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The Best Renters Insurance Chicago Has to Offer

The Best Renters Insurance Chicago Has to Offer

If you’re planning on moving to the Chicago area, and you’re considering renting an apartment, condominium or townhouse, you may want to make some time in your already hectic schedule to check out renter’s insurance for Chicago as well.  Unfortunately, renter’s insurance is one of the last things new tenants—in Chicago or any other American city—think about when they’re moving in, but it could be a decision that will save you a lot of money and aggravation in the future.  In this article we will describe what’s covered in a standard Chicago renter’s insurance policy and list just a few places in the city where you can get more information.

Renter’s Insurance Chicago:  Understanding Your Policy

Whether you plan to rent an apartment, house, condo or other type of structure in the Chicago area, the building in which you will reside will be insured by the landlords or owner’s insurance policy (it least it should be by law), but your landlord’s policy will definitely not cover your personal belongings which will be kept in the structure, nor does it necessarily protect you against liability should someone become injured while visiting your rental home.  This is why you need a comprehensive renter’s insurance policy.  These types of policies, which can usually be purchased for $250-$700 a year in Chicago, can help protect you and your belongings against all of the following:

  • Theft
  • Vandalism
  • Fire
  • Wind, hail and other weather-related events
  • Vehicles stored on the property
  • Electrical or water damage
  • Liability
  • And more…

You may notice that earthquake and flood protection are conspicuously absent from the above list, and that’s because coverage for these two natural events is usually extra, requiring separate insurance.  The price for flood and earthquake insurance will vary considerably depending on where you live. (For example, earthquake insurance is much more expensive in cities such as Los Angeles or San Francisco, California than it would be in Chicago)

Renter’s Insurance Chicago:  A Quick Tip

When purchasing renters insurance you’ll also want to check the fine print to see if your property is being insured as “actual cash value” or “replacement cost coverage”—there’s a big difference.  Actual cash value policies may be cheaper to purchase, but keep in mind that you will only receive reimbursement for the current market value of your item rather than the full cost of replacing the item.  For instance, if you have an older television set that is ruined by electrical damage, and your policy is of the “actual cash value” variety you will only receive what that television is worth today which is seldom enough money to actually buy a new one.

Renter’s Insurance Chicago:  Where to Go?

There are literally hundreds of insurance companies in the greater Chicago area where you can purchase renter’s insurance.  These include all the big name insurance companies such as Allstate, State Farm, Geico and Farmers, as well as many private insurance brokers who can try to find the very best deal for you through lesser-known insurers.  A simple internet search involving the terms “renter’s insurance” and “Chicago” is a great way to get more information.

Photo courtesy of kevindooley.

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