If you are a Texas resident who is renting your home rather than buying it, you may not think that you need renters insurance. However, it's just as important to take out adequate insurance if you rent, regardless of whether you live in a house, townhome or condo. Texas renters insurance is relatively inexpensive, easy to apply for and provides peace of mind and protection for you and your valuables, whether you are a student, homemaker or senior citizen.
Why You Need Coverage
Not surprisingly, Texas is one of the most expensive states in which to live, not only when it comes to house prices, but also when it comes to the cost that renters pay for a place to live, with monthly rents well above the national average in many cities. If you are paying a lot for your rent, it's even more important to have Texas renters insurance to protect your valuable possessions from any loss or damage. Your Texas landlord may have coverage, although this won't help renters - in most cases, your landlord's insurance will not cover any loss or damage to the personal possessions of you or your family.
You may be thinking that, as a renter, you don't really need to have Texas renters coverage as you don't have that many possessions. However, once you start adding up the cost of all the things that you own, you may be surprised - in fact, most tenants own a small fortune of goods which are not covered under any other policy. This amount would include things such as furniture, clothing, computers and electronic equipment, books, sporting equipment, collectible items, jewelry and other miscellaneous items.
A misconception that residents of Texas have about tenants insurance is that it is expensive, although an adequate policy can generally be purchased for less than what you pay in gas each month. If you are shopping around for a Texas renters insurance quote, make sure that you obtain a quote from at least several different companies so that you can more accurately compare costs and products. You want the best price, as well as the policy that is right for you and your budget.
The cost of your Texas renters insurance policy is largely going to be based on the estimated value of your possessions. The easiest way to figure this out is simply to take as detailed an inventory of your possessions as you can; you should also make a note of when you acquired each of your items and, as best you can remember, what you paid for them originally. When making the list, keep in mind that some items - electronics and clothes - may depreciate in value; while some items appreciate in value - collectibles and jewelry, for example. Renters find that assessing the value isn't always easy and an agent can assist if necessary.
When assessing the value of items for your Texas renters insurance policy, keep in mind that some of the things that you own may have only sentimental value and little or no monetary value. Once you have your list of your possessions and their values drawn up, you should make at least one copy and keep it somewhere outside your home; ideally in a safety deposit box at the bank. It's also a good idea to take photographs of some of your items, particularly anything especially valuable or unique.
Lower Your Premium
There are several ways to save on the cost of your Texas renters insurance policy. If you have life, health or car insurance, consider bundling these all together, along with the cost of your renters coverage, to get a discount. Even if it isn't possible to do this, it is usually less expensive to have your car coverage and renters insurance through the same company. Most companies that offer Texas renters insurance want as much of your business as possible and will generally offer customers a financial incentive to achieve that.
Raising your deductible amount will also help to lower the premium cost, although you will then have to pay out more in the event of a claim. If you are shopping around, try varying the deductible amount for comparison. If you have a good credit score, it may get you a discount on your Texas renters insurance, as well as having certain security and safety devices fitted in the apartment - a smoke alarm, fire extinguisher and deadbolt locks. If you are renting your home, your Texas landlord should be able to install these for you.
The main advantage of having Texas renters insurance is the fact that it provides coverage for your personal possessions. However, there are also other reasons to take out a renters insurance policy. Policies cover such things as any damage to another person's property, accidents that occur in your home and any unauthorized transactions on any of your credit cards. If you are renting another person's room or house, it can provide some additional peace of mind and protection.
Renting your Texas home rather than owning it means that any repairs are the responsibility of the landlord. However, Texas renters insurance also protects you against those unexpected disasters that nobody can predict - an overflowing toilet or a kitchen fire. Any goods or possessions damaged in this way would at least be covered financially through your tenants protection policy, not only in your own home, condo or apartment, but in your neighbors' home as well.
You may be a student renting a loft or a shared house in need of off campus renters insurance and thinking that you simply don't really have enough possessions to justify the expense of tenants insurance. One way to look at this is to ask yourself how much it would cost to replace everything you owned if it were lost or damaged tomorrow. You may think you don't own that much, but you will probably be surprised once you start to add up the value of everything. Texas students tend to move a lot and the Texas renters insurance policy that you choose should also include adequate coverage in the event of you having to move to temporary accommodation.
If you are a west coast resident, you are probably at least somewhat prepared for the possibility of an earthquake. One thing that Texas renters insurance does not cover is damage from earthquakes, or from flooding. Depending on the risk based on where you live, you will need to purchase separate policies to cover against flood and earthquake damage; any damage caused to your residence that is due to inadequate maintenance is also not covered under the Texas renters insurance policy.
Don't overlook the importance of having Texas renters insurance. It's essential to be adequately covered, even if you are renting a home and not buying, whether you are renting a house in Los Angeles, a shared room in Berkeley, or a condominium in San Diego. Our site will help you to choose the Texas renters insurance policy that's just right for you, whether you have just moved to Texas, or are a long time resident of the Golden State.
So what are you waiting for? Compare cost and coverage details from the Northern and Southern Texas cities of: Harris County, Houston Texas, Baytown Texas, Laporte Texas, Pasadena Texas, Beaumont Texas, Port Arthur Texas, Orange Texas, Groves Texas,