Renters Insurance

Renters insurance helps provide crucial coverage for tenants living in an apartment, condo or house they do not own.  

Contact Low Rate Insurance Agency of Texas in Arlington, Texas, today to get a renters insurance quote.  

What’s Renters Insurance? 
Renters insurance, also called tenant insurance, is designed to help protect your financial stability after a covered loss.  

Your renters policy may provide coverage for the following: 

• Personal possessions damaged or destroyed by a severe storm or fire

• Theft of personal possessions from your home

• Hotel and food costs if you must move out to allow for repairs to your home’s structure after a severe storm or fire

• Liability coverage for medical bills if someone is injured while visiting your home

What Does Renters Insurance Cover? 
Renters insurance provides coverage according to the terms of the policy, which generally includes three main types of coverage: 

• Liability insurance to help pay for third-party claims of property damage or bodily injury

• Personal property insurance to help repair or replace your possessions

• Additional living expense coverage to help pay the cost of relocation, rent and food if you must relocate to allow for repairs after a covered event

Your agent may recommend that you tailor your renters insurance policy to include other coverages or secure additional policies for increased financial protection, including: 

• Replacement cost coverage to pay the full cost of replacing possessions lost in a covered event

• Umbrella liability insurance to help pay claims that exceed the limits of your other liability policies

• Earthquake or flood insurance to help cover potentially damaging events not covered by a typical renters insurance policy

• Pet liability insurance to help cover claims if your pet causes damage to someone else’s property or hurts someone

How Renters Insurance Claims Work 
After an event damages or destroys your personal possessions, your agent can guide you through the renters insurance claim process. Generally, your insurer will assign an adjuster to your claim, and they will determine the value of your lost possessions. If your claim is approved, reimbursement for your property losses will be calculated based on the actual cash value (ACV) or replacement cost (RC) of the items according to the terms of your policy.  

If someone makes a liability claim for property damage or bodily injury, they will initiate the claims process and work with your insurer to receive compensation.  

How Much Renters Insurance Can a Landlord Require? 
Renters insurance isn’t legally required, but your landlord can ask you to purchase a policy to help protect your personal possessions and provide liability coverage as a lease condition.  

Work with your agent to ensure your policy meets the minimum requirements set forth by the property owner.  

How Much Renters Insurance Do I Need for Personal Property? 
The amount of renters insurance coverage appropriate for your situation depends on factors such as the value of your possessions and your risk exposure.  

After a covered event, renters insurance may help repair or replace your personal property. If you have high-value art, collectibles or jewelry, talk with your agent about getting the appropriate coverage for those items.  
 
Your agent can help you determine how much renters insurance you need to provide adequate coverage for your personal property. Contact Low Rate Insurance Agency of Texas today to get multiple renters insurance quotes from reputable insurers.  

Additional Resources

• Tips for Moving Into a New Apartment
• Why You SHould Buy Renters Insurance For Your College Apartment
• Renters Insurance: 5 Reasons You Should Be Covered
• Arlington Renters Insurance: Did You Know?