For many Texans, the cost of renters insurance is the most important factor when choosing a policy. On average, the two cheapest companies in the state are USAA and Lemonade.
For our sample renter, a USAA policy costs an average of $81 per year or $7 monthly. However, USAA is only available to military members and their eligible family members. If you do not qualify for a policy with USAA, coverage with Lemonade costs an average of $84 annually.
The average annual and monthly premiums for every renters insurance provider are based on quotes across a diverse set of ZIP codes in the state for a policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
If you’re looking for both quality and cost, MoneyGeek ranked the top renters insurance companies in Texas to help you find the best option at the lowest price. Our scoring system considers affordability, financial strength and customer service in companies across Texas so you can find the best company for your needs.
Don’t be afraid of big-name companies when choosing insurance. Larger companies generally have more financial stability, which is crucial to ensure your claims will be addressed. They also often invest in improving customer experience, making your claims process far easier.
Many different factors can impact how much you pay for renters insurance, from where you live to the type of coverage you’re seeking. Keep these factors in mind when shopping around for renters insurance in Texas.
Renters insurance is a low-cost way to protect your assets in the event of an unexpected event or disaster. It is especially helpful in case of burglary, fire or destruction caused by severe weather conditions.
In Texas, 34.9% of the population are renters and the average rent price is $1,091 per month. For a standard policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible policy, the average monthly premium is $11. This is 1.02% of the price of rent.
Before you purchase renters insurance in Texas, it’s important to understand what’s covered and what’s not. While some renters insurance options will offer additional benefits like identity theft insurance, most plans will cover the four basic types of incidents: personal property, additional living expenses, liability insurance and medical payments.
In Texas, personal property insurance will cover many of the damages of major natural disasters such as thunderstorms, wildfires and tornadoes.
As with all insurance policies, be sure to read the fine print to understand what is covered and what is not. Ask your agent all of your pertinent questions, as they can make the difference between a claim being accepted or denied.
Although renters insurance in Texas covers many emergency situations, it doesn’t protect you from every situation. These common issues are usually not covered by your rental insurance policy.
Renters insurance can be a confusing topic for new renters. When it comes to renters insurance in Texas, MoneyGeek has answers to some of your most commonly asked questions.
