Is Renter’s Insurance Mandatory in Your Conroe Apartment?

Do You Need Renter's Insurance

One of the bills you may have to pay in your new apartment is renter’s insurance, and it’s important to understand the value of renter’s insurance, as well as whether your apartment manager requires it of you when you sign a lease. Your apartment manager will usually tell you that you need renter’s insurance before you sign your lease, as well as make you aware of any of the other added costs that you might need to pay each month.

If you’re not a renter’s insurance veteran, here are a few things to know about this type of apartment protection.

How Common is Renter’s Insurance?

Homeowners insurance is virtually ubiquitous in the United States, but renter’s insurance has yet to catch on as far as popularity is concerned. An article from the Insurance Information Institute reveals:

“A 2016 Insurance Information Institute poll conducted by ORC International found that 95 percent of homeowners had homeowners insurance. Among renters, only 41 percent said they had renters insurance. However, this proportion has been increasing since the first time the question was asked in 2011, when 29 percent of renters said they had renters insurance.”

According to further information from the Insurance Information Institute, the average price of homeowners insurance in Texas is $1,991, which is the second-most expensive in the country and only behind Florida. For renter’s insurance, Texas comes in 5th place overall with average premiums of $241 a year.

Fortunately, the price of $241 a year is only the average, and you can find a less expensive option for insurance if you perform a brief search to find a less expensive policy.

What’s Common in a Renter’s Insurance Policy?

When you search for a renter’s insurance policy, it’s a good idea to find an option that provides you with the coverage you need. For example, you’ll want to find a policy that provides enough coverage for your possessions without costing too much money overall.

According to Trusted Choice, a group of independent insurance agents, renter’s insurance covers many things:

“Renters insurance provides financial reimbursement to cover a tenant’s lost or damaged possessions as a result of fire, theft or vandalism. It also covers a tenant’s liability in the event that a visitor is injured on the premises. Whether the renters insurance or the landlord insurance pays for the costs associated with the injury will depend on the circumstances of the incident, the location on the premises where the injury occurs, and who is at fault.”

The most important facet of finding a good policy for your apartment and your possessions is to choose one where the payout for covering your possessions would cover everything you own in the event of a total loss of your apartment. Creating an inventory of your apartment’s contents is the best way to make sure you’re choosing the right level of renter’s insurance.

Live Happy Every Day at The Retreat Apartments in Conroe

Conroe is an excellent town for families, and The Retreat is a terrific place to bring your family to enjoy this thriving town. We offer spacious apartments that are ideal for couples, families, and anyone who wants a lot of room to enjoy life in Texas. We’d love to see you drop by for a tour of one of our units. We’re sure you’ll want to sign a lease right away!