Renters Insurance Information
Renters Insurance - Texas
Renters Insurance: Affordable, Versatile Policy Options for Lone Star State Residents
Mortgages are expensive—in Texas, they average from $600 - $1,000+/month—and they don’t include the costs of maintaining the home. To make ends meet, you might decide that renting a home is a better choice. It frees you from a lot of upkeep costs.
Roughly 38% of Texans rent, and the median statewide rent is $987. Even though you don’t own the home, rentals are still investments. Just by living there, you’ll place value into the property. You can protect yourself by buying renters insurance. Remco Insurance’s experts can help any tenant get a custom-made policy.
What is renters insurance?
Renters insurance is a specialized form of home insurance that protects you from the financial risks you face in a residence that your lease from a landlord. You need it because it will help you cover the costs of messes on the property that are your responsibility to clean up. It offers monetary security that will ensure these losses don’t put you in a position from which you cannot recover.
Why do I need renters insurance?
We’ll be honest, renters insurance might be your only lifeline in case of a damaging event in your home.
- Possessions in a two-bedroom apartment cost an average of $30,000.
- Fires caused $7.7 billion in residential property losses ($1.6 billion in apartments), in 2017. The average loss per fire was more than $21,000.
- The average cost of a slip-and-fall injury is $30,000 - $40,000. Liability settlements cost an average of $19,500.
None of us want to have to dig into our own pockets to fix problems like these. You can let your renters insurance pay on your behalf, and therefore significantly reduce your out-of-pocket burden.
What does renters insurance cover?
Most renters insurance contains three essential types of coverage.
This policy element might cover furniture, clothing, and other items for their cash value at the time losses occur. When insuring high-value jewelry, electronics, or specialty items, add a scheduled item rider to the policy to cover their full values. You have no obligation to insure items that you do not own, such as the stove or refrigerator provided with the property.
When a third party, like a neighbor or guest gets hurt on the property, they might blame you for their injuries. Or, if you damage that person’s property, they might expect you to pay for the damage costs.
Liability insurance can help you cover these losses in addition to your legal costs if a lawsuit arises. Your liability coverage will usually cover losses occurring both on and off your property. Also, check to see if it covers pet bite liabilities, which occur when your pet causes injuries or property damage.
Loss of Use Coverage
If a fire, storm damage or other event damages the home, you might have to move out while it undergoes repairs. Loss of use covers costs like hotel and dining bills. Other coverage, called rent guarantee coverage, can pay your landlord for the rent lost during this time.
There are various other specialty policy options that you might need to add to your policy. Speak to your agent about the proper course of action for getting covered. Don’t forget to check with your landlord before buying to see if they require you to buy certain coverage.
Keep in mind, since you don’t own the rental home, policies won’t pay for structural damage to the home—that’s the responsibility of the landlord. However, if you cause the damage, your liability insurance might help you settle with the landlord.
How much does renters insurance cost?
Texas’ average statewide renters premium is $19/month ($228/year). But numerous factors, like your location, the amount of coverage you buy, and your chosen deductibles, can impact your rates. We can work with you to establish the right amounts of coverage while still maximizing your savings options.
How long does it take to get renters insurance?
Usually, it only takes a few minutes for Remco Insurance’s agents to quote, bind and activate your renters policy. We’ll even give you the appropriate proof of coverage landlords might require. All you have to do is call us, and as soon as you hang up, you’ll have a policy.
So, don’t wait any longer to get covered. Call us at (800) 282-2000 or request your free quote now.