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CheapRenters InsuranceNew HampshireThe Best and Cheapest Renters Insurance Companies in New Hampshire for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceNew HampshireThe Cheapest Renters Insurance in New Hampshire
Cheap Renters Insurance Companies in New Hampshire
For most renters looking for renters insurance in New Hampshire, pricing is always a priority. There are several insurance companies offering various coverages that vary widely in price. USAA has the lowest rate in the state, but USAA insurance plans are only applicable to former and current military members and their families. Therefore, the cheapest policies in New Hampshire for most people are available from MetLife at around $82 per year, or Amica Mutual, with an average annual price point of $83.
Renters insurance rates gathered by Moneygeek are based on average rates across various ZIP codes in the state. These rates are for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
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Best Renters Insurance Companies in New Hampshire
MoneyGeek rates renters insurance companies in New Hampshire based on various factors including financial stability, customer satisfaction and affordability.
Based on our rating methodology, we found that USAA is the best renters insurance provider in New Hampshire. USAA received a perfect score of 100 out of 100, for customer satisfaction, financial stability and affordability. However, USAA exclusively covers veterans, active-duty personnel and their families.
Amica Mutual scored second with 92 out of 100, due to the provider's high customer satisfaction ratings, along with affordability and financial stability
The best New Hampshire renters insurance carriers aren't always the cheapest, but they balance affordability with service quality. Choosing the cheapest carrier isn't always the best option, and inexpensive isn't usually the best in class. It's smart to consider an insurer's creditworthiness and ability to pay claims quickly.
1
USAA
Score:100
USAA received a perfect score of 100 for customer satisfaction, financial stability and affordability and was ranked the top renter insurance provider overall. USAA solely insures veterans, active-duty service members and their families. USAA’s policies include rare coverage like flood insurance.
More About USAA
USAA offers renters insurance in all 50 states and Washington, D.C. The company offers a wide range of uncommon coverages, including slip-and-fall accidents, refrigerated items and personal property damage worldwide coverage. USAA features a mobile app and online quote tools that allow you to register an account and check your renter insurance eligibility. You may also file a claim with USAA online.
Read MoneyGeek's USAA renters Insurance Review2
Amica Mutual
Score:92
Amica Mutual ranks as the second-best renters insurance company in New Hampshire. The provider received high customer satisfaction, affordability and financial stability ratings for a total score of 92 out of 100. Amica Mutual offers rare coverage such as special computer coverage.
More About Amica Mutual
Amica Mutual offers renters insurance policies in 50 states, excluding Hawaii. The provider offers several rare and standard coverages, including identity theft, flood coverage and earthquake protection.
You can get a personalized quote through the company’s website. You can also download Amica’s mobile app for free and immediately access your policy information, claims, billing and more.
Amica Mutual offers several discounts, including loyalty and autopay discounts and an e-discount when you sign up to electronically receive policy information and bills.
Read MoneyGeek's Amica Mutual renters Insurance Review3
Allstate
Score:88
MoneyGeek found Allstate to be the third-best renters' insurance company in New Hampshire. Allstate ranked high in financial stability, customer satisfaction and affordability and received a total score of 88 out of 100. Allstate offers personal injury coverage, which renters insurance providers do not commonly offer.
More About Allstate
Allstate provides comprehensive renters insurance coverage in all 50 states and Washington, D.C. Allstate policyholders get several potential discounts, including an autopay discount when you set up autopay on your account.
They also offer a discount for retired policyholders at least 55 years old. The carrier provides insurance coverage to help cover the expense of replacing belongings if they are destroyed by floodwater. Interested individuals can get an instant personalized quote through their website. They can also file and track their claims using the Allstate mobile app.
Read MoneyGeek's Allstate renters Insurance Review4
Farmers
Score:76
Farmers ranked fourth among renters insurance carriers according to MoneyGeek's methodology. The company rates well in terms of customer satisfaction, with an overall score of 76 out of 100. Farmers offers identity theft coverage as part of a standard policy to help policyholders resolve fraud, compensating for time and loss up to the specified limits and providing support throughout the recovery process.
More About Farmers
Farmers offers comprehensive coverage in 49 states, including New Hampshire. In addition to identity theft coverage, they also provide scheduled personal property coverage and personal property replacement cost. Farmers offers discounts to non-smokers, which is an unusual incentive among renters insurance companies.
You can use the Farmers mobile app to manage your insurance policy, read policy documents, file claims and interact with your agent.
Read MoneyGeek's Farmers renters Insurance Review5
State Farm
Score:75
MoneyGeek ranked State Farm as the fifth-best renters insurance company in New Hampshire due to its high customer satisfaction and financial stability score. State Farm provides incidental business liability coverage, which is an unusual option.
More About State Farm
State Farm renters insurance is available nationwide and offers a variety of coverage options, including additional business property and personal injury coverage. They also provide discounts for multiple policies and protective devices. You can use State Farm's mobile app to manage your insurance and banking accounts, or get an estimate using their online quote tool.
Read MoneyGeek's State Farm renters Insurance ReviewMONEYGEEK EXPERT TIP
There is no assurance that the cheapest insurance will provide the best service. Paying a little extra to acquire the best renters insurance gives you the assurance that your claims will be processed quickly and properly, saving you money in the long run.
