Texas renters insurance policies can protect you and your personal belongings if an unexpected event occurs. Keep reading our review to learn about the best renters insurance providers in Texas and how to buy a policy.
A Texas renters insurance policy will include liability, loss of use, medical payments, and personal property coverage and could save you money if an accident causes damage to your rental or belongings.
To help you find the best renters insurance company in Texas, the This Old House Review team picked out the state’s top providers and included tips on how to find the right policy for you and your home.
Best Renters Insurance Companies in Texas
In this section, we break down the three best renters insurance providers in Texas based on personal property and liability coverage, endorsements, customer service, and more.
Known for its customer service, Allstate helps guide you through the insurance buying process and provides an online estimation tool to help you calculate the worth of your personal belongings. Not to mention, Allstate provides 24/7 customer service to help with general questions and claims.
An Allstate policy includes personal property, loss of use, liability, and medical payments to others coverage. Here are the available endorsements to add onto a base plan:
- Extended coverage on jewelry, watches, and furs
- Scheduled personal property
- Identity theft restoration
- Increased coverage on business property
- Uninsured/underinsured motorist
Here are some other Allstate benefits:
- Choice of actual cash value (ACV) or replacement cash value (RCV) policy, which either replaces your items based on their current value or based on their new value
- Add-on for business-related items
- Five discounts
Farmers offers some unique coverage perks that aren’t available through other providers. For example, you can get a deductible as low as $100, while other companies, like Progressive and Nationwide, charge $250 deductibles. You can also purchase unlimited personal property coverage, allowing you to protect all the items in your home.
The only endorsement that Farmers offers is identity shield, which protects your identity from getting stolen.
Take a look at other advantages of a Farmers policy:
- Claims center open 24/7
- Discount for not smoking in your home
- Over 90 years in business
While most companies require you to purchase an add-on for natural disaster coverage or don’t offer it at all, USAA offers protection from floods and earthquakes in every policy.
USAA offers two endorsements on top of its liability, personal property, and medical payments coverage: valuable personal property and computers and tablets protection.
Here are some other benefits of a USAA policy:
- USAA membership perks, like shopping discounts and access to the USAA bank
- Premiums as low as $10 per month
- Up to $750,000 worth of personal property coverage
Note: You can only purchase a USAA policy if you’re a current military member, veteran, or a part of their immediate family.
Texas Renters Insurance Coverage
Here’s an overview of each type of coverage found in a Texas renters insurance policy:
- Liability—If you’re responsible for an incident that damages your neighbor’s personal property or injures them, your insurance company will pay any costs associated with the event. This may include legal fees if they sue you, medical bills if they see a doctor, and replacement costs if their belongings are destroyed.
- Medical payments to others—If a guest is injured in your home, your policy will pay up to a certain amount of their medical expenses.
- Personal property—The coverage amount you purchase should match the total value of your personal belongings because if an event destroys them, your policy will pay to replace them. This type of coverage even covers your belongings when they’re not in your home and will protect them if they’re damaged or stolen from your car.
- Loss of use—Your renters insurance company will pay for living expenses, like the cost of a hotel room or the cost of meals, if you have to vacate your apartment temporarily for repairs.
- Endorsements—Most companies offer at least one endorsement that you can add onto your policy for an additional cost every month. Common endorsements include protection for earthquakes, jewelry, and identity theft.
How Much Does a Renters Insurance Policy Cost in Texas?
The cost of renters insurance in Texas in 2017 was $232 per year, or a little over $19 per month, according to the Insurance Information Institute. It was the fifth-most expensive state for renters insurance.
Factors to Consider Before Buying Renters Insurance
To make sure you purchase the best policy for you and your home, think about these factors before starting your search for renters insurance:
- Hurricanes—Texas is one of the most susceptible states to hurricanes, which can cause flooding and water damage to your belongings. A USAA policy includes flood protection and earthquake coverage in all of their policies.
- Budget—Determine how much room you have in your budget for renters insurance, and search for a policy that will fit within your price range. In addition to the providers in this review, look into State Farm, Toggle, and Lemonade for affordable renters insurance rates.
- Type of premium—Renters insurance providers allow you to pay your premium in full at the beginning of the contract period or in monthly installments. Decide which you like better, but keep in mind that monthly installments may cost more than a single annual payment because companies add interest to monthly premiums.
- Roommates—Your roommates won’t be automatically included in your insurance policy, so you either have to add them onto your policy or have them purchase their own policy. Note: since most companies have personal property limits, and you and your roommates may have more belongings than can be covered under one policy, it may be a good idea to get two separate policies.
Compare Renters Insurance Coverage Options
If you’re not sure which Texas renters insurance policy is best for you, compare these top-rated providers.
Allstate, Farmers, and USAA all have unique benefits, whether that be providing quality customer service, offering low deductibles, or including natural disaster protection. Before purchasing a renters insurance policy in Texas, we recommend getting renters insurance quotes from all three providers in this review to compare coverage and pricing.
Frequently Asked Questions About Renters Insurance in Texas
What happens if you don’t have renters insurance?
If you don’t have renters insurance, you’ll pay for any accident that occurs to your rental or a neighbor’s rental. This includes damage to your belongings, liability claims, medical bills for guests, and temporary living expenses.
Does renters insurance cover bed bugs?
Is renters insurance for apartments, condos, and townhomes, and single-family homes different?
The overall policy should look the same with loss of use, medical payments, liability, and personal property coverage, but you will likely purchase different coverage amounts for each type of home. For example, if you live in a studio apartment, you’ll probably have fewer items to protect than if you lived in a single-family home.
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