Renters Insurance in Texas

Anyone living in a rental house or apartment may require renters insurance to protect personal properties from damage or loss to a named peril. Renters insurance will typically repair or replace your clothing, electronics, furniture, and any other property if they’re damaged or stolen. However, renters insurance won’t compensate for damages to the apartment or building – that should be covered by the landlord's insurance policy.

Can My Landlord Demand Renters Insurance in Texas?

Many landlords in Texas will require tenants to carry some minimum renters’ insurance coverage. This often protects them from negligence on the part of the tenants by ensuring that they’re covered in case a tenant starts a fire that damages their property. As much as many renters will want to skip the costs of acquiring a renters insurance by looking for landlords who don’t demand it, it’s critical to protect yourself from the financial devastation of paying for the damages out of pocket.

Types of Renters Insurance Policies

Versatile Insurance Planners offer two main types of renters’ policies in San Antonio, TX with different levels of coverage:

• Named-perils policy: Covers properties that are lost or damaged due to events that are listed in the policy, for example, fire or theft. The policy will not compensate for losses resulting from events that are not listed in the policy.
• All-risk policy: Covers any loss, unless it’s excluded in the policy. This policy is usually more expensive than the named-peril policy. This is because it includes more risks. This policy is sometimes referred to as open-perils or comprehensive policy.

All renters’ policies come with a specific total dollar limit. This is the maximum amount that your insurer will pay for a claim regardless of the cost of repairing or replacing your property. Consider policies with a high-enough total dollar limit to ensure that your property is efficiently restored to its original state after damage or theft.

Renters Insurance Coverage Options

If you’re renting a house or apartment in San Antonio, TX, you’ll have three renters insurance options to choose from:

• Personal property coverage: This will pay for repair and replacement of personal property but not exceeding your policy’s dollar limit. The policy may also limit payments for certain types of properties. The renters’ insurance will also cover your luggage and personal items like jewelry when you travel. Most insurers will limit this coverage to 10 percent of your policy amount.
• Loss of use coverage: This pays your extra living expenses, including rent and food if the damage causes you to vacate your house or apartment temporarily. It’s also often limited to a percentage of your personal property coverage policy.
• Personal liability coverage: This protects you against lawsuits or claims if someone incurs injuries within your home or apartment. The amount of coverage varies from one carrier to the next.

If you’re looking for the right renters’ insurance coverage in Texas, visit Versatile Insurance Planners to help you weigh your options and find the best coverage within your budget. If the value of your property is more than the available coverage limits, you can opt for endorsements to increase coverage for your jewelry, electronics, computers, antiques, fine arts, and much more. Reach out to our agents for more information.