Renters Insurance in College Station Texas

Whether living in a house or an apartment, anyone who rents needs to protect their personal belongings against damage or theft. Renters insurance is essential coverage that every renter should have in place to do just that. Unfortunately, as inexpensive as it can be to purchase from a renters insurance agency, this coverage is often overlooked until it is too late. Learn about the importance of this type of insurance below and why it is such low-cost protection against the losses that can occur.

Who Needs Renters Insurance and Why?

Anyone who rents or leases their dwelling, whether it is an apartment, house, or even a portion of a house, needs insurance to protect their belongings. This type of policy is important because most homeowners or property owners policies specifically exclude personal items owned by a tenant.

Should a fire, storm, or some other event occur at a rented property causing damage to the tenant’s personal belongings, the policy covering the physical structure would not cover these items. Similarly, any items lost during a break-in are also not covered by the property owner’s policy.

For those who have not purchased the appropriate coverage, this could become an expensive loss of personal belongings.

What Does Renters Insurance Include?

Most renters insurance policies are similar in their inclusions, although it is advisable to check with a renters insurance agency on replacement limits and specific items. These policies typically cover the loss of items due to fire, lightning, water damage excluding flooding, explosion, theft, or vandalism.

They also provide additional coverage that many may not realize, including personal liability insurance in case a visitor is injured in the rental property. Renters policies may also cover additional living expenses when a policyholder is displaced from their rented dwelling as a result of a named peril and while repairs are being made.

Two Types of Renters Replacement Coverage

Renters coverage is inexpensive to purchase from a renters insurance agency and there are two types of replacement coverage available:

  • Actual Cash Value Option - This coverage will pay the replacement cost of items, excluding any depreciation in their worth. An actual cash value policy may be a bit less expensive than a replacement cost policy; however, renters must realize that it only reimburses based on the estimated value of the items at the time they were damaged or stolen which does consider normal wear and tear that would lower the insured value of the item being replaced.
  • Replacement Cost Option - This policy reimburses based on what it costs to replace damaged or stolen items today. A replacement cost policy may be slightly more expensive than an actual cash value policy; however, it offers the to actually replace items based on its current cost as opposed to paying based on the depreciated value of the items.

Replacement cost policies are generally the most preferred type of policy because claimed items are replaced without any reductions for depreciation. Renters should discuss the items they wish to insure with a renters insurance agency to make sure they purchase the right type and proper amount of coverage. Renters insurance policies have a dollar limit as to the amount of coverage they provide. To protect items valued in excess of the standard limits, tenants should purchase an additional rider to increase their coverage limits for certain items.

Regardless of the type of policy purchased, it is extremely beneficial for tenants to have a renters insurance policy. Property owners are not responsible for protecting or replacing the belongings of their tenants and renters must protect themselves. To obtain a suitable policy that provides enough coverage, tenants should discuss their needs with a renters insurance agency that can ensure the right policy is purchased!

Need Renters Insurance In College Station Texas?

The Insurance Professionals At Jones & Associates Can Help!

Call (979) 599-7532!