Renters Insurance

We work with all of the major insurance carriers in Texas who offer renter’s insurance to consumers. Our trained agents can help you find the most comprehensive coverage at the best possible price. In a short amount of time, you can compare policies and get quotes from many different companies. You can then choose the coverage which best suits your needs and budget.

Why You Need Renters Insurance in Texas
Living in Texas, the headlines alone should be enough to make you realize the importance of renter’s insurance coverage. Last year’s unprecedented drought and devastating wildfires are still fresh in the minds of most Texas residents. These terrible weather-related events certainly drive home the fact that any natural disaster can damage or destroy your personal possessions. But even a kitchen fire or a broken pipe in a nearby apartment can put you at risk unless you have adequate renter’s insurance protection.

Here are five good reasons why you need renter’s insurance:

  1. Protection from structural damage.
    Your landlord does have insurance on the building you are renting. However if you cause an accident that damages your apartment or any neighboring apartments (such as a fire, smoke damage, water damage from an overflowing bathtub) you will most likely be held financially liable. If you have renter’s insurance, it will cover any damages to your place as well as damages to adjoining apartments.
  2. Temporary Housing Benefits.
    If you have to vacate your home or apartment due to damage caused by a covered event, renter’s insurance will provide you with funds to pay for a hotel and meals while your place is being repaired. Most policies have a certain percentage limit on how much you can receive so you may want to ask your agent about this when deciding on your coverage amounts.
  3. Protection for Your Personal Property.
    Most people seriously underestimate the monetary value of their personal possessions. A great reality check is to make a complete inventory of everything you own- furniture, appliances, clothing, electronics, jewelry, CDs and DVDs. Now imagine having to replace some or all of these items out of pocket. For most individuals, this would be impossible. Renter’s insurance protects your personal possessions against damage or loss due to fire, theft, vandalism, and many weather-related occurrences.
  4. Liability Protection.
    Renter’s insurance can also provide liability coverage in case a visitor to your home falls or is otherwise injured. Many people don’t think about the consequences of this happening, but unfortunately accidents do occur. Without the proper liability coverage, you can be sued for damages.
  5. Protection from Future Financial Risk.
    The truth is no one can afford to be without renter’s insurance. When you consider the alternative- replacing some or all of your personal property out of pocket- it’s easy to see the importance of having adequate coverage. Add to that the liability protection that is included and it becomes very clear that purchasing renter’s insurance is something that really shouldn’t be considered an option. It’s a definite must.

The Cost of Renters Insurance
An average rental insurance annual premium will generally cost between $200 and $300. The actual amount you will pay in Texas depends on many factors, such as:

  1. Where the property is located.
  2. The estimated value of your personal property.
  3. The type of dwelling you live in.
  4. What type of coverage you select.
  5. Which deductible amount you choose.
  6. Your credit history/credit score.

Generally, there are two types of coverage offered to renters. One is Actual Cash Value which pays you the amount an item is worth at the time it is stolen or damaged (depreciated amount). Replacement coverage actually pays you the amount needed to replace the item at the current market price. Replacement coverage will normally cost about 25% more than Actual Cash Value coverage.

Insurance experts estimate that the average cost of renter’s insurance is about $15 per month. For this price an individual can get $30,000 worth of personal property coverage and $100,000 worth of liability protection.

Smart Ways To Save
As you’ve already discovered, Texas renter’s insurance is very affordable. Here are more ways to save on an annual renter’s insurance premium:

  1. Choose a higher deductible. Just like car insurance, the higher the deductible, the lower the price. Alternatively, a low deductible will be more expensive.
  2. If your rental property doesn’t already have them, install smoke alarms, deadbolt locks and a security system in your rental property. Having these safety features will generally give you a discounted price on your annual premium.
  3. If you qualify, ask about discounts for seniors (55+), AAA membership, or other organizational discounts.
  4. Some insurance companies offer savings to non-smokers. Find out about this possibility.
  5. Bundle your insurance policies such as life, auto and renter’s, together with one company. Most companies give a significant discount for this.