The Cost of Renters Insurance
According to Value Penguin, the average cost of renters insurance in Illinois is $171 a year. However, the price of renters insurance policy will vary. This depends on several factors, including the coverage and deductible selected.
Factors that will affect the price of your insurance policy are but is not limited to:
Insurance Navy will run your ZIP code to determine the crime rate in your area. We will then use it to determine the risk of theft. The higher the risk, the higher your insurance cost.
Renters insurance is for apartments priced lower than renters insurance for houses and condominiums. This is because apartments are statistically less prone to having personal belongings stolen or damaged due to theft. Insurance for larger buildings is also lower than insurance for buildings with only a few units.
If you own a dog, make sure your insurance policy covers animal liability. If your dog bites someone, there is a strong chance that they will sue you afterward. Some breeds can increase your insurance costs. In fact, some companies will even refuse to insure you if you own certain breeds.
Increasing coverage amounts or adding endorsements will increase the cost of the policy.
A higher deductible will decrease your insurance premium. A deductible is the pay-out-of-pocket expense the policyholder agrees to pay before the insurance company pays the rest of the claim.
Need help finding renters insurance quotes or filing a claim? Want to know more about personal property coverage or liability coverage? Our agents and customer service representatives are here to help with your insurance coverage needs, so call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. For your convenience, Insurance Navy is open from 8 a.m. to 9 p.m. CST, 7 days a week.
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Lastly, we also have blogs that may help you with any questions you have. For instance, our blogs cover many different topics. From small business insurance tips to tips on how to avoid home insurance claims.
*Please review your own policy for details on what renters insurance covers. Renters coverages varies by insurance company and policy.