Renters Insurance Texas
The average estimated cost of a rental insurance policy in Texas was $150 a year in 2013. Renters insurance is cheaper than most people realize; average homeowners insurance is $1070 a year in Texas
Comparing Renters and Owners Insurance in 2013 in Texas
In 2012, there were 204810 burglaries reported in Texas. The landlord's policy does not cover renter's damages like burglary, and to protect oneself from events like burglary, fire and similar disasters renters insurance is critical.
Renters Insurance Coverage Types:
Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. For example, a Camera bought for $2340 might be worth only $1170 in six months, and that is all one is going to get for it.
Replacement Coverage Policy in Texas:
- In that same example, you won't necessarily get what you paid for your Camera, but you'll get enough to buy another one just like it. Replacement Cost Insurance in Texas costs about $37.5 more than the Actual Cash Value policy.
- Taking into account the median rent in Texas as $1170, the average renters insurance of $10 per month is 0.85% of median monthly rent.
Estimated Renters Insurance for Different House Types in Texas
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Texas:
An average of $16.5 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.