Insurance for New Hampshire Airbnbs or Vrbos

With its picturesque small towns and natural beauty, New Hampshire presents a great opportunity for real estate owners who are interested in renting their property through Airbnb, Vrbo and other third-party platforms. 

Rental property insurance, also sometimes referred to as “landlord insurance,” is an important insurance coverage for rental property owners to consider. Read on to learn additional information about rental property insurance coverage.

How Much Does Rental Property Insurance Cost in NH?

There are a wide variety of factors that can influence the cost of rental property insurance.  These factors may include, but are not limited to:

• The coverage limits, options and deductible you have chosen
• Where your property is located in New Hampshire
• Your claims history
• The nature of your rental arrangements
• The claims history of the area you are located in
• How much it would cost to rebuild the property
• The materials used to construct the property
• The age of your property
• What, if any, security features your property has in place

If you are interested in receiving a quote for rental property insurance, contact our local office today.

Rental Property Coverages

Rental property insurance is similar to homeowners insurance in many respects, although it takes into account the increased liability risk of renting to third parties. Though rental property insurance policies can and do vary depending on the carrier and other relevant considerations, the following are some typical coverages that can be found in many policies:

• Dwelling

Dwelling coverage helps to cover the physical structure of your insured property.

• Personal Property

Personal property coverage refers to the belongings you as the landlord leave on site, such as appliances and furniture.

• Liability

Liability coverage can help to cover medical and other related expenses if someone is injured while staying on your property.

• Loss of Rental Income

Loss of rental income, which is usually an optional coverage that must be separately added, can help replace some of your lost rental income if your rental property has become unlivable due to a covered peril and you are no longer able to collect rent from your tenants.

To see what coverages are available to you and get a quote for what it may cost you to insure your rental property in New Hampshire, you can request a quote from our agency or contact one of our local offices today.

What Isn’t Typically Covered in a Rental Property Policy?

Just as with any insurance policy, there are exclusions. Talk with your insurance agent to carefully review your policy and see what is and is not covered. Some common exclusions that a rental property policy include but are not limited to:

• Tenant’s Personal Property

A tenant’s personal property, such as clothes, electronics, etc., aren’t generally covered under a rental property policy. A tenant must usually purchase their own renters’ insurance policy to cover their own personal property.

• Maintenance & Equipment Failure

Rental property insurance generally won’t cover costs associated with routine maintenance or breakdown related to your appliances and other equipment.

• Flood Insurance

Typically, most rental property insurance policies do not cover damages caused by naturally occurring floods as flood coverage usually requires a standalone flood policy. Using online tools such as this flood map from FEMA, you can see if your rental property is in an area that may be in danger of flooding. If so, you may want to contact one of our experienced insurance agents to discuss what options may be available to you for flood insurance.

How to Get a Quote for Your New Hampshire Rental Property

To get an insurance quote for your New Hampshire rental property, you can fill out our form here or give us a call. At Cross Insurance, we work with the nation’s leading carriers as well as regional insurers. With offices in New Hampshire, and across the Northeast, our agents are available for account management support. Contact us to request an insurance quote today.

 

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.