A Guide to Safeguarding Your Rental Property
Rental Property Insurance: Protecting Your Investment in New Hampshire and Beyond
As insurance agents at Portsmouth Atlantic Insurance, we understand the importance of safeguarding your rental property and investments. If you own a rental property, whether in New Hampshire or any of the other states we do business like MA, CT, VT, ME, NY, OH, IL, or FL, it’s crucial to have the right coverage in place. Let’s delve into rental property insurance, also known as landlord insurance, to help you understand what it covers and when you need it.
Landlord Insurance Statistics to Know
- According Trusted Choice, landlord insurance costs an average of $1,200 to $1,500 per year, however the cost can be significantly more expensive for multi-unit rental properties.
- A report by the National Multifamily Housing Council shows that, as of 2019, nearly 43 million people in the United States are renters living in apartments & rental properties.
- The Census Bureau counted nearly 20 million rental properties, with 48.2 million individual rental units, in it’s 2018 Rental Housing Finance Survey.
- Individual investors owned nearly 14.3 million of those properties (71.6%), comprising almost 19.9 million units (41.2%)
- According to the NY Times & Pew Research Center, 36 percent of American households are rented.
Why Do You Need Rental Property Insurance?
Renting out your property can be a lucrative investment, but it also comes with unique risks that standard homeowners insurance doesn’t cover. Whether you rent your home for a few months or long-term, landlord insurance is essential to protect you from potential financial losses and liability exposures associated with renting out your property.
Cost of Rental Property Insurance
Rental property insurance typically costs around 25% more than a standard homeowners insurance policy. The cost varies depending on factors such as the property’s location, rebuild value, age, and more. As your dedicated insurance agent, I can help you calculate your quote and find the best coverage options at competitive rates.
How to Buy Rental Property Insurance
Shopping for rental property insurance can be overwhelming, but I’m here to guide you through the process. Here are some steps to consider:
- Determine Coverage Needs: Assess the rebuild value of your property and your liability coverage limits to ensure adequate protection.
- Provide Property Information: Furnish insurers with details about your rental property, such as square footage, roof type, and age.
- Compare Quotes: It’s essential to compare multiple insurance companies to find the best coverage and price. At Portsmouth Atlantic Insurance, we can help you compare various insurers offering landlord insurance.
- Finalize the Details: Once you’ve chosen a policy, we’ll work with you to finalize the details and consider any additional coverage options you may need.
Coverage Provided by Rental Property Insurance
Rental property insurance offers comprehensive coverage for your investment. It typically includes:
- Dwelling Coverage: Protection for the physical structure of your rental property against perils like fire, storms, and more.
- Landlord’s Personal Property Coverage: Coverage for items owned by you as the landlord, such as appliances and maintenance tools.
- Liability Coverage: Financial protection against lawsuits if a tenant or visitor is injured on your property.
- Loss-of-Rent Coverage: Reimbursement for missed rental income if your property becomes uninhabitable due to a covered loss.
Coverage Exclusions
While rental property insurance provides robust protection, certain exclusions exist. It does not cover:
- Tenant’s Personal Property: Your tenants should obtain renters insurance to protect their belongings.
- Maintenance Issues: Wear and tear or maintenance-related damages are not covered.
- Property Vacancy: If your property is vacant for a specified duration, certain losses may not be covered.
- Flood or Earthquake Damage: Separate flood or earthquake insurance policies are necessary for such events.
Landlord Insurance vs. Homeowners Insurance
Landlord insurance and homeowners insurance have key differences. Landowners need rental property insurance to protect their rental properties, while homeowners insurance is designed for those who occupy their homes full-time.
Additional Coverage Options
For enhanced protection, consider adding the following coverage options to your landlord insurance policy:
- Rent Guarantee Insurance: Covers rent payments if a tenant falls behind.
- Flood Insurance: Protects against flood damage, which is typically excluded from standard policies.
