Best Tenant Insurance Companies in Texas

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According to the Insurance Information Institute (Triple-I), the average cost of a tenant insurance policy in Texas is $ 225 per year. Tenant insurance gives tenants in Texas an affordable way to protect their finances. And compared to home insurance, which costs Texans an average of $ 1,863 per year, Texan renters could find suitable coverage without significantly impacting their budget.

Fortunately, many of the best Texas tenant insurance policies are sold by the best home insurance companies. But to make your search even easier, Bankrate analyzed the largest Texas tenant insurance companies by market share and looked at their current coverage offerings, discounts, policy features, and third-party rankings. Our research could help you find a business that meets your needs and budget.

Best Tenant Insurance Companies in Texas

Of the many providers in Texas that offer tenant insurance policies, five stood out as being among the best available. We used each provider’s customer satisfaction score from the 2020 JD Power US Home Insurance study and looked at AM Best’s financial strength ratings to help quantify why every business deserves a spot on our list of top companies. tenants insurance in Texas.

* Not officially ranked by JD Power due to eligibility restrictions

American family

Renters insurance through American Family gives you standard coverage for personal property, theft, and liability, but your policy may come with bonuses such as a decreasing deductible. When you opt for a decreasing deductible, you could save $ 100 on your deductible as soon as you register and see your deductible decrease even more with each renewal period. American Family also offers several great discounts, including significant savings by bundling your renters insurance with your auto policy.

Learn more: American Family Insurance Review

State farm

State Farm is the nation’s largest home insurance provider, which could give you the peace of mind that the company can meet your renter insurance needs. No matter where you are located, you probably have an agent in your area, as State Farm has a long list of local agents, including in smaller areas of Texas like Granbury and Marble Falls. If you want extra protection, identity theft coverage is available to make sure you have financial and professional support in an emergency.

Learn more: State agricultural insurance review

Allstate

More than just a trusted name, tenants in Texas want confidence in their insurer’s ability to pay claims. Allstate makes the process easier by allowing policyholders to file and track claims directly from its mobile app or website. In addition, its A + (superior) AM Best financial strength rating gives the company even more credibility. Allstate offers standard insurance coverage for renters, such as personal property and liability, in addition to options for personal property and identity theft.

Learn more: Allstate Insurance Review

At national scale

Nationwide renters insurance policies include all of the standard coverage you would expect and there are options for certain situations you don’t expect. The company’s policies even include a credit card coverage option, which pays for fraudulent bank transactions and forged checks in your name. Texas tenants who choose Nationwide may have the option of saving money in a number of ways, such as going without a complaint or having smoke detectors installed.

Learn more: National Insurance Review

United States

USAA could be a great option for service members and immediate family members of military service members in Texas – the company tailors its policies specifically to these groups. There are special savings for being an active duty member living on base and unique coverage for personal property when you are deployed overseas. As an added bonus, all standard USAA tenant insurance policies include flood coverage.

Learn more: USAA Insurance Review

Average Cost of Tenant Insurance in Texas

In the Lone Star State, the average cost of renters insurance is $ 225 per year, or about $ 19 per month. However, your premium will depend on several factors including the city you live in, the size of the rental, your deductible, whether you have pets, and even personal factors like your age and credit score.

Ultimately, having a good idea of ​​the value of your personal items by taking a home inventory will often influence the amount of coverage you need. Your level of coverage is one of the most important factors affecting your premium. The price of your home insurance will vary depending on the provider you choose. Therefore, getting multiple quotes for the same amounts of coverage could help you determine which company is best for your needs.

According to the Triple-I, Texas is the fourth most expensive state in the country for renters insurance. But compared to the state’s average home insurance rate of $ 1,863 per year, insurance premiums for Texas renters appear to be significantly lower.

The table below shows how Texas’ premiums compare to neighboring states.

State Average annual premium
Texas $ 225
New Mexico $ 186
Louisiana $ 234
Oklahoma $ 236

Texas, Louisiana, and Oklahoma are known to have extreme weather conditions, including heavy rains, hurricanes, and tornadoes. As a result, homes and rental properties in these areas are more susceptible to damage. Yet Texas maintains lower tenant insurance costs than many of its neighboring states.

Texas Tenant Insurance Coverage Options

Most people think of tenant insurance as coverage for your belongings. While this is true, renters insurance covers a wide variety of responsibilities and situations.

  • Personal property: This covers your personal effects if they are damaged or destroyed by a covered risk, such as fire, theft or vandalism.
  • Personal responsibility: Liability covers you if you accidentally damage someone else’s house or property. It also covers the medical expenses of another person if they are injured by your negligence.
  • Additional living expenses: If your home is damaged and you are forced to evacuate, additional living expenses cover hotel and restaurant bills for the time you cannot live in your property.

Renters insurance will not cover you in all situations. For example, damage caused by floods and earthquakes is not covered by most standard tenant insurance plans. For this reason, residents of Texas might consider purchasing a rider for earthquake coverage and a separate policy for flood insurance.

Frequently Asked Questions

Is Tenant Insurance Mandatory in Texas?

Renters insurance is not required by law in Texas, but landlords may require tenants to have a tenant insurance policy and could dictate the amount of liability coverage tenants must purchase. However, purchasing tenant insurance is often a good idea and can help protect your finances in the event of damage.

Is tenant insurance expensive?

Renter insurance is generally affordable, even in states with slightly higher premiums like Texas. Even though Texas is prone to several weather risks and types of potential damage, renters insurance costs an average of only $ 19 per month. In fact, renters insurance is one of the cheapest insurance you can get.

What is the cheapest tenant insurance in Texas?

There isn’t one insurance provider that will offer the cheapest premiums for all Texas residents across the board. The amount you will pay depends on your zip code, your claim history, the value of your items, and your deductible.

How do I get tenant insurance in Texas?

Getting tenant insurance is a fairly straightforward process. Most home insurance companies in Texas, including the ones on our list, offer quotes online. Typically, you’ll need to answer a few questions about your personal information, the address of the property, your home’s security features, and whether you have pets. Some providers require you to enter your social security number.

Are other people in my house also covered by my Texas tenant insurance policy?

No. Your roommate, for example, is not covered by default by your tenant insurance policy. Everyone else in your home needs their own policy, unless you mention it on your plan. To avoid unnecessary disputes around claims, insurance agents generally recommend that everyone in the house have their own policy.


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