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Landlord Insurance in New Hampshire
What is landlord insurance?
When investing in rental properties, every landlord needs to consider and plan for “what if?” scenarios. These include scenarios where a building is damaged, a tenant sues, or worse. While it’s not a solution for every problem, purchasing landlord insurance can help New Hampshire landlords protect their properties and themselves from many “what-ifs.”
Landlord insurance is tailor-made for residential property investors. Policies normally provide protections for both investors and their investments.
Who in New Hampshire is a landlord policy right for?
Most people and businesses that invest in residential real estate throughout New Hampshire should have a landlord policy. Sole proprietors, LLCs, partnerships and corporations might all want a policy.
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Coverages to Consider
- Dwelling Coverage
- Contents Coverage
- Rent Guarantee Coverage
- Loss of Income Coverage
- General Liability Coverage
- Legal Assistance Coverage
- Umbrella Coverage
What coverages are available through landlord policies?
Landlord policies normally come with a variety of coverages, which is why they can usually protect both a property and an investor from diverse risks. Some coverages that many policies have are:
- Dwelling Coverage: Could provide protection for leased building(s) from damages
- Contents Coverage: Could provide protection for landlord-owned items inside the building
- Rent Guarantee Coverage: Could provide protection against rental losses if a tenant refuses to pay their rent
- Loss of Income Coverage: Could provide protection against rental losses in case of significant damage to the building
- General Liability Coverage: Could provide protection against basic accidents that occur on the leased property
- Legal Assistance Coverage: Could provide protection against legal expenses arising from non-liability lawsuits
- Umbrella Coverage: Could provide protection against large lawsuits that exceed the limits of other coverages
Depending on terms, contents coverage might protect items such as furniture, HVAC equipment and exercise equipment.
General liability coverage and umbrella liability coverage are both important components of landlord liability insurance. Landlord liability insurance can help protect against many scenarios that could result in expensive lawsuits, and the limits afforded by landlord liability insurance can be quite high if both of these coverages are in place.
Can landlord policies cover mixed-use complexes?
Insuring a mixed-use development is an involved matter that should be reviewed with a knowledgeable insurance agent. While these developments certainly require many of the coverages that landlord policies provide, the developments often have other coverage needs too. A knowledgeable agent can help determine what the best policy option is in this case.
Do homeowners who rent out a bedroom need a landlord policy?
Renting out a single bedroom usually doesn’t require a full landlord policy, but there are risks and coverages to consider. Any additional coverages that are needed can usually be had through an endorsement or option that the owner’s homeowners policy offers.
An insurance agent who knows landlord policy well can help homeowners make sure they have all of the coverages they need, even if those coverages are obtained through a homeowners policy add-on.
Do property owners who lease on short-term rental platforms need a landlord policy?
Renting out a place on one of the popular short-term rental platforms typically requires some insurance coverages, but a full landlord policy might not be necessary. Short-term hosts should look at their homeowners policy (if applicable), Airbnb policies and landlord policies, to determine which of these options is best for them. This, again, is something that an experienced insurance agent can assist with.
Are tenants covered by landlord policies?
Landlord policies typically don’t offer coverage for tenants. Most tenants should obtain their own renters insurance policy. Some landlords even require that their tenants obtain a renter’s policy.
How can New Hampshire landlords get landlord insurance?
If you need help insuring rental properties in New Hampshire, contact the independent insurance agents at Portsmouth Atlantic Insurance. Our agents will work closely with you to find the best landlord insurance policy for your properties, and we’re able to recommend the best from among many insurers since we’re an independent agency. With our aid, you can have confidence that your properties and yourself are well protected.
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