Why Renter’s Insurance?
While renters don’t need to protect against the expensive loss of a house, a tenant’s personal property is not covered by a landlord’s insurance policy. This means that if any of your personal property is damaged in an accident, such as a fire, you will have to pay for it. Renter’s insurance is a cost-effective way to secure the value of your personal property.
Even students can be covered. Policies are available to cover laptops, iPads, smart phones, and dorm room furnishings. Renters insurance coverage can help you get compensation if your goods are stolen or damaged. If you live in the Sugar Land area, call Gulledge Insurance at 281-207-0771 to find out about your renters insurance options.
Levels of Renter’s Insurance Coverage
A renter’s policy can also cover loss of use and provide personal liability coverage. Where would you stay if the building you live in were impacted by fire? Loss of use coverage can pay for temporary housing and food if a loss occurs. Personal liability coverage can also help protect you against lawsuits if someone is injured in your home. In Texas, there are two different types of renter’s insurance policies available:
- A Named Perils policy covers losses specified in the policy, such as losses from fire or theft. If you are interested in a Named Perils policy, it is important to make sure that your property is at risk for that type of loss.
- An All Risk policy cover losses for all causes except those listed in the policy. For example, many policies do not cover flood damage, or damage caused by user error. All Risk policies tend to be more costly because they cover more situations.
Methods of Reimbursement
A renter can choose between two methods of reimbursement:
- Actual cash value, covering the actual price you paid for covered possessions
- Replacement cost, covering how much it costs to replace your covered possessions
Both types of coverage will have a set maximum for the total reimbursement, but the way the value of your loss is calculated differs.
Find out about Sugar Land, Texas Renters Insurance Coverage
Your landlord’s insurance policy does not cover your personal possessions. If your goods are damaged in an accident, you will be responsible for all costs associated with repair and replacement. Renter’s insurance can help protect your assets. At Gulledge Insurance, we can help you find the right policy. Because we do not work for an insurance brokerage or company, we are able to look at all available options. With nearly 30 years in the insurance industry, we have the expertise to customize a package that works for your assets and your budget. If you live in the Sugar Land area and are interested in renter’s insurance, call Gulledge Insurance today at 281-207-0771.