- Vacant and Unoccupied Home Insurance: Ideal for properties unoccupied for an extended period.
What are some of the landlord insurance companies in New Hampshire?
Below are our top picks of insurance companies that specialize in landlord insurance in New Hampshire & many other states.
At Portsmouth Atlantic Insurance, we represent all of the carriers below (and more) & are able to find the most competitive home insurance options for our clients:
- The Andover Companies
- Concord Group Insurance
- The Hanover Insurance Group
- Openly
- Safeco Insurance
- Safety Insurance
- Vermont Mutual
These are the top five insurance landlord insurance companies in New Hampshire in our experience:
The Andover Companies is one of the largest and longest-standing mutual insurance groups in the Northeast. They specialize in personal & business property coverage. They’re made up of three distinct subsidiaries, Merrimack Mutual, Cambridge Mutual, and Bay State Insurance and they only work with independent agencies (like us at Portsmouth Atlantic Insurance).
Why is Andover one of the best Landlord Insurance companies in New Hampshire?
- We love working with Andover Companies because they specialize in landlord dwelling, home & umbrella insurance – they do not write auto insurance in New Hampshire but they do give an auto/home credit if you carry your auto insurance within the same agency.
- Andover also offers an “Account Credit” – meaning if you happen to carry an umbrella or landlord dwelling policy with Andover as well, you’ll actually receive an additional discount on your home insurance if you bundle together.
- Andover offers great coverage options like Guaranteed Dwelling Coverage, Water Backup, Service Line Coverage, Ordinance or Law, Personal Injury, Equipment Breakdown, and many more.
- We’re able to write dwelling fire, home, umbrella & business insurance with Andover in NH, ME & MA.
- Andover may consider homes & dwelling fire properties in New Hampshire with netted trampolines, homes with professionally installed woodstoves and inground pools with a fence & locking gate.
How to get a quote
Andover works exclusively with select independent insurance agencies like ours at Portsmouth Atlantic Insurance. Just reach out to our team at Portsmouth Atlantic Insurance & we’ll see if Andover is a good fit for you & your home.
Hanover has been in business since 1852, making them one of the oldest insurance companies in the country. They’re based out of Worcester, MA which is great for our clients located in New Hampshire & New England, however they write insurance in almost all states across the country. Hanover has an “A” Financial Strength Rating by AM Best.
Why is Hanover one of the best Landlord Insurance companies in New Hampshire?
- Hanover can be very competitive on landlord insurance policies when you bundle your home & auto together with your rental properties.
- Hanover is very competitive in almost all of the states where we do business, including NH, ME, MA, NY & CT.
- Hanover can be very competitive on landlord insurance policies when you bundle your home & auto together with your rental properties.
How to get a quote
Hanover works exclusively with select independent insurance agencies like ours at Portsmouth Atlantic Insurance. Just reach out to our team at Portsmouth Atlantic Insurance & we’ll see if Andover is a good fit for you & your home.
Safeco has been one of the premier property & casualty insurance companies across the country since 1923. They work exclusively with local independent agents (like us) & specialize in home, auto, umbrella & specialty lines (boat, motorcycle, personal watercraft, etc.). Safeco is now part of the Liberty Mutual Insurance Group which has allowed them to expand their network with better coverage and pricing across the country. The company has financial strength ratings of A (Excellent) from the A.M. Best Company
Why is Safeco one of the best Landlord Insurance companies in New Hampshire?
- We’ve been working with Safeco for almost 20 years now & they’ve consistently been one of our top insurance carriers for all those years.
- Safeco offers many tailored landlord insurance coverage options like water backup, extended dwelling coverage, ordinance or law, loss of rent.
- Safeco has a reputation for having the best claims service in the industry, especially in New Hampshire where we’ve seen first hand how they service & settle claims in a professional manner.
