Renters Insurance

Many different renters insurance options exist in Texas and across the nation. We will discuss the different types briefly, but please contact us if you are in the area and need to satisfy a lease and protect your items.

Replacement cost insurance means just what it sounds like. It is essentially the cost of replacing your lost possession with a brand-new version. If your 5 year old, $1,000 television gets fried by a lightning strike, you will be reimbursed the cost of buying a comparable model at the store. The same goes for clothes, furniture, appliances, jewelry, and everything else.

Actual cost insurance will reimburse you for the depreciated value of your possessions. Using the same example, your 5 year old, $1,000 television may only be worth $500 or less via your insurance company.

Of course, replacement cost insurance comes with a higher price tag, but can be worth the cost depending on the value of your possessions. As a result, we recommend speaking with an insurance broker to find the best fit for you.

Those of us in the area who were here remember Hurricane Harvey, all the damage it caused, and all the people who were displaced for months by the flood damage. And it wasn’t just those who lived on the first floor. Additional disaster coverage can include flood insurance to help if you are displaced from your home by a natural disaster or other event. Flood insurance is not generally covered on a traditional renter’s policy. Even loss of use and living expenses may only take effect in the event of a covered peril. Your landlord may or may not have it, so it is up to you to find out. If not, you may purchase additional disaster coverage yourself to protect yourself should your home become uninhabitable.

Traditional renter’s insurance only covers up to a certain amount. However, many of you may have additional expensive items that will only be covered up to a certain point by regular types of coverage. This is where additional coverage comes in. You may cover one exclusive item or many. These items can include engagement rings, firearm collections, artwork, antiques, and anything else that may not fall under traditional renter’s insurance.

Are you a business who rents their workspace? You will most likely also need insurance to protect your property housed in the rental. Everything from expensive office equipment to inventory to personal files should all be protected to avoid worst case scenarios. In fact, many areas and landlords may require you to take out business renters insurance. As a result, we highly recommend you save time and money by contacting an experienced insurance broker in your area to take away all the guess work.