Renters Insurance

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When you rent or lease, your landlord’s insurance usually only protects the building itself—not your personal belongings. We’ll design coverage to protect your personal property and your lifestyle while renting.

According to the 2020 Census, 32.6% of Americans- or 100 million people- are renters. When you rent a property, your landlord carries the brunt of the financial burden when it comes to property upkeep. However, even if your landlord has outstanding insurance, their policy will not cover the cost of your personal belongings in an emergency.

What is Illinois renter’s insurance?

Renter’s insurance is coverage that protects a renter’s personal belongings, liability and living arrangements in case of a disaster.

While renter’s insurance isn’t required in the state of Illinois, it is extremely important. Without this type of coverage, you would be financially responsible for the replacement of your personal belongings due to a loss event and you could even get caught in a legal battle if someone is injured on your rental property.

Why do you need renter’s insurance in Rolling Meadows, Illinois?

Whether you rent property in Rolling Meadows or in another Chicago suburb, you could benefit from renter’s insurance. When you rent someone else’s property, they are responsible for the maintenance and repairs on the property. But what happens if there is a break in? Or if a burst pipe damages your belongings? Or your dog bites a guest? Your landlord’s insurance won’t cover these unexpected- but all too common- situations.

How much does renter’s insurance cost?

Renter’s insurance is one of the most affordable types of coverage on the market. With that being said, the cost of your insurance will depend on the value of your personal property. The more your personal property is worth, the more coverage you will need.

For reference, the average cost of renter’s insurance in Illinois is about $15 per month or $190 per year. At Reliant Agency, we work with several top-tier insurance companies that offer affordable full coverage renter’s insurance. Contact us today to learn more about your options!

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Renters
Personal Property
Risk Factor

Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.

Solution

Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.

Limits and Exclusions
Risk Factor

Some types of personal property are subject to limits of coverage under renters insurance policies. These limits vary by the type of property and by what caused the loss or damage. For example, jewelry, bicycles, collectible cards, and coins may have limited coverage or may not be covered.

Solution

Obtain a personal floater or schedule your valuable possessions to ensure you’ll have the money to replace them.

Additional Living Expense
Risk Factor

If the building you live in has a loss from a covered peril under your renters insurance policy that makes your apartment or home uninhabitable, you will need to find somewhere else to live while the repairs are undertaken. This can be expensive and inconvenient.

Solution

Be sure your insurance policy includes additional living expense coverage. If you need to move out and rent another location, this coverage provides for the increase in living expenses–such as moving costs, increased food costs, and other expenses.

Liability
Risk Factor

You are responsible if you or a guest in your unit trips and falls or sustains an injury while on your property.

Solution

Be sure that you have adequate liability insurance to protect for claims made against you for bodily injury or property damage – such as a slip and fall or other allegation. Liability coverage also provides protection should you become legally liable for unintentional bodily injury or property damage anywhere in the world.

Medical Expenses
Risk Factor

You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.

Solution

Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.

Landlord
Risk Factor

You may not be able to rent the apartment or home if your landlord or property manager requires renters insurance and you do not have it.

Solution

Having a renters insurance policy allows you to provide a certificate of insurance to the landlord or property manager showing that you have the coverage required to rent the apartment or home.

Improvements or Betterments
Risk Factor

Any improvements or betterments that you have made to your unit are subject to damage.

Solution

Be sure to obtain coverage for improvements or betterments that you have installed in your apartment or home.

Contents Away from Home
Risk Factor

You may take your valuable property outside of your unit. For example, what happens if your laptop or golf clubs get damaged or stolen while traveling?

Solution

Be sure to add off premises theft coverage to your policy to cover your personal property while your belongings are away from your home. Auto insurance does not usually cover personal property stolen from your car.

Premises Liability
Risk Factor

You may be responsible for damage to your apartment or dwelling should you, for example, have a leaking sink or accidentally start a fire.

Solution

Be sure your policy has liability coverage that includes tenants legal liability or premises liability. Your landlord may require that you to have this type of insurance protection in place as a requirement before renting the property to you.

What does renter’s insurance cover?

Renter’s insurance is typically three types of coverage bundled into one. This type of coverage can protect you in three areas: liability coverage, personal property coverage and loss-of-use coverage.

Renter’s insurance covers a wide variety of things, including:

  • Fire
  • Theft
  • Damage caused by smoking
  • Vandalism
  • Water damage
  • Mold
  • Explosions
  • Fallen objects like trees
  • Short-circuit damage
  • Additional living expenses if your property becomes unlivable due to one of the covered incidents listed above
  • Medical payments if someone is injured on your rental property

Renter’s insurance provides valuable coverage for renters, but it doesn’t cover everything. For example, it won’t cover things like flooding, earthquakes, bed bugs or vehicle damage. However, Reliant Agency can help you find additional coverage to protect you from these incidents here.

If you would like a quote for Chicago renter’s insurance, fill out the form below or contact us today! We would love to talk through your options. As an independent Illinois insurance agency, we work with a long list of insurance companies that offer a variety of renter’s insurance policies.

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