The Key Things to Know When Buying Renters Insurance in Illinois

37 percent of people living in Illinois rent houses. Cities such as the bustling and ever windy Chicago, Abraham Lincoln’s hometown of Springfield, and the twin cities of Urbana-Champaign host the most renters on average – largely due to their high student populations and density.

Out of the many renters in Illinois state, about 44 percent have purchased renters insurance. As is stands more than half of the population is vulnerable to perils, such as theft, adverse weather conditions, and other risks like fire.

The average Illinois renters insurance rates start at $15 per month or $187 every year. Most Illinois residents can afford such rates. According to most people living in Illinois, they’d rather get renters insurance for $15 every month than replace their losses out of pocket.

There are different Illinois renters insurance coverages. Personal property coverage will insure your personal belongings from perils, such as fire and vandalism, among other dangers. Liability coverage will help you cover the property damage or losses and bodily injury caused to another person out of negligence.

If you want to learn more about renters insurance overall, click here!

Unique Laws

Illinois state has no laws requiring renters to purchase renters insurance. However, most landlords or property owners will want you to buy renters insurance before entering into a contract with them. Renters insurance will protect you from any of your property damage.

There are no Illinois laws also requiring landlords to purchase insurance. But as you’d expect, no landlord or property manager would ignore insuring their property. Therefore, landlords will have insurance policies, but those policies will not cover your property’s damage or loss which is something you should considered if you are liable for the structure for any reason.

The insurance policies landlords and property managers will purchase only protects their buildings and not losses or damages of your personal items. That is why you need to get renters insurance to cover some of your most valuable assets.

Climate

Illinois State has a relatively dry climate with hot summers and cold winters. However, Illinois residents can also expect cloudiness, a change in temperatures, as well as sharp changes in wind direction. Chicago isn’t known as the Windy City for nothing. This might affect your more delicate outdoor belongings, say wind-chimes, birdhouses or even your lightly constructed sheds.

Some of the most common natural perils recorded in Illinois state include: blizzards, floods, severe storms, and tornadoes. There are also other less frequent disasters, such as earthquakes, wildfires, and landslides.

Thankfully, Illinois is relatively well prepared for disasters, according to Golden Eagle, due to its high National Guard to population which is a comforting fact. After loss or damage state and federal assistance should be close at hand.

Crime

Illinois state is not as bad as other states in terms of the property crime rate. The chances that you will fall victim to property crime is 19.3/ 1,000 against the national rate of 22.0.

According to the FBI data, some of the most dangerous cities in Illinois include Mount Vernon, Danville, Springfield, Centralia, Wood River, Rockford, Metropolis, Peoria, Kankakee, and Cahokia. Mount Vernon has a 3 times crime rate than that of the national average.

According to Alarms, the top 10 safest cities to live in Illinois include Campton Hills, Channahon, Palatine, Palos Hills, Hanover Park, South Elgin, Deerfield, Shorewood, Lindenhurst, and Hinsdale. Campton Hills recorded just one violent crime and 17 property crime incidents in 2018.

Living in a high-crime rate zone will attract more renters premium, but you will need it to protect your valuables. If you live in low-crime zones, shop around to find discounts for your renters insurance policy in Illinois. Smaller insurers might be more flexible based on your area and you may be able to cut a custom rate.

Most frequently asked question:

What Does Renters Insurance Not Cover In Illinois?

Floods and earthquakes are not covered by most insurers in Illinois. This is something you need to confirm with your insurance company if they do while doing your due diligence. Many have flood and earthquake insurance as optional add-ons which saves the headache of moving insurers. At this point it’s a matter of deciding how much you value your belongings and if insurance is worth it for you

Still have questions about renters insurance in general? Click here!

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