Renters Insurance Agent Odessa, TXIf you rent a house, apartment or mobile home you should renters insurance coverage. Why?

Personal effects are not protected by the landlord’s insurance policy. Your landlord’s insurance covers damage to the building but does not protect your personal possessions.

If your personal effects are lost, damaged or stolen, renters insurance provides coverage. Renters insurance also protects you against liability claims if a visitor to your rented home or apartment is injured.

How you are compensated depends on the type of loss and the amount of coverage you have in place. You can purchase “actual cash value” (depreciated) coverage for your personal property, or you can buy replacement cost coverage for your personal possessions.

Although you aren’t required to carry renters insurance by law, your landlord can require renters insurance in your rental lease agreement. Having renters insurance protects you so that regardless of what happens on the premises, your renters insurance will cover you.

If you are required to relocate due to repairs from fire, smoke or water damage, for example, your renters insurance can cover temporary accommodations.

Renters insurance is very affordable. Depending on where you live and the coverage amount you choose to carry on the policy, the cost is around $100-$250 per year. The national average for renters insurance is $15 to $30 per month.

Texas renters insurance is very affordable. The average cost is around $15 a month for $10,000 of personal property coverage and $100,000 of liability. You can get more coverage if you need it which might total $20 a month.  Consider what it would cost if you had a major loss and did not have renters insurance. The loss of electronics, jewelry or valuable collectibles could be in the thousands, making the cost of renters insurance minimal by comparison.

Considering the affordability of renters insurance, why do so many people run the risk of not having it?