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How Much Is Renters Insurance in Texas?

woman in a canoe rowing on Colorado river lake, happy, joyful in Austin Texas

You aren’t required by law to carry renters insurance in Texas, but it’s still a good idea. Many landlords require you to carry renters insurance if you are leasing an apartment or house from them.

In Texas, the average annual cost of renter’s insurance is $253 per year, which is above the national average of about $185 per year.

What Does Renters Insurance Cover in Texas?

Renters insurance is less expensive than homeowners insurance because it doesn’t cover the structure you live in, only your personal belongings within your rented apartment. The best renters insurance in Texas also provides you with liability coverage if someone is injured or killed in your rental home.

Personal Property Coverage

If the personal belongings in your rental home are damaged or destroyed in a “peril” event, renters insurance helps you replace those items. Several events are considered “perils” on your renters insurance plan, including:

  • Fire
  • Wind
  • Hail
  • Lightning
  • Smoke
  • Explosions
  • Vandalism
  • Theft
  • Falling objects
  • Malfunction of an appliance, or plumbing, heating, or air conditioning system.

Make sure to verify what “perilous” events your renters insurance policy covers and which ones it does not. For example, some policies don’t cover natural disasters like hurricanes, earthquakes, flooding, and wildfires. If you live on a lake or a river, you may need to get additional flood insurance.

Your renters insurance in Texas also comes in handy if you are a victim of theft either in your home or while you’re away from home. For example, if you are on vacation in Florida and someone steals your phone, your renters insurance will pay to replace it.

Additional Living Expenses Coverage

If a fire or other mishap makes your rental home unlivable, your renters insurance can help pay for your temporary living accommodations. This “Additional Living Expenses” coverage is usually limited to a certain percentage of your personal property coverage.

Liability Coverage

Another important part of your renters insurance plan is liability coverage. If your dog bites someone in your rental home, they can sue you. Renters insurance in Texas protects you in these situations by covering any of your legal costs and or medical bills if you are found liable for something that might happen in your rental home.

If you are responsible for an event that damages not only your apartment but other apartments around you, the liability coverage on your renters insurance policy will be useful. This coverage can be used to pay for damages caused by your negligence. For example, if you forget to put out a candle and it starts a fire damaging your apartment and the apartments around you, your renters insurance will cover the damages.

What Factors Affect Your Cost for Renters Insurance in Texas?

woman looking a phone for renters insurance in texas

Several factors can impact how much you will pay for renters insurance in Texas. For example, if you live in an area with high crime, your renters insurance policy will probably cost more than living in an area with less crime.

Some factors that could affect your costs for rental insurance include:

  • Zipcode
  • Type of residence
  • Credit score
  • Dog breed
  • Coverage amounts

How Much Renters Insurance Coverage Do You Need?

When determining how much coverage you should get for your renters insurance in Texas, you should first take inventory of your possessions and what they may be worth. Typically most renters have personal belongings amounting to between $20,000 and $30,000 in value. If you purchase a large ticket item like a TV or new laptop, hang onto the receipt so it can be used to assess the value if something happens to it.

Renters who own luxury items like expensive jewelry and collectibles should consider adding a renters insurance rider to their policy. Many of those items aren’t covered under your main renters insurance policy. The cost of a policy rider is based on the appraised value of the item you want to cover. For example, a rider to cover a $5,000 ring will cost about $2 per $100 in value, or $100.

For liability coverage, most renters insurance policies cover up to $100,000. Pet owners may want to get a little more liability coverage because your furry friends can be a liability.

How Can You Save Money on Renters Insurance?

Although rental insurance isn’t very expensive, there are ways to ensure that you get the best rates possible. Here are a few ways to get cheap renters insurance in Texas.

  • Bundle your renters insurance policy with other insurance policies like your car insurance.
  • Minimize your risks by ensuring you have working safety equipment like fire extinguishers, smoke detectors, and security systems.
  • Keep your credit score high.
  • Pay the annual premium instead of month-to-month.
  • Use auto-pay and paperless billing options.

What Are The Benefits of Renters Insurance in Texas?

Whether your landlord requires it or not, getting renters insurance in Texas is a wise investment. The cost to replace all the furnishings in your rental home if something happens can be expensive. And, if you get sued and are found liable for causing damage or injury to someone else, the costs could send you into financial hardship.

The benefits of renters insurance in Texas far outweigh the costs. Besides peace of mind, the benefits include:

  • Replacement costs for damaged personal property
  • Living expenses if you are displaced
  • Replacement costs if you are a victim of theft
  • Protection from lawsuits from your liability
  • Coverage for medical expenses if someone is injured in your home.

Find Affordable Renters Insurance in Texas

Although the cost of rental insurance in Texas is higher than in the rest of the country, it’s still pretty affordable. Freeway Insurance is here to help you find the best policy for you. Start your free Texas renters insurance quote online, over the phone, or at one of our offices near you.

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