Preparing to move out on your own for the first time is exciting. However, in the midst of packing up, shopping for new furniture, and setting up utilities, you don’t want to forget about renters insurance. While it may seem like an unnecessary expense, it can keep you from facing significant financial hardship during an unexpected disaster. Below is an overview of what you should know to make an informed purchasing decision about this type of coverage.

What New Tenants Need to Know About Renters Insurance 

Function 

Renters insurance provides a safety net for you and your possessions. It will help you recover from any financial losses due to a natural disaster, criminal activity, or liability claim. Contrary to popular belief, a landlord’s policy does not extend coverage to any tenant’s belongings. Since it’s only intended to pay for structural damages, you would have to replace all your belongings out of pocket. 

Coverage

A standard renters insurance policy will cover the replacement of your possessions if they are stolen or damaged by fire, lightening, hail, smoke, wind, or vandalism. Generally, coverage will also include an allowance for temporary living expenses should a covered event make the home inhabitable for any length of time. Lastly, renters insurance will take care of medical expenses and legal fees that may arise if someone were to injure themselves onsite.

Requirements 

Renters insurance is not a legal requirement in Texas, but it is within a landlord’s right to require their tenants to purchase coverage. Whether or not the landlord imposes this requirement, you should make sure you’re adequately protected. You may not think your belongings hold much value, but you’d likely be surprised at how much paying for new clothing, furniture, electronics, and appliances can add up to out of pocket. An injury claim can also put you out thousands of dollars if you are found financially responsible. 

Ready to explore renters insurance options? Contact the professionals at Area Wide Insurance Agency in Naples, TX. They have been providing residents in northeast Texas with reliable and cost-effective coverage for more than 35 years. As part of the local community, they are committed to going above and beyond to help customize policies to fit each client’s unique lifestyle. With their industry knowledge and expertise, they can find you the products you need at the best rate possible. Call (903) 897-5651 to request a quote, or visit their website to submit your inquiries online.