Owning property comes with a duality of opportunity and responsibility. Those who are renting find that they may have protection for the structure itself but do not have security for their belongings and possessions. For a happy medium, renters insurance policies help to bridge the gap between property security and full home coverage.
The state of Texas does not require renters insurance, but it's a highly essential coverage item that every renter should own. Renters insurance policies help to cover these three critical areas:
- Personal Property Coverage: A policy that helps to repair or replace the property that you own. Some policies will also cover luggage and other travel items.
- Loss of Use Coverage: If you need to move off the premises while the rental property is being repaired, this coverage will pay for additional living expenses like rent, food, and various expenses.
- Personal Liability Coverage: This policy assists you with legal fees if you are liable for someone becoming injured in your home. It also pays for specific expenses if the injured person sues you.
- Other relevant insurance coverage options include niche items that will often need extra coverage under a general renters policy. This can include:
- Additional Coverage for Disasters: Floods, earthquakes, and other unexpected disasters.
- High-Value Items: In order to cover your higher value property, you may need to own a separate policy.
- Business Coverage: Renters who work from home or run a home-based business can protect items used for work under this coverage.
If you're ready to start looking for renters insurance for your Texas rental property, be sure to reach out to the pros at Spross Insurance Agency. Covering the Lone Star state with practical advice, professional service, and a friendly smile, call us today to schedule an appointment and start focusing on insurance solutions for you.