In 2016, Waco had over 3,600 home burglaries, which is a high rate for a city of 133,000 people. To put this in perspective, Fort Worth had a little over 3,300 burglaries in the same year but has a population of almost 852,000. If you’re renting in Waco, you can protect your finances in case of theft or property damage with renters insurance.
A landlord’s insurance usually only covers damage to the building itself, but renters insurance covers your belongings. Although renters insurance is not required by law in Texas, many apartment complexes or landlords in Waco do require it throughout the lease term.
Personal property coverage reimburses you if your belongings are lost or stolen as a result of covered events, such as:
Electronics, furniture, jewelry, clothes and other personal items are all covered; however, this does not include motor vehicles. Certain events are also not usually covered by renters insurance, including floods, earthquakes and pest damage.
If someone gets inadvertently hurt in your home or you accidentally damage someone else’s property, liability coverage will help you pay for this cost. However, liability coverage does not cover you if the act was on purpose, if it was for a business pursuit or if it has to do with your vehicle.
If a covered event forces you to move out of your rental home in Waco, some renters insurance policies will help cover your living expenses during this time, including hotel bills, food costs and incidentals.
To build your renters insurance policy, you need to decide how much coverage you need for the three coverages above. If you have $25,000 in assets in your home, your coverage limit should be at least that much.
You have two options for your personal property coverage: actual cash value or replacement cost.
|Actual cash value||The price you paid for the item minus depreciation||Cheaper monthly premium||Insurance provider decides how much the item is worth|
|Replacement cost||The cost to buy a new version of the item||More coverage||Higher monthly premiums|
With an actual cash value policy, you are at the mercy of the insurance company because it does not pay out the money needed to replace the items; instead, it typically leaves renters at a loss after the insurer determines what they think the items were worth at the time. Policies that provide the replacement cost of the items cost more monthly but reimburse policyholders to buy a new version of the lost items.
The best way to get the most out of your coverage is to keep a detailed inventory like this one. This gives your insurance company less to interpret and makes it more likely for you to get the payout you deserve.
You can build a more robust renters insurance policy to cover more valuable items or add coverage for medical payments, credit card forgery and the property of others.
Renters insurance is relatively cheap, even though Texas is one of the most expensive states for renters insurance premiums. In 2015, renters insurance was just $241 per year in Texas for full coverage or about $20 per month.
Here are a few ways to save money on renters insurance:
Do college students need renters insurance in Waco?
Students at Baylor University, McLennan Community College or Texas State Technical College all benefit from having renters insurance but should check with a parent or guardian to see if their homeowners insurance covers dependents living away from home. Most of the time, homeowners insurance policies cover dependents personal property up to 10 percent of the parents’ coverage.
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EverQuote is a fast, free and simple way to compare renters insurance quotes online from a variety of companies. Its online dashboard analyzes what you need and gives you a policy based on that. You can connect with licensed agents to discuss your options and get real-time feedback. However, some reviewers mention getting numerous phone calls after using EverQuote.