Renters Insurance in Illinois

Illinois renters insurance

Nearly 68% of Illinoisans own their homes rather than renting them, giving the Prairie State a slightly higher homeownership rate than the national average. However, almost one-third of people in Illinois still rent rather than own, and in some cities, like Chicago, that number is well over 50%.

If you’re one of the many people renting in the state, renters insurance is a wise investment. Whether you live in a costly high-rise condominium in the Windy City or an inexpensive one-bedroom home in Freeport, IL, buying renters insurance in Illinois will provide you and your possessions with the necessary protection.

Before purchasing a new policy in the Land of Lincoln, you should better understand what one is, who can benefit from it, and how to find the most affordable option. Find answers to your pressing questions below.

What Is Renters Insurance?

Renters insurance is a type of policy designed to deliver coverage for all the personal belongings inside a rental property. If any of your possessions are damaged or stolen while living in a rental home, condo, or apartment, renters insurance in Illinois will give you access to the financial compensation you will need to replace them.

Some people make the mistake of assuming that the homeowners insurance policies many landlords have on their rental properties will provide their belongings with the protection they need, but this is not usually the case. These policies only cover the structures of homes, condos, and apartments, not the items inside them.

It’s your responsibility to obtain coverage for the possessions you choose to keep in a rental property with a standard renters policy.

Who Needs Renters Insurance?

Anyone renting a home, condo, or apartment will benefit from renters insurance in Illinois. It will help you avoid paying to replace your possessions if a fire ever occurs in your rental property or theft results in the loss of your belongings.

Paying to replace all of the items you have in your rental property could cost tens of thousands of dollars and sometimes even significantly more than that, depending on what you keep in it. Signing up for a standard renters insurance policy will prevent you from facing these monumental out-of-pocket costs after a devastating life event.

Is Renters Insurance Required in Illinois?

While it’s an excellent idea for those renting homes, condos, and apartments in Illinois to consider obtaining renters insurance, it is not required by law. Unlike other types of insurance, such as auto insurance, you don’t legally need this kind of insurance.

You’re also allowed to choose how much renters insurance you want based on the value of your possessions and the perils that could potentially put your rental property at risk. If you decide to sign up for a policy, shop around for one that offers enough coverage. You will also have the option to adjust your coverage over time if you either add new possessions to your rental property or sell off items of value that no longer require coverage.

What Does Renters Insurance Cover?

Renters insurance in Illinois covers more than you might realize. While every policy is slightly different, you might be surprised to see how much protection the average policy offers. Let’s look at your coverage options when choosing a policy for your rental property.

Personal Property Coverage

Renters insurance protects personal belongings, including electronics, furniture, clothing, and jewelry.

If a plumbing pipe in your rental property bursts and sends water spewing out everywhere or someone breaks into your home, condo, or apartment and makes off with your most prized possessions, a renters policy will cover you.

Loss of Use

A flood, a fire, or other catastrophic event might do more than ruin your belongings. It could also prevent you from utilizing a rental property for now.

Loss of use coverage included in many renters insurance policies will reimburse you for the following:

  • Temporary housing in a hotel
  • Food
  • Parking
  • Laundry
  • Additional living expenses

Liability Coverage

If an accident ever occurs in your rental property that results in a guest sustaining injuries, they may take legal action against you. In this case, liability protection coverage will foot the bill for your legal fees.

Many renters insurance policies also include medical protection coverage. This coverage will cover the medical payments of any guests injured while visiting your rental property.

How Much Renters Insurance Do I Need?

Deciding how much renters insurance in Illinois you need is challenging since it should be based on a long list of factors. Some factors to consider when weighing your options will include:

  • The total value of your personal belongings
  • The location of a rental property and local crime rates
  • The deductible you’re willing to pay when filing renters insurance claims

Consider adding extra coverage to a policy if you plan to keep extremely valuable items in a rental property, such as an engagement ring or a pricy piece of artwork.

How Much Does Renters Insurance Cost?

Because of all the protection renters insurance provides, you might be under the impression that investing in a policy will cost a pretty penny. However, some policies are available for as little as $10 per month.

Generally speaking, they cost between $10 and $50, depending on the renters coverage you need. Paying just a few extra dollars each month could make a massive difference in your coverage limits.

Average Renters Insurance Costs in Illinois by City

Your location is one of the most important factors when it comes to the cost of renters insurance in Illinois. Here is a quick look at the average costs in a handful of cities throughout the state:

  • Aurora: $23
  • Champaign: $22
  • Chicago: $24
  • Decatur: $26
  • Evanston: $19
  • Joliet: $23
  • Naperville: $22
  • Peoria: $27
  • Rockford: $25
  • Springfield: $24

Factors That Impact the Price of Renters Insurance in Illinois

Location is just one of the many factors that will affect the price of renters insurance in Illinois. Here are several others that companies also take into account when calculating quotes for policies:

  • Your coverage limits
  • Your preferred deductible
  • Your claims history
  • Your credit score

How Can I Save Money on Renters Insurance?

The good news for those interested in investing in renters insurance is that it shouldn’t break the bank even if you pick out a top-of-the-line policy. Still, you shouldn’t hesitate to take steps to cut your costs.

Here are a few ways to save money on a policy while still providing yourself with plenty of coverage and peace of mind:

  • Compare quotes from as many different insurers as you can
  • Bundle a renters policy with other policies, such as an auto policy, life policy, or pet policy
  • Search for renters insurance discounts (you could qualify for them if you agree to sign up for autopay or have a security system installed in your rental property)

What Is the Best Way To Compare Quotes on Renters Insurance?

The best way to compare renters insurance quotes is to secure as many quotes as possible online. Companies like Insurance Navy make it simple to score free online quotes within minutes, so you can confidently choose the lowest quote with the best coverage.

Trust Us To Assist You in Making Informed Decisions About Renters Insurance

Signing up for renters insurance in Illinois will give you peace of mind and ensure you and your personal belongings have more than enough protection. Contact us at Insurance Navy by calling 888-949-6289 to learn more about the competitive rates our insurance company can provide.

FAQs

Do you have more questions? Look for answers below.

Can My Landlord Force Me To Get Renters Insurance in Illinois?

Yes, a landlord can force you to get renters insurance in Illinois even though no laws mandate it. If your landlord requires it, they must specify this in your lease before you sign it.

What Are the Most Common Renters Insurance Risks in Illinois?

The most common renters insurance risks in Illinois are typically related to the weather. Tornadoes, flooding, lightning, snow, and ice are several risks that may put you in a position where you must make a claim. Other risks include burglaries, vandalism, fires, power surges, and water damage.

Which Insurance Provider Offers the Best Affordable Renters Insurance in Illinois?

Insurance Navy is one of the many providers offering affordable renters insurance in Illinois. Obtain a quote to see how cheap a policy from us is and invest in it today to start enjoying its protection.