Renters Insurance In Texas

Many home and apartment renters mistakenly think they don’t need renter’s insurance policy or view it as too expensive to have. However, insurance needs are just as important if your renting an apatment or home than they are if you own the home.

Renters insurance coverage protects the renter from a property loss or from damages like water and fire. It also provides protection for a liability, such as lawsuits brought by the landlord of the property, animal attacks, falls and slips, and accidents. This type of coverage is available in most areas and has an average $20 monthly premium rate for around $100,000 dollars worth of liability coverage and $25,000 dollars worth of property coverage.

Trusted Choice, a network of insurance service firms, found in a survey that alittle over 24 million American home renters did not have any insurance coverage to protect themselves from losses.

8% of the respondents without renter’s insurance had never heard about renter’s insurance before. Meanwhile, 17% said they weren’t aware that they needed renter’s insurance and 26% percent felt that renter’s insurance was too costly.

Other key findings of the study included:

* 50% of the surveyed renters owned pets. Thirty-two percent of the non-pet owners had renter’s insurance. Although renters that own pets have a higher liability exposure than renters without pets, a mere 26% of the pet owners had renter’s insurance.

* 89 % of the surveyed renters owned at least one expensive electronic device, such as a computer, camera, digital recorder, or home theater system. This group was more likely to have a renter’s insurance policy than those that didn’t own such devices.

* 53% of the surveyed renters owned at least one form of exercise or sports equipment, such as a skis, bicycles, or a home gym system. These people were more likely to own renter’s insurance than those that didn’t own such equipment.

* 31% of the renters operating a home business from their apartment, condo, or other type of rental unit had renter’s insurance policy.