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How does renters insurance work among roommates?

A common question asked by people shopping for renters insurance is how the policies work among roommates. Generally, insurance companies make it easy for roommates to share renters insurance policies, but doing so may not be in your best interests. If you are considering renters or other insurance, feel free to contact the Hastings Insurance Agency LLC team, serving the Tomball, TX area.

Sharing A Renters Insurance Policy Among Roommates

People consider sharing a renters insurance policy primarily because of convenience and cost savings. (Renters insurance in Texas averages only $173 per year.) Both are good reasons for sharing, but doing so can lead to complications.

One consideration is that if your roommate makes a claim on the shared policy, the claim becomes part of your seven-year insurance record. The claim could influence your insurance premiums long after you stop living together.

Roommates can also disagree about sharing the cost, particularly when one roommate has more valuable possessions than the other.

A third issue occurs when one roommate moves out, and the renters premium still has to be paid. Who will continue to pay the premium?

Renters insurance is inexpensive, so some will not be troubled by these issues. Nevertheless, it makes sense to consider these issues, particularly if you do not know your roommate well before living together. A shared policy is a shared legal obligation, so you may prefer to spend more money on separate policies to maintain legal separation.

Working with Hastings Insurance Agency LLC

Hastings Insurance Agency LLC, serving Tomball TX, offers the full range of insurance services, and our friendly team can help you develop an insurance plan that meets your needs. So, call us today or stop in to protect yourself and your possessions.

Protect Your Possessions While You Rent

With the current high cost of real estate, many people are choosing to rent to save on housing expenses. However, your possessions are not covered by the insurance held by your landlord. Renters insurance has been designed to offer insurance protection for your possessions while you rent your housing.  At Great Southern Agency, serving the greater Tomball, TX community, we offer renters insurance for Texas residents.

Do I Need Renters Insurance?

Many individuals feel they don’t have enough possessions to justify the cost of renters insurance, but the fact is, you probably have more material goods than you realize, and replacing them all would be a burdensome expense. Other renters believe their possessions are covered under their landlord’s general insurance policy, but this is not the case.

Renters insurance offers protection for a wide range of items and also provides some liability coverage if anyone is injured while visiting your property, as well as alternate housing coverage if you need to live elsewhere while your apartment is being repaired. The policies provide this coverage at a very reasonable price.

Two Types of Renters Insurance Offer A Choice

You can choose between an “actual cash value” policy or a “replacement cost” policy. Actual cash value policies pay for your possession minus the depreciation due to age and wear-and-tear of normal usage. A replacement cost policy pays the amount to replace your possession at today’s cost. Replacement cost policies are more expensive but are worth the cost to restore your possessions after an event. 

Choose Great Southern Agency For Your Renters Insurance Coverage

You may have questions about renters insurance and how it can help you recover from a damaging event. Our trained insurance professionals in Tomball, TX can answer your questions and ensure you have the coverage you need. Contact Great Southern Agency today for a no-obligation quote on renters insurance that can help minimize losses from unexpected damage.

Are You a Renter? Protect Your Belongings with Renters Insurance

Are you a renter that lives in the Tomball, TX area? Did you know that renters insurance is as important to you as homeowners insurance is to a homeowner? Let the professionals at the Great Southern Agency explain why.

Why Renters Insurance?

Renters insurance, sometimes called tenants’ insurance, provides some of the benefits of a homeowners’ insurance policy. However, it does not cover the dwelling or structure. The owner of the building has insurance to cover the structure and has no responsibility for the tenant’s personal property.

Renters insurance provides liability coverage in the event someone gets hurt while visiting you. If you couldn’t pay their medical expenses and they sued you, how could you cover court costs? You will have coverage to cover an injury to a visitor, or if your dog bites someone.

The tenant’s personal belongings are covered against theft, fire, vandalism, or weather event.

It will also provide temporary accommodation if the unit becomes uninhabitable while repairs are made. Most renters insurance includes coverage for any additional expenses incurred during that time. If your rent is $950 per month, but you are unable to live in it for the next month while repairs are underway, your renter’s policy would cover additional living expenses beyond the $950 for hotel, meals, etc.

Because renters insurance mainly protects the renter’s personal property against loss and provides liability coverage, it is considerably less expensive than a homeowners’ policy. Premiums across the country average between $15 and $30 per month based on the size of the unit, your possessions, and the location. For the cost of two movie tickets or the cost of a lunch or two, you can protect your personal property and have liability coverage as well.

Contact Us Today

Don’t leave your personal property unprotected. Contact our team at Great Southern Agency in Tomball, TX to get the protection you need for your belongings.

Is It Worth Having Renters Insurance if I Live In a Safe Neighborhood?

Many people think that renters insurance is unnecessary for people who live in safe neighborhoods. But whether or not your area is considered "safe," it’s essential to consider the truth of the matter: You can never predict when disaster might strike. Here are four reasons you should still have renters insurance, even if you live in a safe area.

