date

Purchase price

Brand

Model number

Serial number

Take a photo of each item as you add it to the list to make it easier to file a claim down the road. Having pictures will help your insurance company pay you the right amount for your losses if you file a claim.

You will also need to choose a personal liability limit for your policy. Your landlord might specify a certain liability limit if you are required to have renters insurance.

The liability limit required often falls between $300,000 and $500,000, but you may be able to choose a lower limit and reduce the cost of your insurance.

Actual cash value vs replacement cost

You’ll also have to decide whether you want coverage for the actual cash value (ACV) of your belongings at the time of loss or the replacement cost.

To see the difference between the two, let's say you have a microwave you bought five years ago for $100 and it is destroyed in a fire. With ACV coverage, your insurance will take into account how much your microwave’s value has decreased since you bought it. You may only receive $50 if it has depreciated 50%.

On the other hand, if your policy covers the replacement cost of your property, you will be able to claim the entire $100 to buy a comparable replacement microwave. While this seems like the better option, replacement cost coverage will increase the annual cost of your policy.

MORE: What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

Renters insurance in New Hampshire is already very affordable, but you can save even more money by bundling your

renters insurance

and car insurance. Most insurance companies will offer you a 5% to 25% discount for bundling your policies.

If you are looking for the best deals for bundling your renters and car insurance, let

Jerry

do the work for you (for free!). As a licensed insurance broker, Jerry will get you quotes from top insurance companies that match your needs and save you money.

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Is renters insurance worth it?

It’s worth getting renters insurance just in case disaster strikes. Renters insurance isn’t required by law, but its low cost—especially in New Hampshire—makes it worth buying. Renters insurance is the best way to be ready for any unexpected damages or liabilities you may face.

What is the average cost of renters insurance in New Hampshire?

A standard New Hampshire renters insurance policy costs an average of $100 per year, but it is common for the price of your renters insurance to go up or depending on market conditions. If you are renting in New Hampshire, you can expect your coverage to be around $60 cheaper than the yearly national average.

You could save 15% or more on renters insurance by bundling

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