4 Things to Know About Renters Insurance
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.
2. You can be compensated if you’re forced to relocate.
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.
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 Financial Insurance Agent today. Texell Financial is an independent insurance agency and will find you the very best rate. Call us at 254.774.5181 or email email@example.com.
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