If you are planning to move or relocate to a new city in Texas to live in a rented home or apartment, it is not as easy as it looks. Before you proceed to sign the lease agreement with your landlord, it is important to make sure that you’re fully covered with renters insurance, a policy that is designed specifically for tenants to protect them financially from any mishap.
Many renters mistakenly believe that their landlord’s insurance will provide coverage to them and their personal belongings from unfortunate and unexpected events, such as theft, fire, or property damage due to other reasons. However, that may not always be the case. So, it is your responsibility being a tenant to have a comprehensive renters insurance policy that should offer the following coverage options:
1. Personal Property Coverage
It is the core of every renters insurance policy offering coverage for the cost of repairs or replacement of your belongings if they’re damaged, destroyed, or stolen due to fire, vandalism, or theft. Also, you can consider added property coverage for your furniture, electronics, clothes, or even kitchen appliances.
When searching and evaluating renters insurance quotes, check if the policy offers actual cash value (ACV) or replacement cost coverage. Replacement cost coverage is more comprehensive as it reimburses you for the cost of buying new items, not their depreciated value.
2. Liability Protection
In case somebody is injured due to an accident in your rental property, you may be held accountable in a court of law. Having liability coverage in your renters insurance policy can help cover legal fees, medical expenses, and potential damages if a lawsuit is filed by the victim against you.
This is especially important if your known ones are visiting your property frequently. Standard renters insurance policies often pay $100,000 for such liabilities, but higher limits are available, which you can consider to maximize your coverage.
3. Loss of Use (Additional Living Expenses)
What if your rented home or apartment is put temporarily out of use because of a fire or major leakage? Loss of use or additional living expenses must be provided by your renters insurance. It offers coverage for hotel stays, meals, or other necessary expenditures during the period when your rental property is being repaired for the caused damage.
While this benefit is often overlooked by most tenants, it can truly be a financial lifesaver for renters in Texas like you during emergencies.
4. Additional Coverage Options
Depending on your lifestyle, you might want to add specific endorsements to your renters insurance policy including:
- Flood or earthquake insurance as standard policies doesn’t offer coverage against these natural disasters.
- High-value item coverage for your jewelry, artwork, or collectibles.
- Identity theft protection
While you discuss renters insurance quotes with your insurance provider, make sure to ask about these extra or additional coverage options. It is especially important if you live in an area that is prone to extreme or harsh weather conditions.
Rely on Whitman Insurance Agency for Comprehensive Renters Insurance Solutions
As a responsible renter in Texas, it’s important for you to remain proactive when it comes to protecting your belongings and financial well-being. At Whitman Insurance Agency, we are here to help you get the right renters insurance policy and quotes so that you can carefully review your coverage options before signing a lease agreement with your landlord.
Don’t wait until a disaster strikes! Get in touch with us today at 830-693-2900 or send us an email to whitman@whitmaninsurance.com. Our affordable and reliable renters insurance solutions are ready to offer the coverage that is best suited for your rental property.
