4 Things to Know About Renters Insurance

Posted on Jan. 12, 2022

IMAGE: Woman laying on her side on the floor with small dog sitting on her hip.Buying renters insurance may seem like an unnecessary expense, until you experience a theft or fire in your rented home or apartment and lose some — or all — of your possessions.

Whether you’re a longtime renter or starting out in your first place, renters insurance provides important coverage. If a fire or similar incident destroyed your home and you didn’t have renters coverage, it would be up to you to replace everything you own. Plus, if someone claimed you caused an injury or property damage, without adequate insurance protection, you could be at risk for an expensive lawsuit and paying that person for his or her damages.

As you consider renters insurance, here are four things you need to know:

1. Renters insurance provides off-premises coverage.

Renters insurance does more than cover the cost of lost or damaged possessions in your home. There is coverage if your bicycle is stolen from a bike rack at the park, or if your laptop is taken from your car while you’re at the supermarket.

2. You can be compensated if you’re forced to relocate.

Most renters policies provide additional living expenses coverage if your home becomes uninhabitable due to an event such as vandalism, theft, fire, or water damage from home utilities.

Before you decide how much coverage you need, it’s important to know how much it would cost to replace your possessions.

3. A home inventory can determine how much coverage you need.

Before you decide how much coverage you need, it’s important to know how much it would cost to replace your possessions. You can calculate replacement costs by conducting a home inventory and checking with your insurance agent to make certain you’re fully covered.

4. You can reduce your renters insurance costs.

The average annual premium for renters insurance in Texas is around $200,1 but there are ways to reduce the cost. One option is to bundle your renters policy with your auto policy. You can save about 8% on both policies when bundling. Another option is to select a higher policy deductible. Your deductible is the amount you must pay before your insurance coverage takes effect. Increasing your deductible from $250 to $500 could create an annual savings of up to 15%.

To review your current renters insurance coverage or to get a renters insurance quote, talk to your Texell Insurance Agent today. Texell Insurance is an independent insurance agency and will find you the very best rate. Call us at 254.774.5181 or email texellinsurance@texell.org.

1 The Average Renters Insurance Cost from Nerd Wallet

If you wish to comment on this article or have an idea for a topic we should cover, we want to hear from you! Email us at editor@texell.org.

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