Best Cheap Renters Insurance in Texas 2020

Last modified: November 26, 2020

If you plan to move to a rented house in Texas, getting renters insurance is a must-have. Whether you rent a studio apartment or a townhouse, ensuring that your belongings are protected is crucial. 

Renters insurance is affordable compared to other insurance policies. Renters insurance in Texas only costs about $5 per month. Still, price alone is not a metric to make your decision. If you want to find cheap renters insurance in Texas, you must consider several factors, including:

  • Coverage options
  • Ratings 
  • Customer support 
  • Value for money

To make sure you find the right renters policy, we have conducted thorough reviews of the renters insurance companies in Texas

Methodology 

Here is how we conducted reviews of the cheapest renters insurance in Texas. We listed the insurance companies that have basic coverage options:

  • Personal property coverage
  • Liability coverage
  • Renters insurance discounts
  • Additional living expenses coverage 
  • Medical payment coverage
  • Optional

We also generated quotes using the following metrics:

  • Personal property coverage – $20,000
  • Liability coverage – $100,000
  • Medical payment coverage -$1,000
  • Deductible -$500

We outlined what each company is best for and what is it not suitable for. You can compare renters insurance in Texas and select the right one based on your needs and requirements. 

Best Companies for Texas Renters Insurance 

Here are the most affordable renters insurance companies in Texas to help you decide who has the best rates for renters insurance

Travelers Renters Insurance

Travelers insurance offers one of the best renters insurance in Texas.  There are plenty of policy options,   add-ons, and bundling discounts. The signup process is easy, and the website includes a free quote tool to help you find the right coverage.  

Optional Coverage
  • Contents replacement cost
  • Valuable items plus
Financial Strength and Customer Support Ratings 
  • NAIC Ratio: 0.5
  • JD Power: 2/5
  • AM Best: A++
  • BBB: A+
Cost Per Month 
  • The cost per month is $17.
Pros and Cons
Pros Cons
Affordable and comprehensive options Natural disasters not included 
Quick signup and free online quote tool  Additional cost on replacement coverage
Multi-policy discounts

 

State Farm Renters Insurance

State Farm is the leading insurance provider in the U.S. Its renters insurance covers numerous losses, including loss of use, liability, and personal property damage. The policy doesn’t cover damage caused by landslides, floods, earthquakes, and more. 

Optional Coverage
Financial Strength and Customer Support Ratings 
  • NAIC Ratio: 1.34
  • JD Power: 5/5
  • AM Best: A++
  • BBB: A+
Cost Per Month 
  • The cost per month is $8.
Pros and Cons
Pros Cons
Instant online quotes Cheaper insurance available 
Highly affordable coverage No 24/7 customer care service
Bundling discounts

 

Liberty Mutual Renters Insurance

Liberty Mutual also offers one of the cheapest renters insurance in Texas. The standard insurance policy covers basic damages, including personal property damage, medical payments, liability, and living expenses. It also offers the most flexible discounts on bundle insurance policies. 

Optional Coverage
Financial Strength and Customer Support Ratings 
  • NAIC Ratio: 1.56
  • JD Power: 3/5
  • AM Best: A
  • BBB: A
Cost Per Month 
  • The cost per month is $8.3.
Pros and Cons
Pros Cons
Unique premium discounts Water damage not included 
Easy and quick online signup Doesn’t pay shareholder dividends consistently
Mobile app available

 

Farmers Renters Insurance

Farmers renters insurance is available through subsidiaries and independent insurance agents and is among the cheap renters insurance in Texas. It is the right option if you want all the basic coverage at cheap rates. The basic coverage includes personal property, medical payments, identity theft, personal property replacement costs, personal liability, and additional living expenses. 

Optional Coverage
  • Personal articles floaters
  • Replacement costs for electronics 
  • Identity shield 
Financial Strength and Customer Support Ratings 
  • NAIC Ratio: 1.25
  • JD Power: 3/5
  • AM Best: A
  • BBB: A+
Cost Per Month 
  • The cost per month is $21.
Pros and Cons
Pros Cons
Outstanding claim satisfaction ratings Processing fee applicable for a new policy
Online tools available  Only offers standard coverage
Profession discounts offered Rates are higher than other companies

 

Lemonade Renters Insurance

Lemonade renters insurance is a relatively new company but has become well-known for its social responsibility. It provides comprehensive coverage options, including damage from freezing, theft, smoke, fires, vandalism, falling objects, and more. 

Optional Coverage
  • Additional coverage for valuables and collectibles
  • Bike coverage
  • Musical instruments coverage
Financial Strength and Customer Support Ratings 
  • NAIC Ratio: 0.81
  • JD Power: N/A
  • AM Best: N/A
  • BBB: N/A
Cost Per Month 

The cost per month is $5.

