For an average of $20 a month, Texans can buy renters insurance to protect their belongings from theft or damage.
Renters insurance typically includes three types of coverage:
- Personal property coverage: Covers your belongings – even items stolen out of your car or while you’re traveling.
- Additional living expenses: Pays if you have to move while your house is being repaired to fix damages your policy covers.
- Personal liability: Protects you if someone is injured at your place and pays legal costs if you’re found liable and taken to court.
Some landlords might require you to have a renters policy. Make sure the policy you buy will pay to replace your personal property.
Your policy will pay to replace or repair your belongings up to a dollar limit. This is the most the company will pay, even if the cost is higher. Some policies limit payments for certain kinds of property. Common limits are $100 for cash, $2,500 for items used for business, and $500 for jewelry and watches. Ask your agent about buying more coverage for expensive items or collectibles.
Most policies will cover damage from fire, smoke, theft or vandalism, and certain kinds of water damage. They don’t cover flood damage. Visit the National Flood Insurance Program for information about flood coverage.
Have a question about insurance? Call the Texas Department of Insurance at 800-252-3439 or visit www.tdi.texas.gov.
These columns by the Texas Department of Insurance are available for use in publications. They may be edited as needed and used without copyright. For questions, contact TDI media relations at 512-676-6595 or MediaRelations@tdi.texas.gov.