When you reside in a rented home or apartment complex, Texas renters insurance is necessary to provide financial protection for your personal property. This insurance will cover the costs of repairing or replacing your belongings should they become damaged or stolen. TX renters insurance will not provide coverage for the building itself should damage occur, as this is covered by the building owner's insurance policy. Often, it is required for renters to prove that they carry renter's insurance to obtain a lease.
What Policies Exist for Texas Apartment Insurance?
Depending on the level of coverage you require, two insurance policies are available.
Named-Perils policy: This policy type covers damaged or lost items that fall under specified policy events, for example, fire or theft. Events outside of the policy will not be covered.
All-Risk policy: In this policy, the loss is covered regardless of loss type, unless the policy specifically excludes it. This policy type covers more loss which makes it more expensive than named-perils policies.
Other terms to keep in mind are replacement cost and actual cash value. If you purchase a policy that covers actual cash value, you will be compensated for the value of your property as it exists today. For example, if your five-year-old computer is stolen, you will receive compensation for the value of the computer, not the amount necessary to replace it with a new computer. Replacement cost policies, on the other hand, will provide the money needed to purchase a new computer that is like the one that was stolen.
All TX renters insurance policies come with what is called a total dollar limit. This is the limit that your TX insurance company will compensate you for a claim, regardless of the cost of repair or replacement. It is important to ensure that you have purchased a policy with a total dollar limit adequate for covering the value of your property.
Another component of renters insurance in Texas is what is called a deductible. A deductible is the portion of a claim that you, the policy owner will be required to pay. For example, if you purchase a policy with $25,000 in damages and a deductible of $250, should a claim be filed your insurance company will deduct $250 from the amount given to you.
Why Should You Work With Our Agency?
When you are ready to purchase Texas renters insurance, we encourage you to call a member of our team and allow us to help you find the coverage perfect for your renting situation. As an independently owned insurance agency, we are uniquely positioned in that we can represent your needs, and not the needs of a single insurance provider. Independence gives us the opportunity to shop around and allow competition to provide you with the best coverage at the best price. Rates can vary significantly among companies, but call calling several companies yourself can be time-consuming and frustrating. Allowing us to do the work for you ensures that the process of comparing rates can be stress free and rewarding experience.