Largest Renters Insurance Companies in New Hampshire
Buying renters insurance from a credible company is generally a good idea. Large insurance companies tend to be more financially stable and have more resources to devote to customer service, lowering policyholders' stress.
Company | Market Share | |
|---|---|---|
1. | Liberty Mutual | 13.9% |
2. | State Farm | 9.8% |
3. | Allstate | 8.5% |
4. | USAA | 7.3% |
5. | Vermont Mutual | 4.7% |
Average Cost of Renters Insurance in New Hampshire
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renters insurance is equal to the average.
Renters insurance in New Hampshire costs an average of $100 per year, which is less than the national average of $159 per year.
Renters in New Hampshire spend an average of $8 per month for renters insurance, $5 less than the national average. These rates include a $500 deductible, $20,000 in personal property limits and $100,000 in liability limits.
The cost of renters insurance in New Hampshire is affected by the amount of personal property coverage you need. Higher personal property coverage means higher rates. Use the calculator below to determine how much insurance you need depending on the value of your belongings.
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MONEYGEEK EXPERT TIP
You may find a cheap renters insurance provider in New Hampshire by comparing insurance quotes from many companies. Rates for renters insurance in New Hampshire may vary across companies. The cheapest provider charges $68 per year or $6 per month on average, while the most expensive provider charges $128 per year or $11 per month. When you shop around and compare rates, you may save up to $46 on your yearly renters' insurance premium.
What Factors Impact Renters Insurance Cost in New Hampshire
Your renters insurance rate is dependent on many factors. Once you apply for insurance, the company will evaluate a few key pieces of information about you and your rental unit to determine your renters insurance rate.
Location
Your location is a key factor because different areas have varying rates of crime and inclement weather. Sometimes, insurers even vary their rates between individual ZIP codes within the same city.
Coverage Amount
Whether you want a basic renters insurance plan or more comprehensive coverage, the rates will vary considerably. Each coverage option you add will increase your premiums.
Deductible
Most renters have deductibles of at least $500. Renters who opt to pay a higher deductible will have lower monthly premium payments.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
In case of an unforeseen incident, your choice of actual cash value (ACV) or replacement cost value (RCV) will dictate how your insurance company will reimburse you. ACV policies are cheaper because insurers only pay the depreciated value for your items, while RCV policies provide sufficient funds to buy new items of similar quality.
Credit Score
If you have a good credit score, you may enjoy a lower renters insurance rate than someone with outstanding unpaid debts. Some states do not allow insurers to consider a renter’s credit score, but New Hampshire does.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in New Hampshire: What You Need to Know
In New Hampshire, 24% of all residents live in rental homes, paying around $1,150 monthly for rent. To secure personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500, you will only need to pay $8 monthly on average.
For a minimal monthly cost, renters can purchase renters insurance in New Hampshire and secure their personal belongings in case of an unforeseen calamity or break-in. Take note that your landlord’s insurance does not cover your personal belongings as a renter.
What Renters Insurance Typically Covers in New Hampshire
There is a wide range of renters insurance coverage in New Hampshire to match your needs. But the basic renters insurance policy typically includes the following coverages:
- Personal property coverage for repair or replacement of your damaged personal belongings.
- Liability coverage for third-party injuries or property damage that takes place in your rental.
- Additional living expenses if you need to temporarily live elsewhere due to damages to your rental property.
- Medical payments coverage for guests who injure themselves within your rental property.
What Renters Insurance Typically Does Not Cover in New Hampshire
Your standard renters insurance plan has certain limitations. Understanding these will help you better determine which coverage is best for your needs and what additional insurance you’ll need to purchase. The following perils are not covered in a typical renters insurance plan. Make sure you read your policy inclusions carefully to know what your insurer does and does not cover.
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Structural Damage
Any damage caused to the rental home’s structure is not covered. The rental home’s owner should have insurance to cover this. Your renters insurance is only for your personal belongings.
Flooding
Damage to your personal belongings caused by flooding of natural causes is not covered. If you want flood insurance, you can purchase it through the National Flood Insurance Program (NFIP).
Earthquake Damage
Damage to your property caused by an earthquake is not covered in standard renters insurance plans. Expensive items beyond the policy limits are also not covered.
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Renters insurance in New Hampshire might be confusing if you've never purchased it before and aren't sure what it is or whether it'll help protect your property after an incidence of damage or theft.
Buyers of New Hampshire renters insurance can get valuable information from the state's Insurance Department about the state's insurance carriers and how to avoid being defrauded.
Many renters insurance providers offer pet liability renters insurance which would cover you if your pet causes harm or damage to the property.
You can contact the New Hampshire Insurance Department through the following channels:
- New Hampshire Insurance Department
- 21 S. Fruit St., Suite 14, Concord, NH 03301
- Phone 603.271.2261
- Fax 603.271.1406
- Consumer Hotline 1.800.852.3416
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FAQs About Renters Insurance in New Hampshire
Your insurance requirements and the level of property coverage you need determine the renters insurance provider that is best for you. MoneyGeek answers the most frequently asked questions about renters insurance in New Hampshire.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in New Hampshire Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from seven of the top insurance companies in New Hampshire provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across New Hampshire. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- USAA. "How Renters Insurance Works." Accessed March 30, 2022.
- USAA. "Why get USAA Renters Insurance?." Accessed March 30, 2022.
- NID. "New Hampshire Insurance Department." Accessed March 30, 2022.