While in certain ways renters may have fewer risks than homeowners, they still have to anticipate unexpected catastrophes in their homes and prepare accordingly. With the right coverage in place, it’s much easier to rest comfortably. That means having the proper renters insurance.

Luckily an Illinois independent insurance agent can help you find the best renters insurance for you. They’ll get you set up with the coverage you need, long before you ever actually need to use it. But before we jump too far ahead, let’s take a closer look at this important coverage.

What Is Renters Insurance?

Renters insurance is basically like a form of Illinois homeowners insurance pared down to meet the needs of renters. This coverage protects renters against the loss of personal property stored in their rented unit, as well as liability and more. 

Like any other kind of coverage, various risks are excluded in these policies. An Illinois independent insurance agent can help you find the right type of renters insurance to best cover your home.

What Does Renters Insurance Cover in Illinois?

Since renters do not own the structure or dwelling of their home, renters insurance does not include protection for it. It’s the landlord’s policy that will provide this coverage, instead. However, renters insurance does still offer a lot of protection for renters, like:

• Personal property coverage: Protects your property stored in the rental unit like clothing, furniture, etc. from disasters like fire, theft, etc.
• Liability coverage: Protects you against expensive lawsuit fees if a third party files a case against you with a claim of personal property damage or bodily injury.
• Additional living expense coverage: Protects you if you’re forced to live somewhere else while awaiting repairs on your home. Additional living expenses coverage can be used to pay for hotel rooms, extra gas mileage, and more.

An Illinois independent insurance agent can further explain the basic coverages included in most renters insurance policies.

What Doesn’t Renters Insurance Cover in Illinois?

Renters insurance comes with many important coverages for residents in Illinois, but it also comes with a few exclusions. According to insurance expert Paul Martin, renters insurance typically excludes these perils:

• Floods, earthquakes, and mudslides
• Maintenance-related losses
• Insect damage or infestations
• Damage from war or nuclear fallout
• Business-related liability
• General wear and tear

If you run a business out of your home, speak with your Illinois independent insurance agent about business riders or endorsements. Also, in a flood-prone state like Illinois, it’s a good idea to look into getting a flood insurance policy to further protect your home.

How Much Is Renters Insurance in Illinois?

Value of average renters insurance premiums in the United States in 2018, by state (in US dollars)

In 2018, Illinois ranked 29^th among all US states for the cost of premiums for renters insurance. The average annual premium for Illinois residents was $166. The most expensive state was Mississippi, with average renters insurance premiums of $252 annually.

An Illinois independent insurance agent can help you find quotes for renters insurance in your specific location. The cost of your policy will vary depending on property values, location, and more.

Additional Benefits of Renters Insurance in Illinois

Renters insurance provides important protection for residents in Illinois in numerous ways. Standard renters insurance policies in Illinois protect your home against these disasters and more.

• Certain types of water damage (i.e., not natural flooding)
• Aircraft or vehicle damage
• Falling objects and trees
• Weather damage (i.e., windstorms, hail, lightning, and blizzards)
• Theft, vandalism, and riots or civil commotion
• Fire, smoke damage, and explosions

An Illinois independent insurance agent can further outline the specific coverages provided by your renters insurance policy. They can also help you increase your coverage if you wish.

Is Renters Insurance Really Necessary in Illinois?

Whether your renters insurance is actually mandatory will depend on the property you’re renting. Many landlords have started requiring tenants to purchase renters insurance before their lease is finalized. 

But regardless, it’s always a good idea to have coverage to help protect your belongings and yourself against disaster. Aside from saving your personal property, you could also save your bank account in case of an unexpected lawsuit.

Here’s How an Illinois Independent Insurance Agent Can Help

When it comes to protecting renters against liability risks, property damage, and all other disasters, no one’s better equipped to help than an independent insurance agent. Illinois independent insurance agents search through multiple carriers to find providers who specialize in renters insurance, deliver quotes from several sources, and help you walk through them all to find the best blend of coverage and cost.