If you are renting a residence there are many reasons to get a renters insurance policy. As an insurance agent I find that this is coverage that many customers overlook. Recently a large apartment complex near my office had a major fire. An employee of the apartment complex said that many residents had lost all their possessions. She also told me that only two people suffering a loss had renters insurance. In the Houston area $10,000 of renters insurance typically costs $12 to $16 per month. We give our auto insurance customers a auto/renters discount that is usually $10 to $20 per month. The cost is so low there is no good reason not to have a renter’s policy in my opinion.
There are many brands of policies available. Things that are usually covered include loss from fire, vandalism, windstorm, explosion, theft, and various other stated causes. Flood is not covered and a separate flood policy is necessary for that. Liability coverage may also be included in a renter’s policy. This covers bodily injury to others if you are liable. Examples could be if someone slipped on your wet floor and was hurt, or if your pet bit someone. Typical liability coverage could be from $25,000 to $300,000. Other coverage’s may include loss of use, and personal property away from home.
Here are some suggestions to get the best coverage and price for a policy. You will often save by getting a renters policy from the same company as your auto insurance company. Shop reputable companies that you trust. Be sure to get a high enough limit to protect the value of your property. Consider a “replacement cost” policy if possible. This pays what new goods would cost if you have a covered loss. Make sure your agent explains what is covered and the terms of your policy. Also talk to your agent about what documents would help in the event of a loss. For example taking pictures or a video of your property, saving receipts for expensive items, and possibly making an inventory of your property. If you live in Texas I would be happy to give you additional information and or a quote.
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