It’s moving day at your new apartment. All your worldly possessions are finding a new place. Utilities have been connected and the TV and computers hooked up. But before you start celebrating in your new digs, make sure you’ve got the right Renters Insurance for Texas to protect your belongings in event of a catastrophe.
In Texas, it is estimated 3 million people rent their residence. Renters Insurance Texas protects a renter’s belongings. While the landlord or property owner will maintain insurance for the structure, tenant belongings are excluded from this coverage. That means that, in the event of fire or theft, a renter could face the possibility of having to replace everything he or she owns. Renters Insurance Texas can provide benefits to replace clothing and furniture, as well as electronics and personal belongings.
In some cases, your property management company or landlord may require you to have valid Renters Insurance Texas.
Know Your Policy
There are two main types of Renters Insurance Texas — named-peril policies and all-risk policies. Named-peril simply means the policy will only cover property lost or damaged because of specific events named in the policy. If property is lost or damaged because of another type of event, there is no coverage. All-risk policies will cover every type of loss unless it is named as an excluded event. These are sometimes called comprehensive policies.
Keep the dollar limit for the Renters Insurance Texas in mind. This is the maximum amount the insurance policy will pay. Make sure it is enough to replace your property.
Renters Insurance Texas will have three types of coverage — personal property coverage, loss of use coverage and personal liability.
Personal property coverage is the amount Renters Insurance Texas will pay for lost, damaged or stolen property, up to the limits of the policy. Some policies will limit how much will be paid for specific items, such as a $500 limit on jewelry. Those with especially valuable pieces of jewelry may want to add increased coverage for that category, or for the value of fine art pieces. Those limits can quickly be reached and, in the event of a catastrophic loss, the regular policy amounts may be inadequate.
Decide if you want a Renters Insurance Texas policy to provide actual cash value or replacement cost coverage. Actual cash value takes the value of an item when it was new, say a flat-screen television, and depreciates its value based on age and condition, and pays a benefit based on the value of the property when it was lost or damaged. While these policies may be less expensive, they could limit your ability to replace important items. A replacement cost policy does have a higher premium, but it would pay for the cost of replacing lost or damaged items. All benefits are paid minus your deductible.
If a fire or flood prevents you from being able to live in your apartment or rental property for a period of time, Renters Insurance Texas will provide benefits for living expenses, up to policy limits.
In today’s litigious times, the personal liability portion of a Renters Insurance Texas policy is an important feature. This protects you from lawsuits if someone is injured in your property.
Policy CostsRenters Insurance Texas policies will require a monthly premium payment, which will vary depending on the type of coverage wanted, though premiums average $15 to $20 a month. That’s not a high price for peace of mind. Other Renters Insurance Texas costs is the deductible cost. The deductible is how much the policy holder must pay out of pocket. Sometimes these costs are paid before a benefit check is written or it is deducted from the amount paid. This is usually a portion of the maximum benefit amount.
College students and dependents should check with their parents about the need for Renters Insurance Texas. A parent’s homeowner insurance policy may cover dependents living away from home. Check on the personal property coverage limits and determine if it is sufficient for your needs. If not, the investment in a Renters Insurance Texas policy may be worth the price.
When shopping for Renters Insurance Texas shop around and ask your agents questions to understand the policies limits, coverage and exclusions. Be truthful when answering questions. Providing false information could mean your Renters Insurance Texas policy is cancelled or a claim later denied. Be sure to only purchase a Renters Insurance Texas policy from companies and agents who are licensed.
Filing a Claim
When filing a Renters Insurance Texas claim, it can be helpful to have an itemized inventory of all personal belongings along with dates purchased, value and serial numbers. It’s also helpful to have photos of all belongings or a video of each room in the house or apartment. Open all the drawers and cabinets and record all of the items contained. Don’t forget covered structures, such as garages or outbuildings. Keep receipts from big purchases, as well.
All of these forms of documentation should be stored in a safe place, such as a fireproof box, or at another location where other important papers are kept.
When an incident occurs resulting in loss or damage to property, contact your Renters Insurance Texas company and get a claim number. If the loss is the result of a crime, such as theft, report it to the police and file a report. Your Renters Insurance Texas company will need the police report file number. The inventory you took before will help to itemize items lost. If you’ve had to vacate the property and are staying in a hotel or other temporary residence, keep your receipts for room rental, food and other living expenses. This will be needed to file for loss of use benefits from your Renters Insurance Texas policy. Keep in touch with your company and meet with the adjuster to settle the claim. Before signing the settlement, you may want an attorney to review the legal documents, particularly if you don’t understand what these documents say. Make sure all items covered under your claim are included. If not, talk to your insurance company.
Renters Insurance Texas may seem like just another bill to pay each month. But that insurance policy will be vital should you experience a loss of property or if someone is injured in your home.
For more information about how to obtain homeowners insurance in Texas or renters insurance please visit TexasQuotes.com