Pros and Cons
Pros Cons
Online purchasing and quotes No bundling policy options
Donates unused policy money to charities New in the market
Transparent options

 

Allstate Renters Insurance

If you are looking for tech-savvy renters insurance in Dallas, TX, then Allstate is an ideal choice. Allstate is the most high-tech insurance provider with outstanding online tools and mobile apps to provide flexibility to your policies. It offers additional living expenses, personal property, loss of use, and personal liability, along with various add-ons. 

Optional Coverage
  • Guest medical coverage
  • Flood insurance
  • Identity restoration coverage 
Financial Strength and Customer Support Ratings 
  • NAIC Ratio: 0.81
  • JD Power: 2/5
  • AM Best: A+
  • BBB: A-
Cost Per Month 
  • The cost per month is $15.
Pros and Cons
Pros Cons
Excellent online resources The standard policy doesn’t include earthquake and flood coverage 
Fast claims process High premium on replacement cost coverage
Additional coverage options

 

Safeco

Safeco had the cheapest insurance quotes for renters insurance in Texas. Liberty Mutual Group owns this insurance provider. 

Optional Coverage
  • Personal property replacement cost
  • Valuable articles
  • Identity recovery
Financial Strength and Customer Support Ratings 
  • NAIC Ratio: 1.08
  • JD Power: 2/5
  • AM Best: A
  • BBB: A+
Cost Per Month 
  • The cost per month is $9.
Pros and Cons
Pros Cons
Excellent coverage options Below average customer service ratings 
Quick claims process Fewer discount options
Range of insurance products

 

Nationwide

Nationwide renters insurance automatically extends the cover to your valuables, including furs, watches, silverware, and other collectibles. The insurance provider also provides a free consultation service to determine your insurance needs and ensure that you are thoroughly covered. 

Optional Coverage
  • Brand new belongings
  • Water backup
  • Valuable plus
  • Theft extension
  • Earthquake damage
Financial Strength and Customer Support Ratings 
  • NAIC Ratio: 0.64
  • JD Power: 2/5
  • AM Best: A+
  • BBB: A+
Cost Per Month 
  • The cost per month is $20.
Pros and Cons
Pros Cons
Stolen credit card coverage offered  Customer satisfaction for renters insurance is low
Excellent extended coverage and add-ons options A higher premium on replacement coverage
Bundling policies available

 

Renters Insurance Guide: How Renters Insurance Works in Texas 

Why do you need renters insurance in Texas, and what can it help you with?

You need renters insurance in Texas to protect your belongings and property. It helps in paying for replacement and repair of your furniture, clothes, valuables, and other belongings in case of damage or theft.  The average cost of renters insurance in Texas starts from $5.   

Is renters insurance required in Texas?

Renters insurance isn’t required in Texas by law, but many landlords might make it a condition for you to purchase renters insurance before you live on their property.   

Types of renters insurance in Texas

There are various comprehensive packages available for renters insurance in Texas.  Generally, a standard policy offers three main types of coverage – personal liability, loss of use, and personal property coverage.  

What are common policy forms for renters insurance in Texas?

The common policy forms for renters insurance in Texas are HO-4 and HO-BT.

What does and doesn’t renter’s insurance cover in Texas?

The renters insurance in Texas covers personal liability coverage, loss of property coverage, and personal property coverage, and even medical payment coverage. It doesn’t cover natural disasters, and for that, you might have to purchase optional or additional policies.   

Tips on saving on renters insurance in Texas

Here are some tips for saving money on renters insurance in Texas:

  • Purchase multiple policies
  • Be sure to shop around for a better deal
  • Have good credit
  • Install safety and crime prevention systems, like deadbolt locks, security systems, etc.

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

How much is renters insurance in Texas?

The cheapest renters insurance policy cost about $5. The cost increases depending on the coverage you want and add-ons you want to include.

What are the renter insurance laws in Texas?

The Texas renters insurance law doesn’t require residents to purchase the insurance.

Is flood damage and wind damage covered under renters insurance in Texas?

While renters insurance does cover water damage, it doesn’t cover damage caused by wind and floods. Some renters insurance companies do offer this coverage as add-ons. 

Does Texas renters insurance cover liability outside the house?

Depending on the policy you purchase, the Texas renters insurance covers the liability outside the house as well. However, there are often conditions for it. 

What is home inventory, and why do you need it?

A home inventory is a list of all your personal belongings with their financial value. Updating and creating a home inventory is an ideal first step to finding cheap renters insurance in Texas. Hopefully, the other tips given in our review will help you make an informed decision.