Renters Insurance Information
You may rent your home and not own it, but you’re still responsible for what happens inside your dwelling. Unexpected expenses are stressful and can lead to financial hardship—whether it’s due to damage to your belongings or a personal injury.
Renters insurance typically provides liability and property damage coverage. The liability portion of your renters insurance policy helps protect against claims of third-party bodily injury or property damage that you or another person listed as insured on your policy may cause. It can also help pay for medical bills if someone has an injury in your rental.
Renters insurance offers two personal property coverage options: replacement cost value or actual cash value. If you insure at replacement cost value, you can replace your purchased belongings at today’s prices. If you choose actual cash value, you can get the replacement cash value minus depreciation at your loss.
Some renters insurance also pays your living costs if you need to temporarily live elsewhere because of a fire, severe storm, or other insured disasters. This coverage may include hotel bills, temporary rentals, restaurant meals and other living expenses.
Am I Required To Have Renters Insurance in Texas?
Renters insurance isn’t required in Texas, but some landlords may require it to live in their building. In general, it’s good insurance to have this coverage since your landlord’s insurance won’t cover any damage to your personal belongings.
How Much Coverage Should I Have?
There isn’t a standard amount of coverage that you should have since it’s optional insurance. However, your policy premium will depend on the value of your belongings and what you want to insure. Doing a personal inventory of your belongings is a good idea to obtain a suitable amount of coverage. You should add up the value of everything you’d want to replace if damaged or stolen. If possible, record model numbers, dates and places you purchased items and take photographs or videos of your items.
Renters insurance typically doesn’t cover floods, earthquakes or routine wear and tear. If needed, discuss additional insurance for flood and earthquake damage with your insurance agent.
Get the Coverage You Need
Insurance and determining an appropriate amount of coverage can be complicated. Lalani Insurance Agency is here to help you get the protection you need. Call us at 832-810-0210 to get started on your policy today.