​RENTER'S INSURANCE

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WHAT IS RENTER'S INSURANCE? DOESN'T MY COMPLEX/LANDLORD HAVE IT?

  • No. Complexes and landlords have Property Insurance which covers the BUILDING and structural damage.  Renter's Insurance covers the things INSIDE the building.

WHAT DOES RENTER'S INSURANCE COVER?

  • Personal Property – the things you own, and your luggage when you travel.
  • Loss of Use – living expenses if you move while your apartment is repaired – like rent, food, etc.
  • Personal Liability – protects you if someone else is hurt in your home and for legal fees if they sue.

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WHAT RISKS DOES RENTER'S INSURANCE COVER? 

  • Policies can differ. Check yours. Most cover fire, theft, or storms.

WHAT MIGHT BE EXTRA?

  • ADDITIONAL HAZARDS – like floods or earthquakes.
  • MORE LIABILITY – may be required for certain types of pets, or things like pools or trampolines.
  • EXTRA COVERAGE IN GENERAL -  for jewelry, art, or electronics – things beyond a typical policy.
  • BUSINESS COVERAGE – Home-based businesses or working from home professionals might need more coverage for business-related equipment.

WHAT DOES RENTER'S INSURANCE PAY FOR?

            There are TWO kinds of polices:

  • ACTUAL CASH VALUE -  pays you for the ORIGINAL COST minus DEPRECIATION (age and wear and tear) – you get paid for what a 10-year-old TV is worth NOW, not for a new TV.
  • REPLACEMENT VALUE – provides the amount to replace your belongings with new.
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DON'T FORGET THE DEDUCTIBLES AND DOLLAR LIMITS!

  • DEDUCTIBLES are the amount you have to pay before the policy pays you. If you have a $1500 policy with a $250 deductible, you will only get $1250.
  • DOLLAR LIMITS – There's a maximum insurance will pay for some items. Common limits are:
    • $100 for cash on hand
    • $500 for jewelry
    • $1000 or 10% of property coverage for travel claims

HOW DO YOU KNOW WHAT YOU HAVE TO CLAIM?

  • Make a list!
  • Take pictures or video – including inside drawers!
  • Back up the photos! Save your photos, videos, and/or list to an off-site, fireproof location or cloud drive.

Learn more about renter's insurance at: 

 

Texas Department of Insurance
Insurance Information Institute