Cheapest Renters Insurance in Texas

Looking for renter’s insurance in Texas? Knowing the basics is the first step. Renter’s insurance rates vary from state to state, and the average renter's insurance premium in Texas is around $232 per year. Thanks to the variety of risks in the Lone Star State, premiums in Texas are roughly $57 more than the national average.

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According to a study1 by NASA, Texas is ranked first in the U.S. in the variety and frequency of natural disasters. After all, everything is bigger in Texas- including potential risks. With floods, tornadoes, and hurricanes, all with potentially devastating consequences- it’s likely you’ve seen on the news cases where apartment buildings and homes were completely destroyed. Although renters insurance policies do not cover all the perils, it is a valuable financial tool to help you cover your personal property for a very affordable price.

In Texas, the renter’s insurance annual premium is $232 per year. Keep in mind, while your landlord's insurance may cover common spaces and structures, it won't cover your personal belongings. Making a small investment in renter’s insurance means protecting your property- and saves you the hassle and costs in the event of a calamity. The above chart compares Texas with four other states with similar premiums, as well as the national average.

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Why do YOU need Renters Insurance?

Your landlord's insurance only covers the damage to the actual dwelling, so while you don’t have to worry about fixing your roof or other property owner expenses, you can be left in the lurch when it comes to protecting your belongings inside the rented space. In the event of fire, theft, or other damages, renter’s insurance protects your personal property and belongings. It also covers your additional living expenses when your place becomes unlivable from a covered loss. In addition, it can protect you financially if someone is injured on your property if you are deemed liable. You should receive a copy of Consumer Bill of Rights2 for renters insurance when getting or renewing a renter’s insurance policy in Texas.

💡Takeaway: Renters insurance while not required by law in Texas, is a worthwhile small investment that covers your personal belongings as well as liability for others' injuries on your property. Click here to compare the prices for renters insurance in your area.

What are the types of coverage for Renters Insurance in Texas?

So what does a renter’s insurance policy typically cover? In Texas, policies typically provide the types of coverage listed below. It’s important to remember that while most renter’s policies cover losses due to fire, smoke, theft or vandalism, and certain kinds of water damage, flood damage, is usually not covered. Flood insurance policies are generally under a separate category. Ultimately, it is your responsibility to make sure you have and maintain the adequate coverage for your renter’s insurance.

personal property
  • Personal Property
    This is the total value of your personal belongings. It commonly includes furniture, clothing, and electronics. One thing you should be aware of is that most carriers exclude expensive items such as jewelry, art, cameras, or high-end bicycles in this coverage, and you will need to get separate policies or additional coverage for these items.
  • Liability
    This covers your bills or legal fees if you're deemed responsible for an injury that happened on your property. According to our quote data, this coverage won't have as significant an impact as personal property to your final premium.
  • Loss of use
    When your property becomes unlivable due to a covered reason, like a fire or other significant damage, loss of use coverage allows you to be reimbursed for living expenses while your rental is repaired.
💡Replacement cost vs. Actual cash value
If you bought an iPhone for $1,000 two years ago, it may only be sold for $500 now. Normally a renters insurance policy will pay $500 if your iPhone is destroyed - this is called the actual cash value, or ACV. If, however, your policy covers the replacement cost, you can utilize your insurance to cover a new iPhone with the same model.

How does pricing compare amongst the big name carriers?

Because there are a broad range of carriers that offer renter’s insurance policies, it’s important to shop around and compare policies and prices to find the best fit for your lifestyle and budget. You’ll want to be certain that you have good coverage - without paying more than necessary. That’s why it’s worth comparing the cost of renters insurance from a few different insurance companies. For an idea of how the different major carriers compare when it comes to pricing for renter’s insurance in Texas, take a look at these average yearly premiums:

Carrier Average Annual Premium in Texas
GEICO $246
State Farm $192
Allstate $310
Lemonade $138
Liberty Mutual $124
Assurant $230

What factors impact the Renters Insurance price in Texas?

  • The amount of coverage you chose
    • The value of your personal property, and whether your policy covers ACV or replacement costs
    • The amount of your deductible
    • The amount of liability coverage you choose
  • Where the property you’re renting is located
    Are the crime rates particularly high in your neighborhood? Rates may be higher as a result. Is the area prone to higher risks for wind or hurricane damage? These factors matter as well.
  • Discounts
    You may be eligible for discounts if you have purchased other insurance policies with the provider, or bundle your insurance. There are also discounts available for renters with added security features- such as deadbolt locks, security systems, smoke detectors, etc.

What discounts are available for Renters Insurance?

Most carriers provide various discounts for renters insurance, much like auto insurance. Below, you’ll find the most common discounts.

Discount Description
Multi-Policy If you purchase both renters and auto insurance from the same company, you may qualify a discount for the auto insurance.
Secure Home If you have extinguishers, burglar alarms devices or you are in a gated community, you may qualify for the secured home discount. This averages to a discount of about 5% for most carriers.
Claim-free Just like auto insurance is lower for accident-free drivers, renters insurance is also cheaper for claim free tenants. If you have never reported any claims before, you will qualify for the claim-free discounts from quite a few carriers.
Age Usually, for renters insurance, older people pay less than younger people for a similar property. So, if you’re a college student and trying to find a renters policy for your apartment near school, you are likely to pay more.
Good Credit A customer with a credit score higher than 700 can often get a better rate than those with lower credit scores.
Pay-in-full If the carrier supports both monthly and yearly payment, paying in full each year will likely give you a discount. In other words, if you choose to pay monthly, you should pay attention to the extra fee charged by your carrier.
Paperless A few carriers even provide paperless discounts. This discount is not as common with newer carriers, so it may not be available with your policy.

What are the risks to consider in Texas?

Unfortunately, most renter’s insurance policies do not cover damages to your personal property caused by a flood or an earthquake. Texas tenants do face the risks of natural hazards such as fire, flood, and hurricane . Therefore, it is also a good idea to check with your insurance agent and learn more about what policies are available that cover these specific disasters.

Fire
Fire
Flood
Flood
Hurricane
Hurricane

Last but not least, thanks to the increased risk of the exposure of personal information on the Internet in today’s digital world, it is also important to check if your renter’s insurance provides identity theft protection.

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Renters insurance rates for cities in Texas

We compiled data about Renters Insurance rates for every city in Texas. This list is updated on Jan 06, 2020. A word of caution, as you explore the list below, there is no doubt you will find a wide price range.

References

  1. Natural and Manmade Hazards in Texas
  2. Consumer Bill of Rights in Texas
  3. FEMA
  4. NAIC
  5. U.S. Census Bureau

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Disclaimer
Our articles are intended for informational purposes and should not be considered legal or financial advice. Our articles are not written or reviewed by insurance agents. Consult your policies with your agent or a professional for details regarding terms, conditions, coverage, exclusions, products, services, and programs.

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