Why do you need to purchase renters insurance? To protect all of your personal property, that’s why. Just because you don’t own a house doesn’t mean that what you do own is not worth protecting.
Two out of every three renters in Texas,do not have renters insurance. Either they don’t know they can have it or they think it would be too expensive so they don’t even look into it. I mean, insurance is just for people with a lot of expensive personal property, right? Wrong!
Renters insurance is for people just like you and me who have personal property worth $5,000 to $10,000. It is your personal property, is it not? You deserve to have it protected just like the people with all that expensive personal property.
How much will it cost to purchase renters insurance? Well, if you live in the Houston, Texas area, renters insurance will cost, on average, $16 to $20 per month. Maybe less, maybe more, depending on how much you need to insure and if you have any special or big items.
All you have to do to get started is to do a little research and find a good insurance agent who can answer all your questions. If you do your search on-line you could most likely get several quotes at once, then pick one or two, make some calls and set up an appointment to speak with each one.
Keep in mind insurance is not just about protecting your personal property. It is about protecting yourself, too. If someone came over, slipped on a rug and got hurt, you would be liable. So make sure your policy includes liability insurance. Rental Insurance policies usually do, but just make sure you have enough coverage. Talk to your agent, he or she will help you figure out how much coverage you need.
Also, don’t forget to talk to your agent about flood insurance. You will need a separate policy for flood insurance because it is not included in a standard policy. Some landlords in Texas will require you to purchase flood insurance before they will rent to you.
There are ways to save some money on your monthly insurance bill, too. Ask your agent about what kind of discounts they offer for combining your renters insurance with your car insurance. They may even offer what is called loyalty discounts, which means the longer you stay with them the bigger discounts you will qualify for. So every six months or every year they will take a little off what you pay each month for your premium.
Your agent will probably tell you that if you choose to pay a higher deductible on your policy you can save some money that way, too. Yes, choosing a higher deductible will mean you have to pay more up front to get something fixed or replaced; before the insurance company pays their part. But over the long term, it may be worth it to pay a smaller premium from month to month.
Insurance is an important thing to have even if you only have $5,000 to $10,000 worth of personal property. So, get an agent and purchase renters insurance today.