Apartments in Austin Texas Renter's Insurance FAQ

When looking to lease apartments in Austin, Texas there are several extra considerations that many apartment renters forget.  One of the most important is the necessity of having a renter's insurance policy.  Many tenants mistakenly assume that the property owner or property management company has insurance coverage and that the renter's belongings will be protected under that policy, but this is simply not so.  Renters really need to keep in mind that the property management company has an insurance policy in order to safeguard against fire, flood and other natural disasters that can damage the interior or exterior of the apartment buildings.  This however does not in any way cover the renter's possessions or anything the renter owns that is kept in the actual apartment or on the property.

Typically a renter's insurance policy will take care of not only the possessions you keep in your apartment, but it will also cover your vehicle and the belongings inside your vehicle while it's parked at your apartment.  On the other hand, the property owner's policy isn't going to protect any of the tenant's possessions from a fire, a neighbor's apartment flooding your unit, criminal vandalism or any other circumstance in which the damage was not brought on by gross negligence on the part of the property owner or the owner's employees.  If you are able to prove that your possessions were damaged or destroyed as a direct consequence of the property owner's negligence, you may have grounds to recover damages from the owner or management company, but that's a legal topic that really should be discussed with an attorney.

So exactly what is the simplest way to obtain renter's insurance for apartments in Austin and how much does it cost?  Usually, the easiest way to get a renter's policy is to talk to the company that insures your vehicle.  The majority of auto insurance companies also offer renter's insurance and most can bundle it with your existing policy for additional savings.  How much does it cost?  The actual cost varies among insurance companies, but in many cases it's going to be in the range of $10 to $20 per month for $10,000 to $20,000 in coverage.  Like any other insurance, you will have a deductible and that can range from $250-$1000 or more depending on your policy.  The good news is that you will often get a small discount on your auto insurance when signing up for a renter's policy and that can help offset the additional cost.

If you're renting your first apartment in Austin, Texas and you've never had renter's insurance, you might want to ask your apartment locator if they have any suggestions for securing a policy.  In the last few years, it has become more common for the apartment communities themselves to offer renter's insurance through a third-party company and to even require proof of a policy from the tenant before move-in.  No matter which company you choose, renter's insurance is inexpensive and offers one of the best overall values one can get from any insurance policy.