Do I Need Property Insurance if I’m Renting?

If you’re renting a house, you might not think you need property insurance. After all, you don’t own the house and fixing or insuring the property is the landlord’s responsibility. And while a reputable landlord will certainly have homeowners insurance, never assume your landlord’s policy covers you. The tenant should also be insured for their personal property they store inside of the home. Luckily, The Select Insurance Agency, serving Coppell, Texas, has a variety of insurance policies to suit your unique needs.

Renters insurance includes protection for items of value including clothing, furniture, jewelry and expensive electronics. It may also include liability coverage for injuries and accidents caused by you through negligence. If your home is damaged, your insurance may cover living expenses if you need to rent elsewhere while the house is being repaired.

When thinking about your choices, keep your most valuable items in mind. You can get special coverage for things like irreplaceable antiques and fine art. A Replacement Cost Coverage policy is more expensive than an Actual Cash Value plan, but this plan gives renters more money for their losses. The Cash Value policy subtracts the age and condition of your insured property before paying out the claim.

If you pay for a higher premium, your replacement cost coverage can be more substantial. Named-Perils policies focus on specific events, like property lost in a fire or burglary. The All-Risk policies insure you in every situation, and they are therefore more expensive. However, you may feel more comfortable knowing that you are completely covered for the unexpected.

If you believe you are uninsured or underinsured, contact The Select Insurance Agency serving Coppell, Texas. They have an expert staff on hand to guide you in the right direction. You’ll feel the peace of mind that comes from knowing you’re protected.