Austin Renters Insurance
Learn about the right renters insurance for you.
Written by
Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.
Over a third of the households in this capital city are rented apartments. That is well over the state average of about fourteen percent, but the large student population at the University of Texas probably accounts for some of this. If you decide to rent a home in this central Texas city, remember to research how Austin, TX renters insurance can protect your possessions as well as your finances.
A local independent agent in the Trusted Choice® network can assist you. One of these member agents can answer your questions and help you compare Austin renters insurance quotes from multiple insurers. Get in touch with a Trusted Choice member agent right away for help finding the right coverage at the right price.
Local Renters Costs and Facts
- Average U.S. rental insurance rates are less than $200 a year
- The average renter owns $20,000 worth of personal property
- Increased risk of theft in rented homes: 50%
- Local median rent: $724 a month
- Rate of apartment renters in TX: 14%
- Local rate of apartment renters in Austin: 38%
A recent ABC News report said that about a third of renters lack basic coverage. These policies are incredibly affordable and can protect thousands of dollars’ worth of personal property.
Your individual rates depend upon the amount of coverage you select, whether you have any particularly expensive items requiring additional coverage, and even the insurer that you do business with. A local agent can help you with every step as you shop for a rental policy and choose the insurance company that best suits your needs.
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Rental Policy Discounts
While renter's insurance tends to be a very low-cost coverage option, you may be able to save even more money on Austin renters insurance by qualifying for policy discounts. These are some common price breaks that insurers give to customers:
- Multi-policy discounts: You may get a discount for bundling your auto and renters insurance with the same company.
- Safety and security: Insurers may offer you a lower price for things you do reduce your risks of making claims, such as having fire and burglar alarms installed, or if your building has secure access.
- Billing choices: You may be charged less if you offer to set up automatic billing or pay annually instead of monthly.
What Does Austin Renters Insurance Cover?
Typical rental policies provide the following coverage.
- Renters liability insurance: This covers you against claims of negligence or wrongdoing. For example, if you are responsible for a visitor's injury within your rental, this portion of your coverage will help to cover the costs involved in handling the claim. Renters liability also covers damage you may cause to other people's property.
- Renters property insurance: This covers your possessions against thefts, fire and smoke damage and other covered threats.
- Relocation assistance: This portion of your policy provides compensation for a temporary living costs if your rental property is damaged and must repaired or rebuilt.
Since this city lies in Flash Flood Alley – a central Texas region particularly prone to flooding – you may also need to purchase extra flood insurance. Typical Austin renters insurance policies will not cover flood damage.
Who Needs Renters Insurance?
Most renters can benefit from the security of knowing that their personal possessions are covered against theft, vandalism, fires, and natural disasters. If you are a student, you may be covered under your parents' home owners insurance. Otherwise, renters insurance can be an excellent choice, covering your personal possessions even if they are stolen from your car or from your hotel room while you are traveling.
Find Austin Renters Insurance Quotes
Getting quick online renters quotes isn't difficult, but how do you know if they are right for your needs, and if you have an adequate amount of personal property and liability coverage? Comparing several different Austin renters insurance quotes from multiple providers, with the help of an independent agent, can help to ensure that you are making the best choice for you.
A local independent agent in the Trusted Choice network can be an excellent resource for getting your questions answered reviewing a variety of competitive rate quotes. Get in touch with a member agent today to learn more about the many ways that Austin renters insurance can keep your home more secure.