- We have also partnered with Safeco’s Gold Service Center – this provides our Safeco clients with live customer service 24 hours a day, every day of the year. The Gold Service Center can help with the following:
- Process policy changes.
- Billing questions.
- Claims questions.
- Quote & write new policies
How to get a quote
Safeco works exclusively with select independent insurance agencies like ours at Portsmouth Atlantic Insurance. Just reach out to our team at Portsmouth Atlantic Insurance & we’ll see if Safety is a good fit for you & your home.
Safety Insurance was founded in 1979 with a belief that they would succeed as a company if customers were given the best possible service. Over the years they’ve grown and expanded their product line to include a full range of property and casualty insurance products including home, auto, umbrella & business. Today, Safety is one of the leading providers of Home & Auto Insurance in Massachusetts, New Hampshire and Maine. Safety has an “A” Financial Strength Rating by AM Best.
Why is Safety one of the best Landlord Insurance companies in New Hampshire?
- Safety is one of the most competitive insurance companies in New Hampshire when it comes to landlord home, auto & umbrella.
- One of Safety’s best discount in our opinion is the “Renewal Discount” – Safety provides a discount for the number of years you’re insured with them. Most insurance companies don’t offer this type of discount, whereas Safety seems to appreciate & reward loyalty – we love that!
- Safety also has many competitive options when it comes to home insurance, some of these same endorsements are available on a landlord policy as well. They have several coverage packages available but the one we quote most often is the “Safety Supreme Plus” endorsement, which includes the following:
- Guaranteed Replacement Cost for home & contents
- All Risk Contents Coverage
- Special increased limits for jewelry, and silverware
- Personal Injury Coverage
- Additional $100,000 of Liability Coverage
- 100% Ordinance or Law Coverage
- Water and Sewer Back Up Coverage of $5,000
- Service Line Coverage up to $10,000
How to get a quote
Safety works exclusively with select independent insurance agencies like ours at Portsmouth Atlantic Insurance. Just reach out to our team at Portsmouth Atlantic Insurance & we’ll see if Safety is a good fit for you & your home.
Vermont Mutual’s roots go all the way back in 1828, making it one of the oldest property and casualty insurers in the country. Today, Vermont Mutual has over 300,000 policyholders & is a Ward’s Top 50 performing property & casualty insurance carrier for the past 13 consecutive years. Vermont Mutual has an “A+” Superior Financial Strength Rating by AM Best.
Why is Vermont Mutual one of the best Landlord Insurance companies in New Hampshire?
Vermont Mutual has a great reputation throughout New England as being one of the best home & auto insurance companies to work with – and we agree!
Not only are the competitive on home & auto, they also offer a wide range of business insurance options including condo associations (Master Condo Policies), dwelling fire (landlord policies), multi-family homes, umbrella, secondary/seasonal home insurance, short-term rental and much more.
How to get a quote
Vermont Mutual works exclusively with select independent insurance agencies like ours at Portsmouth Atlantic Insurance. Just reach out to our team at Portsmouth Atlantic Insurance & we’ll see if Safety is a good fit for you & your home.
Let Us Help You Secure Your Investment
At Portsmouth Atlantic Insurance, we specialize in rental property insurance, and we’re committed to finding the best coverage to suit your unique needs and budget. Whether you own rental properties in New Hampshire or any other state we serve, we’re here to provide personalized solutions and ensure your investments are well protected.
If you’re looking for assistance and recommendations on Landlord Insurance, contact us today for Auto and Home solutions and learn more about how we can help. Feel free to contact us at 603-431-4020.
Or you can also email us at insure@portsmouthatlanticins.com or fill out the form on this page to get started. Be sure to follow us on Facebook & Instagram to stay up-to-date on the latest news and tips in the insurance industry.
Don’t leave your rental property vulnerable; choose Portsmouth Atlantic Insurance for expert guidance and comprehensive coverage. Let us be your trusted partner in securing your investment for a profitable and worry-free renting experience