Protect What You Own with Texas Renter's Insurance

Texas Renter’s Insurance 

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Texas. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Texas and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen.

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen.

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills.

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers.

Is Renters Insurance Required?

No, renters insurance coverage is not required by federal or state laws. However, some landlords may require their tenants to purchase insurance as a stipulation of the lease agreement. Regardless of whether your landlord requires it, purchasing renter’s insurance is a good idea. It’s the only way to gain financial security for your belongings as well as liability protection. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage.

1. Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:
   • Fire and smoke
   • Storms, lightening, wind, hail
   • Theft
   • Vandalism
   • Explosions
   • Winter weather damage
   • Damage from infrastructure tearing, cracking, burning, etc.
   • Sudden, accidental damage from electric currents
2. Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself.
3. Loss of use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed.

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage.

Texas Renters Insurance :

Renters insurance in Texas protects you and your belongings from a range of perils. As the second-largest state in the U.S., Texas’s varied geography makes the state vulnerable to a wide array of natural disasters and extreme weather events. Each year, Texas experiences hurricanes, hailstorms, wildfires, tornadoes, winter weather, and other weather-related damages. Renter’s insurance can protect you financially against these disasters and others. It can also cover losses due to property crimes like burglary and theft and certain medical expenses or legal fees in cases of liability (minus your deductible and up to your coverage limits). 

How Much Does Renters Insurance in Texas Cost? 

What does renters insurance cost in Texas? Fortunately, the cost of renters insurance in Texas is very affordable. According to NerdWallet, the average Texas renters insurance premium in 2024 is $173, or about $14 a month. Renters insurance rates in Texas are slightly higher than the national average of $12 a month due to the increased risk of certain kinds of damage in the state. However, in general, policies are still very affordable in Texas and worth the small investment. 

Remember that your individual rate will vary depending on the specifics of your policy. The cheapest renters insurance companies and policies tend to have higher deductibles, while more expensive premiums often come with lower deductibles. The best renters insurance companies will even offer renters insurance discounts for bundling with an existing policy, like your car insurance. 

What Are the Most Common Claims in Texas?

Common renter’s insurance claims in Texas include damage due to coastal storms, wildfires, and tornadoes. Texas had the highest number of tornadoes (513) in the U.S. between 2010 and 2020, totaling $1,680,406,750 in damage. Texas has also been listed as one of the top states most impacted by natural disasters in general and will likely continue to see increasing natural disaster rates. For this reason, it’s extremely important to protect yourself financially from known risks in Texas by purchasing insurance. 

What Additional Policies Do I Need in Texas? 

Texas renters also need flood insurance. According to FEMA data from 1996 to 2019, Texas has the second highest flood risk in the country (behind only Louisiana) based on both number of flooding-related insurance claims (289,529) and total claim dollars spent on flooding damage ($16,823,365,471.10). Flooding and water damage in Texas often occur near coastal areas and due to waterway blockages, dam breaks, and levee failures.  

FEMA data also shows that flooding has occurred in all Texas counties between 1996 and 2019, with many counties experiencing more than 100 flood events in that period. 

If your home is in a floodplain or has a high likelihood of flooding, flood coverage may be needed. Flood coverage is typically excluded from most renter’s insurance policies, so a separate policy is necessary. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renter’s Insurance in Texas

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for renters insurance discounts. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs so that when you need to make a renters insurance claim, you’ll be prepared. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable renters insurance quotes, customize your coverage, and add an additional person onto your policy at no extra cost.