Anyone that lives on a rented property will need to obtain a renter’s insurance policy. For many renters in Lufkin, Texas, this is a simple step that can add considerable protection.
Most renters policies are quite inexpensive. It isn’t uncommon to find a policy for around $15 to $30 a month, and some can even fall below that general range. Of course, it will depend on what type of coverage you would like to have.
A renter’s policy commonly covers the following areas:
- Personal property
- Personal liability coverage
- Relocation assistance, if you are forced to live somewhere else for a period of time
- Others: Off-premise coverage, identity theft coverage, and others
Why is this a necessary policy? While landlords have insurance on properties, it is not for the sake of renters. Thus, if someone gets hurt on your property, a fire damages your property, or for other scenarios, you would be at risk. While these are inexpensive policies, they provide a great deal of protection for the money.
You may wish to purchase endorsements to add to your protection. For instance, if you run a business out of your rental (and it’s legal), would like additional protection for certain valuables (such as jewelry), or would like replacement cost coverage (you receive the cost to replace an item; not what it’s worth), you can pay a little extra there.
It is a good idea to speak with an independent agent to discuss your needs. Not only can you receive advice on your situation, but an independent agent will be able to compare quotes from multiple insurers at once – ensuring that you receive a competitive rate quote.
After considering your options, you can choose the policy that’s right for you and your budget.