Whether you a renting a small apartment in a Houston high-rise or leasing a family home in the Dallas suburbs, it is a good idea to cover your property with a solid renters insurance policy. Sadly, too many tenants in Texas do not come to understand the importance of this insurance until it is too late.
If you are among the many renters living in Texas, you can get information about renters insurance by speaking with a local independent agent. These agents are free to shop around to find the coverage you want at a price you can afford. Contact an insurance agent near you to get started.
Texas Rental Statistics
- Texas residents pay an average of $1,087 per month in rent.
- Around 38% of all homes in Texas are occupied by renters.
- An estimated 44.8% of Texas renters spend more than 30% of their income on rent and utilities.
How Much Does Renters Insurance Cost in Texas?
Because of the high risk of property damage caused by natural disasters, renters insurance costs in Texas are among the highest in the country. Even so, this coverage is very affordable.
On average, renters in Texas spend $232 a year for their coverage. That’s less than $20 a month, which is a small price to pay for the many levels of protection these policies can provide you.
Of course, $232 is just an average. Your actual rate can be influenced by factors such as:
- The estimated value of your personal property
- Whether you are purchasing actual value or replacement cost coverage
- The crime rate and weather risks where your home is located
- The size of your deductible
- Whether you are bundling your coverage with other policies like car insurance
By taking the time to compare quotes from a few competing insurance companies, you can be sure that policy you are purchasing is offered at a good price. Independent agents make comparison shopping easy.
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What Does Texas Renters Insurance Cover?
Renters insurance can protect you in a few different ways. A typical policy will provide you with:
- Coverage for your personal property: This is called contents insurance. It can cover repair or replacement costs if your personal belongings are lost or damaged by a covered event such as:
- Accidental fires and wildfires
- Severe weather events, excluding floods
- Property crimes like burglary and vandalism
- Coverage against liability lawsuits: This is called renters liability insurance. It can cover your legal fees, financial obligations, and other associated expenses if you or someone in your household accidentally cause injuries, property damage, or financial harm to others.
- Coverage against displacement: This is called loss of use insurance. It can cover your additional living expenses if you are forced to evacuate prior to a storm or if a covered event like tornado leaves your home unsafe for habitation until repairs are made.
What about Coverage against Floods in Texas?
Many people are surprised to learn that renters insurance does not cover flood damage. Unfortunately, heavy rains from hurricanes, tropical storms, and monsoons can often lead to serious flooding problems throughout the state.
If you live in an upper floor of an apartment high-rise, you don’t need to worry much about flood damage. However, if you rent a house, mobile home, or ground-floor apartment, your personal property could be at serious risk.
Your landlord will be responsible for covering the cost to repair flood damage to the structure of the building you live in, but not for damage to your belongings. For this property to be covered, you will need to supplement your renters insurance policy with flood insurance.
Affordable policies are available through the National Flood Insurance Program (NFIP), a program that is administered by FEMA. Renters can purchase a basic contents-only flood policy for a very reasonable price.
How Can an Independent Insurance Agent in Texas Help?
When you are looking for the best renters insurance policy, you can turn to a local independent agent for help. These agents can shop around to find you a suitable policy at a competitive price. Even better, consulting an independent insurance agent is free.
There are nearly 1,800 independent agents in Texas who are available to assist you with all of your insurance coverage needs. Contact an insurance agent near you to start comparing customized renters insurance quotes.
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