Why You Should Consider Getting Renter’s Insurance

Posted by Brad Pauly on Friday, July 16th, 2021 at 4:56pm.

When renting an apartment or home, it’s important to ensure you have an insurance policy to cover the contents of said rental property. While your landlord’s property or homeowner’s insurance covers damage to the building, your personal property and other certain liabilities are not. It’s the renter’s responsibility to acquire a renter’s insurance policy. Unfortunately for many renters, they don’t know that they need insurance until it’s too late. 95% of homeowners have homeowner’s insurance, while only 41% of renters have an active renter’s insurance policy. In this post from the Pauly Presley Realty blog, we’ll discuss some of the reasons why you should consider getting renter’s insurance. 

Renter’s Insurance Covers Losses To Personal Property

When you acquire a renter’s insurance policy, you’re actively protecting against losses to your personal property. This means things like jewelry, computers, clothes, furniture, and other electronics are all covered in the event a freak accident occurs. Even if you think you may not have that many belongings, when you start adding up every item, like TVs, couches, and entire wardrobes, you’ll realize that replacing them all would be quite expensive. Most renter’s don’t know that renter’s insurance covers just about every type of loss under the sun. Losses covered by renter’s insurance include: 

  • Fire & Smoke Damage: In the event you experience a house fire that causes you to lose your belongings, it will be covered by the renter’s insurance. This also includes damage from smoke and soot, which can stain and leave clothes and furniture with a foul odor permanently. 

  • Water Damage: For those that have experienced something like water damage from a burst pipe or water heater know that it can result in huge losses, depending on where the water comes from. Renters will be pleased to know that those with renter’s insurance will be covered from water damage from heating, air conditioning, plumbing, fire sprinklers, and more. 

  • Theft: If somebody breaks into your home and steals your belongings it will be covered if you have renter’s insurance. Many renters think this is something that will be covered by your landlord’s policy, but renter’s insurance is what you need to be compensated for theft occurring at your rented house or apartment. 

This is just scratching the surface on what renter’s insurance covers. It’s important to note that damages from floods and earthquakes are not covered by standard renter’s insurance. These require a separate policy from the renter’s insurance. The same goes for damages that are caused by negligence or unintentional acts. For instance, if a lit cigarette falls out of your hand while you’re asleep and causes a fire, your renter’s insurance will probably not cover the damages

Renter’s Insurance Is Affordable 

For the amount of coverage that renter’s insurance provides, it’s surprisingly affordable. In 2021, the average cost of renter’s insurance in Texas was only $319 per year. Exactly what you pay will depend on several different factors, including the level of coverage you need, the coverage you choose, your deductible amount, and what neighborhood or area you live in. 

Some Landlords Require Renter’s Insurance 

In some cases, your landlord might require you to purchase renter’s insurance. Whether it was their idea or a requirement from their homeowner’s insurance provider, this provides additional peace of mind to the landlord. The idea is that if something happens to the tenants’ belongings, the responsibility will be your own, and not the landlord or their insurance provider. When your landlord requires renter’s insurance, they’ll likely be able to point you in the direction of a solid provider in your area.

Do You Rent A Property? Renter’s Insurance Is Right For You! 

Anybody who rents a property should seriously consider getting renter’s insurance. The amount of coverage it provides for just about any perilous event that occurs is affordable and worth it to provide both you and your landlord with peace of mind. Before agreeing to your renter’s insurance policy, make sure you understand the coverage it provides, and if it makes sense given your current renting situation. That being said, you’re sure to find the right policy for your rental if you shop around enough. 

Looking For A Rental Property In Austin Or San Antonio? Pauly Presley Can Help You 

At Pauly Presley Realty, we’ve helped countless renters find a property that meets their needs in the Austin and San Antonio areas. Texas is one of the hottest real estate markets in the country right now, and finding the right property can be tough. We’ll help you navigate the process of renting a new apartment that’s perfect for you, or you and your family in the Central Texas area. To learn more, give us a call or reach out to us online today. 


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