Texas Renters Insurance Coverage

Renters Insurance

Renters Insurance

Did you know that your personal belongings and liability are not covered in your landlord’s policy when you rent a house or apartment in Texas? Your landlord only buys insurance to protect the building you live in, and that policy cannot replace your damaged personal belongings. The only way to protect what matters to you most is by buying renters insurance. At McCrary Insurance Agency, we recommend learning everything about the policy before buying. Here is what you need to know about renter’s insurance.

What is covered

Also known as tenant’s insurance, renter’s insurance is designed to protect you financially against unexpected events like fire. You may not always be able to control some accidents like break-ins, visitor injuries, or burglaries, and that’s where renter’s insurance comes in. The policy generally covers personal property like furniture, appliances, electronics, and liability if someone is injured in your home and additional living expenses if your rented apartment becomes uninhabitable.

Types of renters insurance

There are two types of renters insurance:

  • Actual cash value: Pays to repair or replace your possessions minus the depreciation amount up to the covered limits.
  • Replacement cost: Pays the exact amount of replacing your possessions up to the covered limits. The replacement costs are usually 10 percent more than the actual cash value.

How much renter’s insurance to buy

The amount of insurance to buy depends on the value of your property. Determine how much you would need to replace everything in that house and select a package that matches that amount. Make sure you have an updated inventory and take pictures or videos of all items in your home. This helps in the claiming process when you can’t produce receipts of everything stolen or burned in the fire.

Type of property not covered by renter’s insurance

Just like home insurance, renter’s insurance does not cover all your possessions. Sometimes your Texas insurance company may require you to obtain separate coverage items like coin collection, jewelry, and artwork.

Feel free to contact McCrary Insurance Agency for more information about renter’s insurance.

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