Illinois Renters Insurance

Your Guide to Buying Renters Insurance in Illinois

This coverage costs less than you might think.

Illinois Renters Insurance

Whether you are renting a studio apartment in Chicago or leasing a house in Springfield, it is beneficial for you to purchase a solid renters insurance policy. Unfortunately, many renters in Illinois don’t realize the importance of having this coverage until it is too late.

If you are among this state’s many tenants, a local independent agent can help you find a great policy. These agents work for you, not for an insurance company, so they are free to shop around to find the coverage you need at a price you can afford. Contact an insurance agent near you to learn more.

Illinois Rental Statistics

  • Illinois residents pay an average of $1,010 per month in rent.
  • Around 33.9% of all homes in Illinois are occupied by renters.
  • An estimated 42.4% of renters in this state spend more than 30% of their income on rent and utilities.

How Much Does Renters Insurance Cost in Illinois?

Many people in Illinois balk at the idea of buying renters insurance because they do not want to spend even more money than they already do on their housing expenses. However, you may be surprised to learn how affordable these policies actually are.

The average renters insurance policy in Illinois costs just $167 a year. That is less than $14 a month, or the cost of a medium Chicago deep dish pizza. Factors that can make your actual cost higher or lower than this average amount include the following.

  • The size of your rental unit and the value of your personal property
  • The crime rate and weather risks where your rental home is located
  • The amount of your deductible
  • Whether you are bundling your renters insurance with another policy like car insurance or boat insurance

When you take the time to compare quotes from a few different insurance companies, you can be certain that you are getting your policy at a competitive price. Independent agents make comparison shopping easy.

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What Does Illinois Renters Insurance Cover?

Renters insurance is designed to protect you in a few different ways. A typical policy will include the following.

  • Property coverage: Referred to as "contents coverage," this can cover repair or replacement costs if your personal belongings are lost or damaged by covered hazards like:
    • Property crime, including burglary and vandalism
    • Fire, whether it originates in your own home or in a neighboring unit
    • Severe weather, including tornadoes, lightning, windstorms, snowstorms, and hail.
  • Liability coverage: Referred to as “renters liability insurance,” this can cover your financial obligations to others if you unintentionally cause them to experience injuries, property damage, or financial harm. It can cover you against things like:
    • Injuries, like bites, caused by your pets
    • Accidental injuries sustained by visitors in your home for which you can be held liable
    • Accusations of libel or slander
  • Displacement coverage: Referred to as “loss of use insurance,” this can cover your miscellaneous living expenses if your home is severely damaged by a covered event and you must seek alternate accommodations while your landlord handles making repairs.

When deciding how much property coverage to purchase, you may want to look at all your belongings, including electronics, furniture, clothing, jewelry, and décor and consider how much it might cost you to fully replace everything in the event of a total loss.

What about Coverage against Floods in Illinois?

Renters insurance does not cover your personal property against flood damage.

If you are living in an upper-floor apartment, you probably don’t need to worry about floods, but if you are renting a house or a ground-floor or basement-level apartment, your property is at risk. In this case, you may be wondering what your options are.

The only way to have coverage against floods is by supplementing your renters insurance coverage with a flood insurance policy. Affordable coverage is available through the National Flood Insurance Program (NFIP), a program administered by FEMA. Contents-only policies start at less than $10 a month.

How Can an Independent Insurance Agent in Illinois Help?

If you are looking for a good renters insurance policy, a local independent agent can help. These agents can answer your insurance-related questions, explain your various options, and find you a suitable policy at a great price. Best of all, talking to an independent insurance agent is absolutely free.

There are nearly 1,200 independent agents in Illinois who are available to assist you with all of your insurance coverage needs. Arrange an obligation-free consultation with an insurance agent near you to start comparing customized renters insurance quotes.

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https://www.census.gov/quickfacts/fact/table/IL/PST045219
https://www.statista.com/statistics/802897/average-premiums-for-renters-insurance-usa-by-state/
https://www.iii.org/fact-statistic/facts-statistics-renters-insurance