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Allen, TX 75013

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Is Renters Insurance Needed?

Many renters assume that their landlord’s insurance policies will protect their personal belongings, but that is far from the truth. A landlord’s policy will cover the home or apartment that you reside in and any belongings that they own, but not your items. For some, renters insurance may not even be an option with many landlords now requiring a policy within your lease. 

It is easy to underestimate how many belongings you own and if you are debating if renters insurance is a must you should take inventory of all your belongings by opening every drawer, closet, nook and cranny to establish the value of all your items. By adding the value of your clothes, electronics, furniture, and everything else you own together you’ll likely be very surprised by the high figure. 

 Renters insurance does more than just help cover the cost of damaged belongings after a covered incident, it also can pay for housing after a disaster. Otherwise known as “loss of use” or “additional living expenses” coverage, this portion of your policy contributes towards the cost of a hotel or alternative living arrangement should your rental be inhospitable while being repaired. Additionally, renters insurance also includes liability coverage should a third party be injured while at your rental or even off the premises depending on the specifics of the policy. 

Most importantly, renters insurance protects your savings and net worth because it safeguards you from having to pay out of pocket to replace belongings when disaster strikes. At Texas Independent Insurance in Allen, TX we can help you determine if renters insurance makes sense for your circumstances. Give us a call today or stop by our conveniently located office to learn more information. 

What Happens With Renters Insurance if Your Landlord Changes Their Policy?

Renters insurance is an excellent option for those who are staying long-term in a rented home. However, this situation may be confusing to some if their landlord suddenly changes their coverage. Does this affect you? Here’s what we at Texas Independent Insurance have to say for Allen, TX renters.

Your Policy Should Be Unaffected 

When your landlord changes their homeowner’s insurance policy in any way (either towards more or less coverage), your renter’s policy should remain unaffected. Why is that the case? The two policy options are not connected. A homeowner’s insurance on a rental property covers:

  • The exterior of the home and its structure 
  • All permanent structures inside the home 
  • Lawn elements and detached garages
  • Anything else the renter does not own 

By contrast, a renters policy is designed to protect anything inside the building that you own. Note that your landlord’s policy WILL cover damage to your vehicle if damaged by trees falling in a storm because of liability coverage. But your renter’s policy covers: 

  • All items you brought to the house 
  • Appliances you installed in the home 
  • Goods and things you put in the house

In a sense, the value of the exterior of your rented home is irrelevant to your interior value, meaning that a change in one does not affect the other. But you may need to talk to your agent to ensure that you are satisfied. In this way, you’ll protect your home and your investment at the same time.

Reach Out to Us Today 

By working with our team at Texas Independent Insurance, you can provide your rented home with the protection it needs. So if you live in the Allen TX, area, call today to learn more about how we can help. We’ll do what we can to make sure that you’re satisfied with your needs.

What Does Renters Insurance Cover?

As a new tenant in Allen, TX, you need to have renters insurance to cover your belongings because the homeowners’ insurance does not cover the risks and uncertainties facing your belongings. To be on the right side and to get the best renters insurance, it is important to get sufficient information from Texas Independent Insurance on what the renter’s insurance covers and what it does not cover. 

Theft of Personal Belongings

If you have your personal belongings such as clothes and other items stolen from your rented room, you don’t have to turn to your landlord because homeowners insurance does not cover your personal items. In this case, your renter’s insurance will replace everything that has been stolen. However, the policy will not cover valuable items that you did not disclose when getting your insurance. 

Water Backup Damages

Water backup damages are common incidences that affect most of the renters in their rented homes. However, it would be best to ignore the possibility of this accident happening and damaging most of your belongings. However, with renters insurance, you don’t have to be worried because everything that has been damaged will be replaced or repaired without you paying a single dollar. 

Bodily Injuries in the Rented Property

If you are involved in an accident while still in your rented room, your renter’s insurance will help you to cover all the medical expenses. The same can apply to any person who has been injured in your house. However, your insurance company will have to conduct due diligence to determine whether acts of negligence were involved in the entire process, after which you might not get compensated. 

In Allen, TX, sometimes it is very challenging to get the renters insurance that meets your needs. However, with Texas Independent Insurance at your service, you can find reliable coverage to protect yourself from liability and property damage. 

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