Texas Renters Insurance (2024)

FAQs

Are you legally required to have renters insurance in Texas? ›

Renters insurance isn't required by law. Some landlords might require you to have a renters policy. Make sure the policy you buy will pay to replace your personal property.

Landlords have property insurance, but those policies are designed to cover the building, rather than your personal items. Many renters don't purchase renter's insurance, either because they don't think it is necessary or believe they are covered under the landlord's policy.

The top renters insurance providers in Texas are Lemonade, Toggle and State Farm. Renters insurance costs $13.17 per month on average in the state with the cheapest provider, USAA, offering policies averaging $9.17.

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy. Learn more about what renters insurance covers and the types of renters insurance coverages.

In many cases, the insurance a landlord carries covers only the building. Personal property loss or damage, caused by theft, vandalism or fire are typically not covered by the landlord's policy. Without renters insurance, the tenant may have to bear the financial burden of a loss to their personal property.

Just like any other state, if you live in Texas, renters insurance protects your personal belongings from things like fire and smoke, vandalism and theft, and some natural disasters too. It also protects you financially if a visitor to your home gets injured and takes legal action.

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

Renters insurance isn't legally required, but a landlord can require tenants to have a renters policy. Many landlords want tenants to be insured to help avoid potential disputes if, say, their belongings are damaged while on the property, according to the Insurance Information Institute (III).

Some Renters Feel Their Property is Insured by the Landlord

Your landlord may have property insurance to protect the building structure and common areas, but this insurance offers no protection for your furniture and other belongings inside your rented property.

Which company offers the cheapest renters insurance? According to our research, State Farm and Toggle tend to offer the cheapest renters insurance policies at $10.50 and $12.59 per month, which is about 20% less the national average.

How much renters insurance do most apartments require? ›

According to the Investopedia article mentioned above, most renters insurance policies cover personal items, living expenses, and liability insurance (typically from $100,000 to $300,000 in damages).

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

Damage Caused by Floods, Earthquakes and Sinkholes

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy.

Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more in a rented property. If you rent an apartment, home or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident.

Typically, renters insurance provides four types of coverage: personal property coverage, renters liability insurance, guest medical expenses, and additional living expenses. Personal property or personal belongings coverage is what most people think of when it comes to renters insurance.

Renters insurance isn't required by law in any state, but landlords and property management companies may make renters insurance mandatory as part of your lease.

How much is renters insurance in Texas? The average cost of renters insurance in Texas is $173 a year, or about $14 a month. That's about 17% more than the national average of $148 a year. In most U.S. states, including Texas, many insurers use your credit-based insurance score to help set rates.

What does renters insurance cover in Texas? Renters insurance covers your personal property against damage or destruction, liability expenses if you're responsible for injury or property damage and extra relocation costs if you need to move while your rental home is repaired.

Why would someone want to have renters' insurance if their building owner has insurance? The building owner's insurance only covers the building structure. Renter's insurance covers your personal property.