Rental Property Insurance

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insure@portsmouthatlanticins.com

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Stratford, CT

Rental Property Insurance in New Hampshire

What is rental property insurance?

Rental properties require substantial investment of finances, and often of time too. Those investments should be protected when possible. One way New Hampshire rental investors can protect their properties is by purchasing rental property insurance.

Rental property insurance is a type of insurance policy that is specifically designed to protect residential investment properties. Policies are tailored to meet the unique needs of landlords.

While there are similarities between rental property policies and homeowners insurance policies, there are also differences that make rental property policies more suitable for investment properties.

What New Hampshire real estate investors need investment property insurance?

New Hampshire landlords who own rental properties generally should have investment property insurance. A policy can be helpful regardless of the number of units in a property.

Policies are purchased by full-time individual investors, part-time individual investors, small businesses that have a few properties, and statewide or even larger companies in this space.

In many cases, landlords who have leveraged their investments through rental property loans are required to carry at least some insurance. Lenders commonly stipulate certain coverages so the outstanding loan balance is covered even if a property is destroyed.

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Coverages to Consider

Dwelling Coverage
Landlord Contents Coverage
Loss of Income Coverage

Rent Guarantee Coverage
General Liability Coverage
Legal Assistance Coverage

What protections can landlords get through rental property policies?

Rental property policies may offer a range of coverages that landlords may need, including:

Dwelling Coverage: Generally offers protection for main buildings and other outlying structures on a property
Landlord Contents Coverage: Generally offers protection for appliances, landscaping equipment, and other items kept at a property
Loss of Income Coverage: Generally offers protection against income losses resulting from disasters that render a property unliveable
Rent Guarantee Coverage: Generally offers protection against income losses resulting from tenants not paying rent
General Liability Coverage: Generally offers protection against lawsuits that claim the landlord is responsible for injury or property damage
Legal Assistance Coverage: Generally offers protection against legal fees that don't arise from lawsuits, such as attorney fees when filing for a judgement

Do rental property policies cover mixed-use properties?

Rental property policies are primarily for residential properties, and are not typically suitable for commercial properties. Investors who have mixed-use properties often need a different type of investment property insurance policy that provides coverage for both residential and commercial properties.

To determine the right type of policy for a mixed-use property, investors should consult with an experienced insurance agent who can guide them through the nuances of different policy options.

Should landlords get rent guarantee coverage?

Whether landlords need rent guarantee coverage depends on how dependent they are upon rental payments.

Landlords who need regular income to meet loan payments, salaries or personal income needs ought to consider the coverage. Additionally, landlords who have outstanding loans might be required to purchase the coverage.

Part-time landlords who have rental units as a side hustle might not be dependent upon tenants’ payments to cover living expenses. In this case, it could be reasonable to forgo rent guarantee coverage.

An experienced insurance agent can help landlords evaluate the necessity of this coverage, as well as of any other coverages.

How can landlords with New Hampshire properties get rental property insurance?

If you need rental property insurance for investment properties in New Hampshire, contact the independent insurance agents at Portsmouth Atlantic Insurance. Our agents are well-versed in this and similar insurance policies, and we’ll work closely with you to find a policy that has the coverage features your properties need. We can recommend the best options regardless of what insurance company offers them, since we’re an independent agency.