The first thing to do when you win the lottery will shock you, because it’s not anything that you expect. You’re not looking to buy a house or give money to your family. You’re not even looking to go out to a celebratory dinner. You’re looking for protection, and you’re looking for the right kind of protection.
New Hampshire has a long and storied tradition of selling a ton of things at certain highway rest stops – particularly one on I-93 – and along with being able to get your alcohol at the highway rest area, you can also get lottery tickets. So what’s the first thing to do when you win the lottery? Find out below our quick video guide to New Hampshire renters insurance!
Only Six States Allow Lottery Winners To Remain Anonymous, And That’s A Travesty!
The states of Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina are the only states in which you can remain anonymous as a lottery winner. You could cross the border if you live near one of those states, but if you’re in New Hampshire you’re pretty much out of luck. The common suggestion is, of course, to form a trust, but you have to pay a lawyer to do that. If you’re renting and money is tight and you’re excited about having won the lottery, that might not be in the cards because, well, it costs money that you don’t actually have yet.
The first thing to do when you win the lottery is to buy NH Renters Insurance. Whether you’re already well off or you’re just barely making it, you can afford it.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
Will New Hampshire Renters Insurance Protect My Winning Lottery Ticket?
In a word, no. You’re not looking to protect the winning lottery ticket. That you should sign and take to the office to claim as soon as possible once everything else is in order. Renters insurance will either not cover or sets limits of a few hundred dollars on cash and cash equivalents, so a winning lottery ticket wouldn’t be covered. Besides, who has a personal property limit equal to the value of a winning lottery ticket? Not many people who aren’t already rich!
What renters insurance will do, however, is protect the things that you buy with your lottery winnings. That’s why the first thing to do when you win the lottery is to get renters insurance. It’s the cheapest way to protect the things you acquire after winning. Remember that the vast majority of lottery winners end up broke within a few years at best. That would mean that you can’t replace the things that you’ve bought with the lottery winnings if it happens to you.
Is Renters Insurance Expensive For Lottery Winners?
No. Renters insurance isn’t expensive for anyone. As we saw above, the average policy nationally is about fifteen dollars a month. Even if you increase the coverage to account for new personal property and if you add an umbrella, it’s still more than affordable.
Most people will continue to rent for some time after they win the lottery, because they want to make sure they know where they want to live before buying a home. That means you’ll need insurance not only for your property, but also for your liability. Lottery winnings can quickly be depleted by the cost of defending against a liability claim for bodily injury or property damage, and renters insurance would take care of those costs as well as the costs of the claim if proven.
Never forget that, as a lottery winner, you are now a target for those sorts of liability suits. That’s one of the reasons that the first thing to do when you win the lottery is to buy renters insurance. In addition, you’re also a target for people who would like to steal from you, as one lottery winner recently found out. NH Renters Insurance allows you to replace things that are stolen from you because people will be angry and jealous of your good fortune.
The First Thing To Do When You Win The Lottery – Or Even If You Haven’t Won Anything At All
Whether you’ve won the lottery or you don’t own anything at all, the first thing you should do is get renters insurance if you don’t already have the coverage. Broke former lottery winners and broke people in general can’t buy new property, and renters insurance will generally include replacement cost coverage to allow you to get new things if your property is stolen or damaged by a covered loss.
It doesn’t matter if you don’t think bad things will happen to you – house fires and apartment fires happen in New Hampshire just as often as they do anywhere else. Some years they’re actually more frequent here because of the cold weather and the need for additional sources of heat that put you at risk for fires.
Thefts happen, too. Just because break ins are rare here doesn’t mean that things don’t get stolen. There are many ways that your property can suffer a loss, and getting a policy is the best protection against them. It doesn’t take long, either. Most people can quote and purchase a renters insurance policy online with Effective Coverage in sixty seconds or less! It’s that easy to get covered.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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- Do You Need Some Time Alone With Your Thoughts? We understand, which is why we created the New Hampshire Guide To Renters Insurance.
- Just Want To Watch A Movie Together? See our Video New Hampshire Renters Insurance Guide!