1. Your Belongings Might Not Be as Safe as You Think

Theft is not the only thing that could happen to your belongings. Natural disasters, such as fires and water, can also cause serious damage to your property. Renters insurance can help you replace or repair your belongings if damaged or destroyed in a disaster.

2. You Might Not Have Enough Money to Repair or Replace Your Belongings

If something does happen to your belongings, you might not have enough money to repair or replace them. Renters insurance can help you pay for the repairs or replacements, so you don’t have to worry about paying out of pocket.

3. Your Landlord’s Insurance Will Not Cover Your Belongings

Even if your landlord has insurance, it will not cover your belongings. Renters insurance is the only way to ensure that you are protected if something happens to your property.

4.  You Get Liability Coverage

Renters insurance also provides liability coverage, protecting you if someone gets injured while in your home. This coverage can help you pay for the costs of medical care and any legal fees that might arise. This is important to have, especially if you have pets.

Get Renters Insurance in Tomball, TX

Although you may feel safe living in a particular area, it’s important to remember that disasters can happen anywhere. Make sure you are protected by having renters insurance. Great Southern Agency can help you find the right policy for your needs. Give us a call today.

4 Benefits of renters insurance

Have you ever assessed the value of the assets you have and what can transpire if unexpected peril strikes and they get damaged or stolen? Can you afford to replace them? If not, purchasing solidified renters insurance at Great Southern Agency is paramount. If you rent a home in Tomball, TX your space and belongings will require a prolific insurance policy to boost your safety. Unfortunately, many Tomball, TX residents ignore the investment of renters insurance with the belief that their landlord’s homeowners policy covers their personal property. Renters insurance provides a tenant with peace of mind that it will safeguard their property in the event of a covered peril. Please speak with our reputable agents at Great Southern Agency, and they will help you customize a renters’ insurance meeting your needs and budget. Keep reading to establish why renters insurance is of absolute necessity.

Investing in renters insurance in Tomball, TX is a prudent idea for any tenant because it’s a worthwhile asset that harbors the following benefits:

Protect personal property

It’s paramount for any tenant to understand that your landlord is not financially liable if a calamity strikes and ravages your belongings. Therefore, buying personal property coverage is crucial because it safeguards your possessions such as electronics, clothing, and furniture from imminent perils like theft and hailstorm. It pays for the cost of repair or replacement.

Liability protection

What transpires if a visitor residing on your premises trips and falls, breaking his arm or leg? Paying medical expenses out-of-pocket may be expensive. Worry not because purchasing liability coverage from Great Southern Agency safeguards you against imminent lawsuits, physical injuries, or property damage propagated by you or your family members to third parties.

Provision of additional living expenses: It’s imperative to understand that unforeseen events can relegate you to homelessness as a Tomball, TX resident after your rented apartment gets destroyed. Luckily, loss of use coverage comes to your rescue and caters to additional expenses and hotel bills if your condominium becomes uninhabitable and you reside elsewhere.

Offers medical payments coverage: It reimburses costs for reasonable medical bills if a visitor residing on your premises gets incapacitated, regardless of who is legally deemed responsible.

Do you want to gain peace of mind in Tomball, TX, which comes with guaranteed protection of yourself and your rented apartment? Contact us today at Great Southern Agency for a competitive renters’ insurance quote.

3 Main Areas Protected By Renters Insurance

You may have heard someone ask you, "Why do I need renters insurance? Wouldn’t my landlord’s policy not cover me?" Whether a seasoned renter or renting an apartment for the first time, you need renters insurance. Why? If you want to find more, contact Great Southern Agency located in Tomball, TX. We can break it down for you. 

Typically, you aren’t required to carry renters insurance by law, but some landlords may expect you to buy a policy to live in their building. But whether required or not, it’s a good idea to purchase renters insurance because it covers you in the following areas.

Personal property coverage

Think about how much money you have put into buying your clothing, electronics, and furniture. Quite substantial, right? Now imagine what fire or theft could do to your personal stuff. But because perils can’t be eliminated 100 percent, renters insurance protects your valuables when the worst happens. In case of damage, your renter’s insurance replaces your personal belongings up to your policy limit.

Personal liability

Covers medical costs for injuries suffered by third parties while on your property. It also covers legal fees if the person goes ahead and sues you. Additionally, liability coverage covers damages you might have caused to another person’s property.

Additional living expenses

If your apartment becomes unlivable, and you have to seek temporal accommodation (maybe a hotel), your insurance covers expenses you incur for living somewhere else.

There is a common misconception that your landlord’s insurance covers you. This notion isn’t true. Your landlord’s insurance covers the building and not your or your personal belongings. That said, anyone renting a condo, apartment, or townhouse should get renters insurance because of the wealthy benefits it has.

Renters insurance in Tomball, TX  

If you want to purchase coverage, we can provide a quote. Need more information on renters insurance? Please contact Great Southern Agency for more insight.