114 Main Street
Newmarket, NH 03857
Often, we speak to newcomers to New England who have just moved into a rental. They often inquire about the "usefulness" of renters insurance. Useful! We had to admit that none of us at Keslar Insurance Agency had ever heard renters insurance described that way. But yes, not only is renters insurance useful, it has dollars, and sense value should a disaster occur to your New Hampshire or Maine rental house or apartment. While your landlord has insured the property, it covers only what they own. And while technically, your apartment is their property, your belongings are not.
Landlord Property Insurance, also known as rental property insurance, covers the landlord in three primary areas: property damage, loss of rental income, and liability. As such, It will pay for damages to their building for covered risks like fire, wind, hail, or snow. It also applies to all of the properties they provide for your use, such as appliances and air conditioners. And should fire or storm damage render the property temporarily unfit to inhabit, it will cover their loss of rental income. As for liability, should you, or even one of your guests be injured on the property and sue them, the insurance company will step in on their behalf and try to reach a settlement.
If you notice all the italics, you'll realize that the landlord's rental insurance only covers what happens to the property they own, not yours. That's why you need renters insurance.
Suppose a fire breaks out in the kitchen. The landlord is covered, but you're on your own as far as any of your items are concerned — unless you have renters insurance A renter's policy can help pay for replacements. And speaking of paying for belongings, renter's insurance will also cover you for items stolen in a burglary. And that applies whether they are taken from your home, or elsewhere you are staying
While the landlords' insurance provides liability coverage for any injuries incurred on his property, if one of your guests suffers an injury in your apartment, it will not help you out. But if you are sued and found liable, renter's insurance may help you pay your guest's medical bills, or any other expenses related to the accident.
These are, but a few of the reasons a New Hampshire renter should look into renter's insurance. If you have any questions not answered here, we invite you to come into our Keslar Insurance Agency in Newmarket, NH. If you're still on the fence, we won't try to strong-arm you into purchasing a renters' insurance policy. After all, it’s up to you, but wouldn't you prefer being safe than sorry?