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What to Expect from a Renter’s Insurance Policy

Model Home with a Speech Bubble that Reads InsuranceAs a renter, one of the most vital things you can do to protect yourself, your visitors, and your personal belongings is to buy a renter’s insurance policy. In truth, a lot of Houston Heights property managers require tenants to have renter’s insurance before move-in day arrives. But on the other hand, if you aren’t informed about renter’s insurance, you may not know what to expect. To cite an instance, what does renter’s insurance cover, how much does it cost, and what are your options? In this article, we’ll look into these topics and more.

What is Renter’s Insurance?

The short definition of renter’s insurance is an insurance policy that covers personal liabilities, belonging, and sometimes living expenses in case of injury, damage, or loss. It’s necessary to mark that these are not covered under the property owner’s insurance policy. That insurance covers the rental house itself, but not you or your personal property.

What Does Renter’s Insurance Cover?

A few of the more common sorts of loss that are regularly covered under a renter’s insurance policy involve theft, fire, and damage or injury due to natural disasters. Depending greatly on the form of policy you have, yours may furthermore cover things like vandalism, losses due to civil disturbances, and damage caused by malfunctioning systems in your rental home, such as the plumbing, heating, or air conditioning and so on. If the damage is terrible enough, your policy may furthermore pay for the cost of alternative housing, meals, and other living expenses while your rental home is being fixed.

Although one of the most relevant things that a renter’s insurance policy covers is accidental injuries to other people while visiting your rental home. As an example, if your visitor either injured themselves or experienced damage to their personal property while at your rental home, renter’s insurance will cover you in case of a civil or personal injury lawsuit. In most cases, your insurance may also cover the cost of the legal representation you’ll need to successfully help you defend yourself in court including any damages (up to your coverage limit) awarded to the other party.

What’s Required and How Much Does It Cost?

Though not required by law, countless landlords and property owners ask for proof of a renter’s insurance policy to lease their home. But even though it’s not required, a renter’s insurance policy is, nonetheless, something you should have. Various policies don’t really cost a lot, although the protection they grant is highly valuable.

Before you commence shopping for a policy, be certain you understand what the required liability limit is. Many landlords will clearly define the required liability limits in their lease and ask you to have specific endorsements like floods or earthquakes. These endorsements are normally depending on your location and might be optional or required. Every situation and policy will be different, so it’s necessary to learn and understand what you need.

The type of policy and the coverage you select can likewise affect the cost of your renter’s insurance policy, and monthly premiums will indeed vary. As specified by a recent analysis, the national average cost of renter’s insurance was $14 a month. But as a matter of fact, several renters pay a monthly premium of between $5 and $30. That’s a small price to pay for the kind of protection and peace of mind a renter’s insurance policy bestows.

Shop Your Options

With too many different options and rates out there, it’s an excellent thought to shop around a bit more before choosing an insurance company for your renter’s policy. If you already have car insurance with a large company such as State Farm, Allstate, or Progressive, you can add on a renter’s insurance policy quite easily. But really, it still doesn’t hurt to get quite a few more quotes, together with those from most of the newer insurance platforms, in preparation for selecting one. In doing so, you understand that you’ve found affordable coverage for you, your guests, and your belongings that exactly gives the amount of protection you actually need.


If you are an owner looking for someone to take over the day-to-day tasks of your investment property, contact our team of Houston Heights property managers for more information. Don’t forget to ask about our FREE rental market analysis.

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