Austin, Texas renters insurance is less expensive than much of the rest of Texas. That’s largely due to the reduced hurricane risk as compared to Houston Renters Insurance and Corpus Christi Renters Insurance. It’s also, in part, due to the size of Austin allowing for more policies to be in force and for certain types of risk to be divided further than they might be in other cities.
Texas Renters Insurance, just like in all states, has some special provisions that are added to the policy to make it compliant with local regulations. For example, Ordinance or Law coverage has a provision for covering the cost of improvements required to comply with specifications of the Texas Windstorm Insurance Association if necessary in order to get coverage. Usually the underwriting manual of another insurance company would not have any impact on how ordinance or law coverage is paid out, but TWIA is a special case, as a quasi-government corporation.
Renters insurance in Austin also has a clause rarely found in other states. Your Austin, TX Renters Insurance policy will have a provision stating that community property which is covered is covered in the interest of all owners of that community property, regardless of the status of the marriage. Coverage is still available to spouses who are separated, for example, with regards to community property.
Texas has another interesting provision in the non-renewal clause. “We may not refuse to renew this policy solely because you are an elected official.” We’re not sure what the back story might be on that provision, but surely there must be one. It was added to the Texas Insurance Code in 2003, but how it ended up there is a bit foggy. Perhaps some elected official had their Austin renters insurance cancelled? Or perhaps it’s poorly phrased and meant to apply to things like umbrella liability, rather than to more pedestrian policies.
Austin, Texas renters insurance generally costs between $15 and $20 a month. That’s a small expense, considering that at the base $15,000 level of coverage, you’d have to go 62.5 years of fifteen dollars monthly without ever having a personal property claim in order to not come out ahead on a claim for the policy limit.
As a matter of fact, that’s not a great way to look at insurance, anyway. You’re making the monthly payment in return for the insurance company taking on the risk of paying out all the money at once. Could you pay more than the policy limit in your lifetime? Sure. But you’re not at risk to pay it out all at once. That’s what makes renters insurance in Austin such a good investment; you pay a tiny amount of money monthly to be certain you won’t have to pay out the full amount all in one shit.
Renting In Austin, Texas
Austin has 842,000 people, and is the 14th largest city. That makes it about 50% bigger than Atlanta. Of those 842,000, 90,000 of them are college students. That makes Austin one of the youngest cities in the country.
In the 280 square miles that Austin covers, you’re sure to find an apartment you want to rent. But renting in Austin can be very competitive at times, so you’d better jump on that perfect apartment quickly! Part of the reason for this is that Austin is the Silicon Valley of Texas, attracting many kinds of startups and the talent that goes with them. Part of the attraction is momentum, because there’s already a startup culture, but part of it is also likely the lack of corporate income tax. The city is also a hotbed of new music, new sounds, art, and culture.
Median household income is $52,000 in Austin, but that median is skewed sharply downwards from reality because it includes all the people with technical incomes of zero who are working for equity in startups, as well as musicians trying to make it. If those people who willingly are outside the traditional job market were excluded, the median household income would rise sharply.
With a crime index of only 5, this is a safe place to live. That helps to drive down the cost of renters insurance in Austin, TX, because less crime means less claims from property crimes, for example. Being the capital of Texas, it’s important for the city to be perceived as safe. This leads to nearly three quarters of the city budget being spent on police, fire, and emergency medical expenses, which is somewhat more than the national average.
Major employers in Austin, outside of the startup community, are the city, Dell Computer, the US Government, and IBM, along with the Austin Independent School District. If you’re looking to be close to Austin without being right in the city, consider suburbs like Cedar Park, Round Rock, or Georgetown.
Whatever your plans are once you get to Austin, welcome to the Live Music Capital of The World!
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