The National Multi Housing Council (NMHC) estimates that approximately 3.4 million Texans rent apartments. The percentage of renters tends to increase in larger cities like Dallas, Houston, and San Antonio. Renting is a sensible and affordable option for many Texans. The Texas Department of Insurance recommends that renters protect their personal property with rental insurance. Renters should consider both the cost and the coverage when choosing Texas renters insurance companies.
Contact an independent agent in the Trusted Choice® network for Texas renters insurance quotes and personalized advice. These agents have access to multiple insurance companies and can help you compare several options. Find a member agent today to get started comparing quotes.
How Much Does Texas Renters Insurance Cost?
There really is no average rate for rental insurance. The price will depend upon a number of unique factors. Just keep in mind that average U.S. rental insurance rates are less than $200 a year. Here are some factors that can affect the rate you pay for coverage:
- Naturally, your address will affect your rates. For example, rates could be higher close to downtown Houston than in suburban Sugar Land or Spring.
- Rental policies are available to people who live in apartments or those in any rental property including houses, condos, and manufactured homes.
- You can choose your coverage level. College students who only own used furniture, textbooks, and a few electronics may be satisfied with budget-friendly basic coverage. Older families who have accumulated a household full of furniture, jewelry, and appliances may decide to increase their coverage.
How can you figure out how much your own rental home policy should cost? Contact a local independent agent in the Trusted Choice network for free competitive renters insurance rate quotes form top rated companies.
What Does Texas Renters Insurance Cover?
Renters insurance is usually less expensive than homeowners insurance, because it does not need to cover the actual building or the property that belongs to the landlord.
Typical rental policies might provide the following coverage:
- Renters liability insurance protects against negligence claims.
- Renters property insurance covers the tenant’s possessions.
- Relocation assistance insurance, also called “Loss of Use,” can pay for alternate housing if a rental unit is rendered unlivable until repairs are made.
Keep in mind that some renters insurance policies will even cover items stolen from your car. Also, many tenants are under the mistaken impression that the landlord’s insurance will cover the renters’ property. It will not.
Who Needs Renters Insurance?
The average renter has personal property worth thousands of dollars. This property can be vulnerable to theft, vandalism, or storm damage. In today’s litigious society, visitors or a landlord could claim your negligence damaged their property or caused an injury. It’s easy to see why the Texas Department of Insurance recommends renters insurance to protect against property damage and liability.
You may wonder if you need renters insurance if you already have homeowners insurance on another property, but are renting temporarily. You may be thinking about coverage if you have a dependent child living in a college dorm or apartment. Your home policy may provide some coverage in these and other cases.
If you're wondering how to cover your belongings and your liability risks, get in touch with a Trusted Choice network member agent. You'll be able to get the facts on needed coverage and whether there are any less expensive options.
Texas Renters Insurance Discounts
Renters may qualify for policy discounts. These are similar to discounts offered to homeowners and include:
- Multi-policy discounts
- Discounts for safety features, like fire alarms, sprinklers, and secure entries
- Lower rates when you pay annually (instead of monthly)
Compare Texas Renters Insurance Quotes
Texas renters insurance is usually an inexpensive way to protect your possessions in the event your personal property is stolen or damaged. There may be a cost savings by looking into alternative insurance companies and comparing the different coverage options you have.
A local member agent in the Trusted Choice network can help you compare rate quotes, select the right coverage amounts, and then service your policy after the sale. With over 22,000 member agencies across the nation, it is easy to find an independent Trusted Choice member agent near you. Contact one today.