Factors that Affect Renters Insurance Premiums in Texas
Coverage Level
All renters insurance policies will insure you up to a certain price––often $100,000, $200,000, or even $300,000. The higher your insured coverage level, the more expensive your premiums will be.
Deductible
A deductible is the amount of money you have to pay out of pocket when you file an insurance claim. The lower your deductible, the higher your monthly premiums––and vice versa.
Value of Property
The greater the value of your belongings, the more expensive your personal property will be to insure. An Austin penthouse owner with a cherished collection of jewelry and racing bicycles will likely pay more for their renters insurance than a studio-dwelling minimalist in El Paso.
Residence Type
Renters living in buildings with more security measures will pay less for their renters insurance, due to a lower likelihood of vandalism or theft.
Credit Score
Renters insurance is often more expensive for those with a low credit score.
Owning Pets
Because pets frequently contribute to property damage, a furry friend may raise your renters insurance rates.
Texas Specific Factors
In Texas the average cost of renters insurance annually is $253, $68 more expensive than the American average. That higher annual price is likely the result of Texas ’ penchant for natural diasters––hurricanes, flooding, tornados, wildfires, and hurricanes can all be found in the Lone Star state.
Average Annual Cost of Renters Insurance