Having Renters Insurance Illinois is So Important
Do you want to ensure that you and all of your valuables are protected when renting? Here’s why having renters insurance in Illinois is so important.
Congratulations on your new rental in Illinois! You’ll find that much of the renters insurance Illinois offers has outstanding protection. But are you knowledgeable enough to handle a disaster?
If something happens to your property or a guest, your insurance company will step in and protect you from financial losses. Even so, it’s you who are responsible for protecting your rights and selecting the right policy.
How much do you know about your insurance policy and your rights as a renter? Too many state residents sign their leases and insurance policies without an afterthought.
But they could be missing out on valuable information that will help them in a crisis. This can include important details about their policy. It can include understanding the grey area between the landlord’s property insurance and their rental insurance.
7 Things to Know About the Renters Insurance Illinois Provides
There is a lot you may not know about your rights, rental unit, and insurance policy. That information is freely available to you by your landlord, insurance company, and local officials.
The following seven insights will point you in the right direction. Take the next step to becoming a better renter and a more responsible human being.
Coverage is Amazingly Cheap
Homeowners insurance can cost you as much as $83 per month. Some renters insurance policies are as low as $5 per month. As a renter, you’re not responsible for insuring the property itself–only your belongings.
But the cost isn’t everything. Are you getting the best deal? And how much is your insurance really covering?
Take a look at your residence. Are there hazards that might cause a guest to trip and fall? What are the chances of damage to your belongings?
Take your surroundings under consideration. Sometimes you can get the coverage you actually need for just $5 more per month. Ten dollars per month for peace of mind isn’t bad.
Coverage Isn’t Legally Required
Unlike some states, you are not legally required to buy the renters insurance Illinois has available. However, most property owners will require that you get renters insurance before signing a lease.
Your renters insurance is the first to cover any damages to your property. It also can cover lawsuits from injuries, or damage you do to the property of other tenants as well.
Don’t count on your lease providing all the information you need. Protect yourself. Get renters insurance Illinois officials recognize as sufficient coverage.
Coverage Is Different Than Your Legal Rights
Let’s say you are buying a home. Would you learn everything you can about your rights and protections as a homeowner? Apply that same thinking to your rental.
Chicago created the Rents Right campaign to educate renters about rights for renters. If you find yourself in a legal bind, these guidelines will help you find the resources you need.
You can get smothered in difficult legal situations with a landlord. You also might not know what renters insurance Illinois has available that will provide enough coverage. Here are a few of the resources available to you from this campaign:
- Education on rental rights
- Conflict resolution resources
- Referrals to programs and services for renters
Coverage for Renters Is Different Than Coverage for Landlords
Owners of rental properties are not required to have landlords insurance by law. Additionally, this insurance will protect only the building, not renters’ property.
A leaky pipe in your building might do damage to your belongings. Your landlord’s insurance will cover the leaky pipe. It will not cover your belongings.
Your renters insurance is always your first line of defense. If your coverage isn’t sufficient, you could incur personal loses. The landlord’s insurance company isn’t obligated to step in.
Depending on the incident, that could set you back thousands of dollars.
Even in cases of injury, landlords insurance will not always cover the damages. A good renters insurance policy will. It’s another line of defense that gives you peace of mind and keeps your life on track.
It’s Best That You Don’t “Share” a Policy with a Roommate
If you and a roommate are both on your lease, you might be able to share a renters insurance policy. However, this usually is not a good idea.
For example, your coverage limits may not change. You might end up splitting $20,000 of your personal coverage with your roommate. Damage to his or her property will be your loss.
If you receive claims checks for that damage, they will have your and your roommate’s names on it. Sounds a little uncomfortable. If that roommate moves out, things could become even more complicated.
You might benefit from a lower monthly payment with shared insurance. However, ask yourself if that value is worth the potential hassle.
Coverage Helps Renters During a Foreclosure
Let’s say your landlord hasn’t been paying his or her bills. The bank takes the property. Does that mean you’re out on the street?
Chicago offers resources for renters forced to leave their homes during a foreclosure. You can learn more from the F.A.I.R Program (Foreclosure Assistance Information for Renters). This includes your rights; responsibilities, legal resources, and financial help.
What does this have to do with insurance? Under federal law, you have 90 to leave a property after foreclosure. During that time, your insurance should continue to protect your belongings.
Your insurance may even provide you with a hotel room if the residence becomes unlivable. This is true at any time, not only during a foreclosure.
Coverage Can Provide Temporary Living If Your Rental Becomes Unlivable
You may have known an Illinoisan who had to live in a hotel for a week because of damage to that person’s apartment. It’s likely the renters insurance Illinois he or she had paid for the whole stay.
Imagine moving out of your apartment and having to pay for your own hotel? This is a situation when those monthly payments pay off in the end.
Get Peace of Mind Today
It’s easy to find the insurance that’s right for you at an affordable price. Start getting quotes now with InsuredASAP, Illinois’ best resource for effective, affordable insurance.