Things You May Not Know About Renters Insurance!
Insurance policies are regulated at the state level. A Texas renter’s insurance package can have a large variety of coverage’s conforming to the states guidelines. You would probably expect this type of policy to cover fire, theft, windstorm, vandalism, and sudden discharge of water. That would be the case for most policies. Here are some other things that could be covered on a good policy:
Loss of use – pays for food and lodging when you have to live elsewhere because of covered damage to your residence.
Liability – if you are found liable for injury or damage as covered by your policy.
Medical – injury to another person when you are not at fault but want to cover the medical cost on a good will basis.
Property away from home, for example if a covered item is stolen from your vehicle.
Food spoilage from an off premises caused loss of power. (There were thousands of these claims in Houston after hurricane IKE)
Damage caused if a vehicle strikes your residence.
Sudden smoke damage, for example if there is a fire in an adjacent apartment that causes smoke damage to your property.
Identity theft coverage
Other coverage’s and limitations will apply. When you are shopping for a policy ask an agent for coverage details. Also ask what upgrades are available so you can get a policy tailored to your needs. When your policy book arrives take a few minutes to review it and call your agent if you have questions. If you are renting a home or apartment this is an important policy to get. And you will probably be surprised how low the cost is.
