| Texas Home Insurance Now |  |
| Renters Insurance in Texas |
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| Renters Insurance Overview: | ||
| Renters insurance in Texas will replace or repair your personal property if it is destroyed, damaged or stolen in an apartment or home you rent in Texas. The insurance company will pay up to the limits of coverage of the renters policy. The insurance a rental property owner has usually covers the actual house or apartment building structure but not the renters contents and personal property. In some cases, rental property owners may require tenants to have renters insurance as a condition of the lease. |
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| Renters Insurance Coverages in Texas: | ||
Renters insurance policies in Texas usually have three types of coverages: personal property, loss of use, and personal liability. Personal property coverage pays to repair or replace personal property, up to the policy’s dollar limit. In addition to a total dollar limit, policies may limit payments for certain kinds of property such as cash, jewelry and items used for business.. Common limits are $100 for cash, $2,500 for personal property used for business, $500 for valuable papers, and $500 for jewelry, watches, and furs. Renters insurance in Texas also pays for loss of luggage and other personal items when you travel. This coverage is usually limited to 10 percent of the amount of your policy or $1,000, whichever is greater. Loss of use coverage pays for living expenses, such as food and housing, if you are driven from your home or apartment because of a covered loss. Loss of use coverage is usually limited to 20 percent of renters policy personal property coverage. If you have $25,000 in personal property coverage, your loss of use coverage would be $5,000. Personal liability coverage helps protect you from a lawsuit if someone is injured at your home. A renters policy often automatically provides $25,000 in liability coverage and pays your legal costs. Liability coverage with higher limits is available at a higher price. if you want more coverage than your policy provides for certain items, you should ask about buying “endorsements” for an additional premium. The most common endorsements increase coverage for jewelry, furs, camera equipment, and computer equipment. |
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| Coverage for College Students and Dependents: | ||
College students and other dependents temporarily living away from home may be covered by their parents’ or guardians’ homeowners policies. If you have dependents living away from home, ask your agent or company if your policy covers them. A parent’s/guardian's homeowners policy in Texas usually covers a dependent’s personal property for up to 10 percent of the homeowners policy’s personal property limit. As an example, if the guardian's insurance policy has a personal property limit of $50,000, children automatically have $5,000 in coverage living away from home. Chilldren are covered up to 100 percent of the liability limit of the parents’ policy for claims involving personal liability and medical payments to others. |
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