Your place. Your stuff. Your peace of mind.
First apartment? New city? Finally found a place with decent closet space? Here's what Texas renters should know about protecting their belongings, their budget and the place they call home.
You rent the place.
You own the stuff.
Your favorite couch. Your laptop. That coffee machine you absolutely couldn't live without. It all adds up.
Renters insurance helps protect the things you've collected and can provide financial protection when an unexpected accident turns into a very expensive problem.
Wait. Doesn't my landlord have insurance?
Probably. But your landlord's insurance generally protects the building, not your belongings.
If a fire damages your furniture or a thief steals your laptop, your landlord's policy generally won't replace those items.
Is renters insurance required in Texas?
Texas law doesn't require renters insurance, but your landlord may require it as part of your lease.
Check whether your lease specifies minimum liability limits or other coverage requirements.
Three big reasons to have it.
A typical renters policy combines three important kinds of protection. Make sure your quote includes the coverage you actually want.
Your belongings.
Helps repair or replace eligible belongings damaged by covered events such as fire, smoke, theft or certain water damage.
When accidents happen.
Can help with covered claims if you're legally responsible for someone's injury or damage to their property.
When you need somewhere else to stay.
Can help pay extra living costs if a covered loss makes your rental temporarily uninhabitable.
For the special stuff.
Depending on your insurer, you may be able to add coverage for expensive jewelry, electronics or other valuables.
One thing to double-check.
Some policies provide liability coverage only. If you want protection for your belongings, confirm that personal property coverage is included.
Rain happens.
Flood coverage is separate.
Whether you're renting in Houston, Austin, Dallas or along the Gulf Coast, it's important to understand how your policy treats water damage.
A burst pipe
Renters insurance may cover eligible damage to your belongings from sudden, accidental water damage, depending on the policy.
Rising floodwater
Standard renters insurance generally doesn't cover flooding caused by rising water. Separate flood contents insurance may be needed.
What can renters buy?
The National Flood Insurance Program offers eligible renters up to $100,000 in contents coverage. Private flood options may also be available.
Don't wait for the storm.
NFIP flood insurance generally has a 30-day waiting period, with certain exceptions.
How much is all your stuff worth?
More than you probably think. Furniture, clothing, electronics, kitchenware and everything else can add up surprisingly fast.
Walk through your rental and photograph or record your belongings. Keep the inventory somewhere you can access if your home is damaged.
Estimate what it would cost to replace your belongings today, not what you originally paid for them.
Jewelry, collectibles and certain other belongings may have special limits. Ask about additional coverage if needed.
Replacement cost vs. actual cash value
Replacement cost coverage generally pays eligible replacement costs without deducting for depreciation, subject to policy terms.
Actual cash value coverage accounts for depreciation. That means older belongings may receive smaller claim payments.
Less than you might expect.
According to the Texas Department of Insurance, a typical Texas renters policy costs around $20 a month. Your actual premium may be higher or lower.
Where you live matters.
Your ZIP code and local risks can influence your premium.
How much protection?
The amount of personal property and liability coverage you choose affects cost.
Your share of a claim.
Choosing a higher deductible may reduce your premium, but increases what you pay toward a covered claim.
Ask what qualifies.
Bundling with auto insurance or having qualifying safety features may help reduce your premium.
A few questions worth asking.
Confirm you're buying personal property coverage, not just liability insurance.
Check your additional living expenses limit and when coverage applies.
Don't assume your policy covers another person's belongings. Ask how your insurer handles roommates.
Review special limits for jewelry, art, electronics and other expensive belongings.
Consider your location and flood risk, even if your rental isn't in a designated high-risk zone.
Oh yeah.
Insurance.
You found the apartment. You carried the boxes. You finally assembled that impossible bookshelf.
Now let's make sure the things that make your place yours are protected.
Hey Charley is independent, so we can help you explore renters insurance options from multiple carriers and compare the coverage that fits your life.
Love your space.
Cover your stuff.
Moving into your first apartment? Renewing your lease? Just want to know what your belongings are worth protecting? Let Charley take a look.
LET CHARLEY TAKE A LOOK →