If you rent a house, mobile home, apartment, or condominium in Texas, one of the most important investments you can ever make is renters insurance. Texas tenants have not been a targeted market in the have insurance industry until recently. Unlike homeowners and landlords, Texas renters have historically been classified as short term clients. Carriers have tended to pass over them, preferring instead to write policies for the homeowner and the landlord. Few noticed the importance of the tenant and the need for tenant-specific renters insurance. Texas has grown tremendously in both size and diversity, however, and things have begun to change.
When it comes to today's renters insurance, Texas tenants now have more options, greater affordability, and more comprehensive coverage than ever before. These changes have been implemented by the carriers as they realize that tenants do not stay tenants for ever. They eventually become homeowners and landowners themselves. They have also come to realize that tenants who are presently renting need more than just renters insurance. Texas tenants need coverage on their autos, recreational vehicles, boats, and small businesses as well. With renters insurance, Texas tenants can now enjoy discounted rates on other policies when obtained from the same originating company. This is a value added service that benefits both the Texan and the insurance carrier alike.
Texas Auto Home wants every tenant who visits our website to recognize the value and importance of comprehensive and affordable renters insurance. Texas contains many diverse geographies and a multiplicity of urban and rural environments. Each of these regions in turn carries with it its own unique set of perils that must be addressed by an agency skilled at pinpointing potential problem areas and working with carrier underwriters to issue the best and most affordable renters insurance.
Texas Gulf Coast residents, for example, face the same perils that neighboring landlords and homeowners face. Just look at the damage that Ike has inflicted on the Houston area, and it becomes readily apparent that apartment dwellers and those renting houses have experienced the same loss of power that property owners have struggled with. Hurricanes like Ike can devastate a renter just as much as a homeowner by ripping through an apartment building and destroying its contents. If sufficient building damage occurs, the tenant may even lose his or her dwelling in the process. Such an individual can be protected, however, with renters insurance.
Please be aware that as much as none of us want to admit it, there will be another one somewhere in Texas, so be prepared.
In other parts of the state, perils other than hurricanes can be indemnified against with renters insurance. Texas residents in Austin and the surrounding Hill Country may face tornadoes and violent thunderstorms that often spin off the hurricanes that strike the Gulf Coast areas. Panhandle tenants at times face blizzards and near-Arctic freezes that need the protection of renters insurance. Texas Broad Form Tenant policies can go far in limiting the devastation such calamities can bring. They can also indemnify a tenant against personal liability and medical claims alleging tenant negligence. Other perils such as theft, fire, vandalism, malicious mischief, damage from plumbing and heating systems, and now even identity theft, can all be covered under Broad Form renters insurance.
First American Renters Insurance
If you rent a home, apartment, condominium or other dwelling renters insurance is the way to protect your personal possessions. Your landlord will likely have a commercial property or homeowners insurance policy on the structure you are renting, but that policy does not cover your possessions such as furniture, clothing, electronic equipment and other belongings. Renters insurance is relatively inexpensive because it typically only covers your belongings and not the structure, but it does pay to compare renters insurance policies to find the best deal.
Without renters insurance you would have no recourse in the event your dwelling was burglarized or met with a disaster such as a fire, lightning strike, damaging winds or other disasters covered by your renters insurance policy. Your possessions could even be damaged by other renters near you if they cause smoke or water damage in your dwelling.
The exact coverage for your renters insurance policy would fall under the "named perils" in your coverage so it's important to research and compare renters insurance quotes before choosing your renters insurance policy.
Typical renters insurance coverage:
?Water damage (but not flooding)
Another benefit of renters insurance is -- like homeowners insurance -- it provides you liability coverage. Liability protects you against legal action for personal injury or property damage caused by you, members of your family and even your pets. The liability aspect of renters insurance also provides no-fault medical coverage in case someone is injured in your home.
Also like homeowners insurance, renters insurance protects you if your rental dwelling is damaged and you are forced to vacate the premises. Renters insurance pays your expenses while living away from your rental dwelling and covered expenses include hotels, meals and other living expenses. Additional living expenses coverage might be limited depending on your policy.
Renters insurance comes in two basic forms - actual cash value and replacement cost. Actual cash value renters insurance will replace your belongings up to the limit of your policy after a deduction for depreciation. Replacement cost renters insurance provides more coverage in that it pays to replace your lost possessions up to the limit of your policy. There is no deduction for depreciation with replacement cost renters insurance.
Keep in mind renters insurance provides limited coverage for high-dollar items. If you want to ensure these items are fully covered you will need to buy a supplement, called a "floater," to your renters insurance policy.
Both G. M. White & Barclay Win are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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