Renters Insurance in Texas
Like homeowners insurance, renter's insurance protects your personal property from theft and damage. Texas state law does not require residents to buy this coverage. Even if your landlord doesn't require it, an active renter's policy is an essential part of protecting your valuables. Lone Star Insurance Specialist offers renter's insurance for residents in the Amarillo, TX area. What is covered under a renter's insurance policy?
Types of Policies
There are two main types of renter's policies available to Texas residents.
- Named-perils policies sometimes called specified perils policies, provide coverage for a specific list of threats, like fire, flood, or theft. If loss or damage occurs from sources that are not on the contract's list, payment will not be provided.
- All-risk policies provide more comprehensive coverage. Called open-peril policies, these contracts provide payment for most sources of damage or loss. Exclusions to the policy are clearly spelled out in the terms.
Types of Coverage
There are 3 main types of coverages included in renter's policies.
- Personal property coverage repairs or replaces lost or damaged property like clothing, books, electronics, and furniture.
- Loss of use coverage pays for food and temporary lodgings if you are forced to leave your home during repairs.
- Personal liability coverage helps you pay legal bills and court-ordered fees and penalties if someone sues you for an injury or accident that occurred in your home.
Facts About Renter's Insurance
- Renter's insurance policies are limited to the subscriber's personal belongings. Any damage to the property's structure and common areas are covered by the property manager's insurance policy.
- In the event of loss or damage, most policies will pay actual cash value for your lost property. This means you will receive the amount your item was worth at the time of destruction. This isn't always enough to replace your item, however. Replacement cost coverage pays the full cost of purchasing a new, comparable item.
- All policies include a total dollar limit. If you suffer a catastrophic loss, your entire payout may not help you replace everything you lost. An umbrella policy provides additional funds to ensure you'll be able to regain control of your life.
Contact the experts at Lone Star Insurance Specialist for more information on renter's insurance in the Amarillo, TX area.