Renters insurance policy holders have a new alternative

HOUSTON, Texas (KTRK) -- Millennials may be slower to buy homes and cars than previous generations, but that does not mean they have nothing of value.

Just because they fall outside traditional insurance coverage options like homeowners insurance, there are plans that can cover their valuables.

The Travelers Insurance group brought a product to the Texas market a year ago that you may be interested to hear about. This is definitely geared to the 20 and 30-something crowd, and it allows customers the options to pick and choose what personal items they want to cover.

It is called Traverse, and the list is pretty inclusive.

Cell phones, computers, bicycles, sports equipment and even jewelry can all be covered for just a few dollars a month per item.

If you have a claim to make, the company sends the customer a check and lets them decide who does the repairs or where to find a replacement for lost or stolen items.

Company representatives say they want to appeal to younger people who don't own a house, as well as those who don't think renters insurance offers them the ability to pick and choose what they want covered.

"We are allowing customers to buy insurance just on a single item or a bucket of items that are important to them," Travelers Insurance senior vice president Beth Maerz said. "They have the choice of buying liability coverage so it isn't a must-have. You buy the coverages that are important to you."

Before you sign up, make sure you know the true value and replacement costs of your items.

There are also liability and ID theft plans too. It's web and app-based, but you can talk to a real person if needed.

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