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McKinney renters insurance may not be required by Texas law but anyone renting a home in McKinney can benefit from the added security and protection it can provide. Regardless of whether you are a student, a senior citizen, single, married, divorced, with children or without, you will enjoy the comfort and convenience of rental coverage, especially if you are ever faced with a serious emergency, accident, injury or disaster.

Renting in McKinney TX

McKinney is a beautiful place to call home with everything you could ask for from a Texas city. While many cities and towns across America struggle to get back on their feet after the devastation of the global economic recession, McKinney continues to boom. McKinney has experienced rapid population growth in the past few years and was named as the Fifth Best Place to Live in America by CNN Money Magazine. Renters are happy with the number of community events and recreational activities for families and singles as well as the excellent school districts and potential employment. Furthermore, there are plenty of affordable housing options for buyers and renters including single housing units, apartment blocks, student loft and alternative off campus accommodation and condo and townhouse complexes.

Insurance Terms and Conditions

Before you go with the first McKinney renters insurance policy that you see, it is important that you familiarize with the basic terms and conditions used in Texas renters insurance agreements. In general, McKinney renters insurance comes with three different types of coverage - contents coverage, liability insurance and additional living expenses. Contents coverage will compensate you for any damages to your moveable objects such as your furniture, electronics, area rugs, toys and clothing. Physical liability protection takes care of the medical and legal expenses if someone is seriously injured at your home. This includes both family members as well as guests. You can also look into coverage for moving costs and alternative accommodation if your current rental house is made unlivable which is referred to as either additonal living allowance or loss of use coverage.

McKinney TX renters should also be familiar with the difference between your McKinney renters insurance premium and your deductible. The premium is the amount you pay each year for continuous coverage while your deductible is the amount you pay only if you need to make a claim. If you are looking to save on your McKinney renters insurance, you can opt for a higher deductible which will lower your premium. In general, the higher the deductible is, the lower your premium will be.

Finally, two other terms you may come across when looking into  a McKinney rental insurance policy include actual cash value and replacement value. This refers to your compensation for your lost or destroyed contents. Actual cash value means that your belongings are valued after depreciation is considered while replacement cost means that you are reimbursed for, essentially, what you paid. With actual cash value, most of your belongings will be worth less than what you paid for them but, because of this, you will receive a cheap premium on your renters insurance. However, replacement value allows you to purchase brand new items that have been lost without worrying about additonal out of pocket expenses. If you purchase a $1500 television with actual cash value coverage, you may only be reimbursed $500 for it; however, if you purchase a $1500 television under replacement value insurance, then you will be reimbursed for the entire thing.

Choosing your Renters Coverage

There is no right or wrong level of McKinney renters insurance to purchase. It all depends on where you are in your life, how much stuff you need to insure and what type of home you are renting. Someone just starting out in a teeny condominium will most likely be looking at a basic rental insurance policy, especially compared to a family of six with a house full of valuables.

A basic McKinney renters insurance policy includes $30,000 of contents coverage as well as $100,000 of liability coverage and generally costs anywhere from $10 to $15 per month. This is about half the cost of a homeowners typical plan and can provide you with compensation in the event of a fire, smoke damage, water damage, tornado, hurricane, landslide, storm damage, theft, vandalism, civil commotion, faulty plumbing, electrical damage, ice, sleet or snow damage and serious injury.

One way to be sure that you are getting exactly what you need in terms of protection and price is to compare your options. With an online search, you will have instant access to a number of policies and providers across the state of Texas. You can browse through the policies and purchase McKinney renters insurance at your own pace. And best of all, you don't even have to leave the house to do so.