For individuals living in and renting property in Texas, renters insurance can be a great addition to their life. Many people who are renting an apartment, townhouse or condo assume that just because their landlord has insurance on the property, it automatically covers their interior belongings. Unfortunately, you are fully responsible for everything found within your Texas rental, even if the damage or loss is quite substantial.
What Does Renters Insurance Cover?
Texas renters insurance covers a myriad of issues, but the level of coverage that you have is dependent on your policy. Almost every plan will cover fire and weather damage sustained within your Texas rental. If you pay more for the policy and upgrade your coverage, you can have other things protected such as your electronics, jewelry, and damages caused by natural and not-so-natural disasters.
Who Should Get This Coverage?
Renters insurance is ideal for anyone who is renting property in the state of Texas. This could be your typical apartment or condominium or your college dorm room or assisted living facility room. In short, if you’re renting a piece of property from a landlord, you’re responsible for everything inside and it should be covered by insurance. If you were a homeowner, you’d make sure to put homeowners insurance on your house, so it is no different when you’re a renter. In many cases, Texas insurance companies will offer group rates for people who are sharing policies, such as students who share a dorm room or senior citizens living together in a retirement home.
Types of Policies
There are three main types of Texas renters insurance policies that you can choose for yourself. The first and most popular policy is the basic plan. The basic plan covers fire damage and weather-related property loss. Basic plans are often the cheapest and are ideal for renters on a budget. The second plan is called the broad form coverage option and it protects against natural disasters like flooding, hurricanes and tornadoes. Many areas of Texas deal with flooding and hurricanes, so having a better coverage option on your apartment or rental home might be advantageous to you and your family. The third and often most costly policy is the premium plan. This protects your actual items from theft and damage. This could be as simple as an item falling off a table and breaking to someone breaking into your home and stealing a television or piece of jewelry.
First and foremost, you’re going to need to take pictures or videos of your items immediately upon signing up for the policy. These pictures will be used as proof that you actually owned the products. If you don’t have viable proof, your claim might be denied because the Texas rental company cannot prove that you ever really owned the items you’re claiming were stolen. Your insurance agent will submit these pictures into your file and use them in the event that you have to file a claim.
Next, you’ll want to consider the type of reimbursement that you want for your rental policy. You can get cash value for your items that will give you money for what the items were worth at the time they were lost, stolen or damaged. This reimbursement is cheaper and makes your premium go down substantially. You can also choose to go with full reimbursement value that takes into consideration the worth of your items at full retail value. This is great for people who want to essentially replace their items without getting a small amount of cash that might not allow them to re-buy the products.
Finding the Right Company
Whether you’re living in Houston, Dallas, Austin or Fort Worth, there are a ton of different companies available in Texas offering renters insurance. You can save money by reducing your deductible and combining policies with a provider you’re already familiar with. For example, you can combine renters insurance with your car insurance company to save even more money. Finding the right company in Texas is easy and worthwhile, especially considering all of the money you’ll save if something happens to your possessions while you’re renting property.