Texas Renters Insurance
Renters insurance is a severely overlooked coverage. A study by Progressive, one of our carriers, estimates that only 37% of renters carry proper renters insurance. That’s a whopping 63% of the renting population that is leaving themselves vulnerable to major expenses due to circumstances completely out of their hands. It is a common misconception that renters insurance is not necessary because the landlord should have insurance. However, it is important to remember that while the landlord does hold insurance for the property, everything inside the walls is yours and needs to be protected by you. Texas renters insurance is an inexpensive option that can not only provide you with peace of mind during a catastrophe, it is there to protect your possessions and protect you from liabilities, including potential lawsuits.
What Does Texas Renters Insurance Cover?
Typical renters insurance coverage includes:
- Renters Personal Property Coverage: This coverage protects your personal belongings, from furniture to TVs to cell phones, etc, against loss or damage caused due to a covered peril such as a fire. Your belongings are covered no matter where they are- even if you bring them outside your residence to a friend’s.
- Renters Personal Liability Protection: This coverage protects you in the case that someone is injured on your property, from medical costs to potential lawsuits.
- Additional Living Expenses: This coverage will pay your additional living expenses if you are unable to live in your home or apartment due to a covered loss
How Much is Renters Insurance in Texas?
In Texas, the average renters insurance policy costs about $20/month. However, the actual cost of your renters insurance is dependent on many variables including the amount of coverage you will require, the value of the things you wish to insure, the location of the home or apartment you are renting, your credit score, and more.
Is Renters Insurance Required in Texas?
No, renters insurance is not required by law by the state of Texas.
Although renters insurance is usually voluntary, some landlords may require it as a condition for leasing their property. This helps landlords limit their liability and keep their tenants protected; however, voluntary renters insurance is a great value in and of itself.
Relative to many other types of insurance, renters insurance is an inexpensive option that can come in handy during some of the darkest times of your life. Nobody enjoys thinking about negative forces working against them; however, with over 1.6 million home invasions a year, among other startling statistics involving robberies, more than 346,800 fires every year, and other destructive forces around us, renters insurance can help limit the aftermath should tragedy come your way. If you consider the cost of replacing all of the things you’ve worked hard for due to an unfortunate peril, it starts to add up very quickly. It’s easy to see how a good renters insurance policy can save you from financial and emotional distress in your time of need.
How To Get Renters Insurance
The independent insurance agents at TGS Insurance Agency are here to find you the best plan available that fits your customized needs at the absolute best price. We will work with you to determine your needs and then do the heavy lifting by searching our many A-rated carriers to find you the best deal. You can even bundle your renters insurance with other policies for added savings and discounts.
Texas Renters Insurance FAQs
Can My Landlord Require Renters Insurance in Texas?
Yes. Although renters insurance is not required by Texas law, a landlord may require tenants to carry a renters insurance policy as part of their lease agreement.
Does Renters Insurance Cover Flood Damage in Texas?
No. Standard renters insurance generally does not cover damage to your belongings caused by flooding. If you want protection against flood damage, you will typically need a separate flood insurance policy for your personal property.
Does Renters Insurance Cover Theft Outside My Apartment?
Yes. Personal property coverage can often protect your belongings even when they are away from your rental home, such as while you are traveling or carrying them with you. Coverage is subject to your policy limits and exclusions.
Does Renters Insurance Cover Water Damage?
Renters insurance may cover certain types of sudden and accidental water damage, such as damage caused by a burst pipe. It generally does not cover flooding, gradual leaks, or damage caused by poor maintenance.
Does Renters Insurance Cover Temporary Housing?
Yes. If your rental becomes unlivable because of a covered loss, additional living expenses coverage may help pay for temporary housing, meals, and other increased living costs while your home is being repaired.
Does Renters Insurance Cover Jewelry and Other Valuables?
Renters insurance can provide coverage for jewelry and other valuable belongings, but standard policies often have lower coverage limits for certain expensive items. You may be able to purchase additional coverage if you own jewelry, collectibles, electronics, or other high-value property.
Does Renters Insurance Cover Items Stolen From My Car?
Renters insurance may cover personal belongings stolen from your vehicle, subject to your deductible and policy limits. It does not cover damage to or theft of the vehicle itself, which would fall under auto insurance coverage.