Texas Renters Insurance Coverage Types
If parents or guardians’ homeowner policies cover college students or other dependents living away from home, they probably don’t need a separate renters insurance. However, Select Love Insurance agents will advise you if you need to know whether your homeowners policy covers children and dependents living away from home. Texas homeowners policies typically cover a dependent’s personal property at 10 percent of the policy’s personal property limit.
Actual Cash Value
Texas renters policies usually pay for losses on an actual cash value basis, meaning, the insurance provider will subtract an amount for wear and tear and depreciation from the value of your rental property before paying for any claims. This often translates into receiving an amount far less than the original purchase price for older items.
Replacement Cost
Coverage For a higher premium, Texans can buy replacement cost coverage for their renters insurance. Replacement cost coverage pays what it would cost to replace your property, minus your deductible and up to your policy’s dollar limit. This coverage has a much better chance of providing you with an amount that can cover the cost of an actual replacement. Some of these policies will pay up to $1,500 for repair or replacement of your damaged property, without applying depreciation deduction. However, for damages exceeding $1,500, some insurance companies will pay the loss on an actual cash value basis. You must then repair, or replace the damaged or lost property with an item of like kind and quality before the company will pay the remaining amount of your claim.
Our agents can help you find some of the lowest rates and highest quality renter insurance policies in Texas. All it takes is a few minutes of your time filling out and submit the form available above, after which, one of our agents will get in touch with you to complete the process.
Within state of Texas, those residents living in a rented house, flat, or apartment would need renters insurance to protect their personal property against loss. Texas renters insurance pays to repair or replace renters’ personal items and property in case of theft or damages, items that include personal and household articles such as furniture, jewelry, clothing, and household electronics. What a Texas Renters insurance will not cover are damages to the rented house or apartment building, as such damages are covered under landlord’s insurance policy. In Texas, some landlords may require renters to buy renters insurance as a condition of their lease.
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Texas Renters Insurance Coverage: College Students or Dependents
Texas Renters Insurance: Replacement Cost vs. ACtual Cash Value
In Texas, there are two distinct types of renters insurance policies
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All-risk policies: Also called comprehensive or open-perils policies, such renters insurance policies cover every type of loss, unless specifically excluded. These policies are the most expensive types of rental policies because they cover more losses.
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Named-perils policies: Alternatively known as specified perils policies, cover property lost or damaged because of events specifically listed in the policy, such as fire and theft. These policies do not cover losses caused by events that aren’t specifically listed in the policy.
Texas Renters Insurance: Types of Policies
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People often buy endorsements to add or increase coverage for jewelry, fine arts, antiques, computers, and electronics.
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Consider additional liability coverage if you don’t think the basic limits are high enough. Your company might require higher limits if you have potentially dangerous items like a pool or trampoline.
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Take a full inventory of your personal property and household items that can be helpful if you ever have to file a claim. This inventory should list each item covered, its purchase date, value, and if possible a serial number. Photographing or taking a video of each room of your home or apartment including closets, open drawers, storage buildings, and garage can help back your case up if a claim has to be filed. Keep this inventory and all related purchase receipts for major items in a fireproof safe or better yet at another secure location. You can use this form as a basis to create your own inventory.
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AFFORDABLE TEXAS RENTERS INSURANCE COVERAGE
This policy pays to repair or replace your personal items or property, up to your policy’s stated dollar limit. Furthermore, these policies may limit payments for certain kinds of property. Some of the most common such additional limits include $100 for cash, $2,500 for personal property used for business, $500 for valuable papers, and $500 for jewelry, watches, and furs. Texas renters insurance also covers your luggage and other personal items when you travel, which is usually limited to 10 percent of the amount of your policy or $1,000, whichever is greater.
Personal
Property
Personal
Liability
This policy protects you against a claim or lawsuit if someone is injured in your rental apartment or home. A typical Texas renters policy often provides up to $25,000 in liability coverage and pays your legal costs.
Loss of use policies pay your additional living expenses for things like food and rent if losses or damages force your to move temporarily from your rental house or apartment. These policies are generally limited to 20 percent of a policy’s personal property coverage.
Loss
of Use
