Ready to look into renters insurance options in Austin? You’re not the only one — the renters insurance market in Austin numbers a whopping 475,200 renters.
We’ve gathered all the information you need to make an educated decision. Read on for your guide to the best renters insurance in Austin.
Get Renters Insurance in Austin, Texas
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Best Renters Insurance in Austin:
- Best Overall in Austin: Lemonade
- Cheapest Renters Insurance in Austin: GEICO Insurance
- Best for Local Availability: Jetty
- Best for Members of the Military: USAA Insurance
- Best for Variety of Choice: Heaton Bennett Insurance
- Best Renters Insurance in Austin:
- Renters Insurance in Austin: An Overview
- Average Annual Renters Premium in Austin
- Renters Insurance Coverage Explained
- Inclement Weather and Nature-Related Risks in Austin
- Best Renters Insurance Providers in Austin
- Don’t Leave Yourself Vulnerable in Austin
- Frequently Asked Questions
Renters Insurance in Austin: An Overview
According to city data, the available rental properties break down along the following lines:
- Owner-occupied single-family, multifamily or duplex rentals
- Not owner-occupied single-family or duplex rentals
- Not owner-occupied multifamily rentals
The 2018 RentCafe report found that 51.3% of Austin residents are renters.
Average Annual Renters Premium in Austin
Benzinga reported that the average annual renters insurance premium in Texas runs about $268 — that’s $22 per month. Overall, you can expect renters insurance to run between $15 and $20 per month in Austin. It’s cheaper than much of the rest of the state because it’s less exposed to hurricanes.
You may be able to save money with discounts including:
- Safety devices: Save by installing a hardwired fire alarm or a security system.
- Claims-free: If you haven’t filed a claim in several years, you may receive a discount.
- Auto-pay: Many companies offer you a 5% discount if you sign up for auto withdrawals from either a credit card or bank account.
- Multi-policy: Purchasing more than 1 type of insurance from the same carrier can earn you a discount.
Renters Insurance Coverage Explained
Renters insurance breaks down 3 different types of protection, according to the Insurance Information Institute. Renters insurance covers:
- Personal possessions, which include clothing, furniture or digital devices. These are protected against disasters such as vandalism, explosion, theft, lightning or fire. Floods and earthquakes must be protected through supplemental insurance. Be sure to make a detailed home inventory listing your possessions and their estimated value.
- Liability protection guards against legal suits for property damage or bodily injury and pet damage. This covers damage to others’ property, not your own. Liability also covers court costs and its limits typically begin at around $100,000, though some experts recommend buying at least $300,000 of protection. A pricier but more comprehensive alternative is an umbrella or excess liability plan, which offers $1 million for $200 to $350 in premiums per year.
- Additional living expenses can also be covered. These policies bridge the gap to pay for living expenses during a disaster or emergency, including temporary rentals, hotel bills, restaurant meals or other costs associated with rebuilding your home.
Inclement Weather and Nature-Related Risks in Austin
Six percent of insured households had a homeowners insurance claim in 2017. Many of these claims are due to fluctuating weather patterns, including storms and hurricanes.
Areas that commonly experience severe weather or other natural hazards pay higher premiums due to the incident risks. You may need to purchase additional or supplemental policies to cover specific local risks you face.
In Austin, renters insurance premiums are low, but the city still has its share of strong storms and heavy winds. We recommend that your rental insurance policy include some element of wind protection.
Best Renters Insurance Providers in Austin
It’s time to do a little comparison shopping now that you know what renters insurance entails. Check out our top picks.
1. Best Overall in Austin: Lemonade
Billed as “powered by tech and driven by social good,” this business donates leftover funds from your insurance pool to a charity chosen by you.
Lemonade offers quick online quotes and relatively affordable prices.
Lemonade’s emphasis on transparency and automated claims process makes it a simple and straightforward choice.
2. Cheapest Renters Insurance in Austin: GEICO Insurance
Just ask the talking gecko: GEICO can save you hundreds on insurance.
This is particularly true if you have more than 1 policy with the company, which earns you a healthy multi-policy discount. Renters insurance policies start at $12 per month.
Customer service is excellent at GEICO — you can complete transactions on your own time online or on the phone.
3. Best for Local Availability: Jetty
Jetty “gets” city living and built its offerings with city dwellers in mind. Jetty offers affordable renters insurance that protects all that you own and follows you when you travel. Jetty tailors every plan to each customer using algorithms and data. You can choose to accessorize your plan to make it more of a custom fit. Jetty is new to the insurance scene but has strong connections with the National Specialty Insurance Company, which has been given an A rating by AM Best.
Jetty customers also get discounts on certain brands — Casper mattresses, Blue Apron meal delivery, Snowe home essentials and Laurel & Wolf online interior design. No agents, no paperwork. Jetty provides the renters insurance you need quickly and without hassle.
4. Best for Members of the Military: USAA Insurance
The Department of Defense pulled renters insurance from military members’ Basic Allowance for Housing in 2015, but USAA steps up to fill in the gap and provides insurance exclusively to military members and their loved ones.
What’s more, USAA’s renters insurance policies include protection for floods and earthquakes, 2 types of disasters not typically included in renters policies.
Listed as 1 of the top insurance choices in the Austin area, USAA is heralded for its policy offerings and competitive pricing. The company’s website and call center representatives are also noted for quality.
5. Best for Variety of Choice: Heaton Bennett Insurance
Heaton Bennett has the power of variety on its side, with more than 40 insurance partners, including ASI, Hartford, MetLife, Progressive and Travelers.
The company collects quotes from its partners and leaves it to you to decide what’s best for your needs. You can take advantage of discounts for bundling renters and auto insurance policies.
Heaton Bennett is committed to a single party as an independent auto insurance agent — you!
Don’t Leave Yourself Vulnerable in Austin
Most landlords require tenants to carry renters insurance, and the right policy can prove invaluable if disaster strips you of your possessions or home. Remember, many landlords require tenants to carry renters insurance.
Get a couple of competitive quotes today so you can protect your belongings with renters insurance.
Frequently Asked Questions
1) Q: Does the type of home matter?
A: Normally, since renters insurance only covers your belongings, the type of home will not matter. What will matter is that in a larger home, you will have more personal possessions, thus more to insure. You will want to look at the limits the policy has and consider having an add-on/rider that will cover your higher priced items like jewelry, collections, and precious metals. You can learn more by reading our homeowners insurance guide. Get a custom renters insurance quote.
2) Q: Will renters insurance cover roommates?
3) Q: Does where you live matter?
A: Since your renters insurance covers your belongings, where you live does not necessarily matter if you are moving locally. However, insurance prices do vary from state to state. Most policies will move when you move; your rate may just change if your move is drastic. Other factors are other state law and limits a new landlord may impose. Get an instant custom renters quote in seconds.