Renters Insurance

Everything You Need to Know About Texas Renters Insurance

Renters insurance is not required under Texas law, but your landlord may insist you get one. Actually, it is in your best interests to purchase renters insurance because your landlord’s policy won’t cover the damage to your belongings should anything terrible happen. Also, the average renters insurance policy is around $20 a month, a small price to pay for the peace of mind it offers.

What Does Renters Insurance Cover?

A standard renters insurance policy sold in the Lone Star state includes:

  • Personal property coverage: The value of your personal belongings damaged in an insured event will be compensated by the insurance company.
  • Loss of use: The insurer will pay your additional living expenses if you have to move somewhere else for a short period while repairs are carried out.
  • Personal liability: If someone is injured in your house, the company will be liable for damages.

If you’re a dependent but don’t live with your parents anymore, you don’t need renters insurance. Your personal belongings are covered under your parents’ homeowners insurance policy, up to a maximum of 10% of their personal property coverage.

What Types of Perils Does Renters Insurance Cover?

You can file a claim if your personal belongings are damaged due to fire, smoke, theft, or vandalism. Basic renters insurance also covers certain kinds of water damage, such as a burst pipe or a damaged washing machine. However, renters insurance does not cover damage due to flooding, which is a major problem for Texans who have to deal with several tropical storms or hurricanes every year. Therefore, you may want to purchase additional, available under the National Flood Insurance Program.

What Isn’t Covered Under Renters Insurance?

A few major events that renters insurance does not cover are listed below.

  • Floods
  • Earthquakes
  • Landslides
  • Sinkholes
  • Infestations from bed bugs or other pests
  • Damage to or theft of roommates’ possessions
  • Damage to or theft of car

Steps To Take When Making An Insurance Claim

You must notify your insurance carrier as soon as possible. The company will schedule a visit from an insurance adjuster to assess the damage. The most important part of the insurance claim process is preparing a detailed Proof of Loss statement. This must include a list of all the damaged or destroyed items.

Also, do not throw anything away until the insurance adjuster gets a chance to see the damaged items. Make sure to take photos or videos to document your losses. Your insurance provider will require receipts showing how much you paid for the damaged items. If you don’t have receipts for all the items, you could use photos or videos taken before disaster struck.

What if My Renters Insurance Claim Gets Denied?

One of the main reasons insurance claims get denied is failure to pay your premiums on time. If you’re behind with your payments, the company has every right to cancel your policy. Another reason your claim may be denied is lack of evidence. Make sure to keep copies of any documents and other proof you submit to the insurance company. If they claim they never got the required proof, you can always resubmit it.

Seek Professional Legal Help from MMA

If your claim was unjustifiably denied, seek urgent counsel from knowledgeable Houston insurance lawyers. You have the right to appeal the decision and submit more evidence to support your claim. If there’s a dispute about the replacement value of your personal belongings, have a lawyer review the terms of your policy. Do not let the insurer representative bully you into accepting a low offer, and don’t be a victim of bad-faith insurance practices!

Contact the MMA team for a free consultation.