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Whether it’s your first Lincoln Park studio or a high-rise downtown, renting in Chicago can be an exciting experience. But one thing many renters overlook is insurance. Renters insurance protects you financially if your property is stolen or damaged. It also shields you from liability if you or your pet accidentally causes injuries or damages someone else’s property.
While Illinois doesn’t require renters insurance, your landlord likely will, so be sure to check your lease for coverage requirements.
Here’s what you should know about renters insurance policies and how to pick the best one for you.
How renters insurance works in Chicago
Renters insurance in Chicago doesn’t cover the building you live in. That’s your landlord’s responsibility. Instead, your renters policy typically includes three types of coverage:
Personal property coverage: This coverage protects your belongings from certain perils or events, such as theft, fire, or burst pipes.
Liability coverage: This provides coverage if you’re responsible for someone else’s injuries or property damage.
Additional living expenses coverage: If your apartment becomes unlivable, this coverage pays for extra expenses you incur from hotel stays, meals, or transportation.1
Buying renters insurance in Chicago is fast and easy. All you need to do is:
Identify which coverages you need.
Get quotes from at least three different companies.
Select a policy that strikes a balance between price and coverage that suits your needs.
Be aware that factors like your specific address, credit history, deductibles, and coverage amounts will influence your insurance quote.
How to file a renters insurance claim
Filing a claim is also simple. After a covered event, follow these steps:
Notify your insurance agent quickly to avoid delays.
Document the damage with photos or videos.
Submit any documentation or information your insurer asks for.
Meet with a claims adjuster (if applicable).
It’s a good idea to create a home inventory before an unexpected event so you can prove what you’ve lost if you have to file a claim.
Best renters insurance companies in Chicago
The best renters insurance company for you depends on your lifestyle and budget. For example, Lemonade may appeal to college students thanks to its all-digital experience and affordable prices. State Farm doesn’t have a restricted breed list, which is great for pet owners. Allstate has a discount for seniors not actively seeking employment, making it a cost-saving choice for retirees.
Here, you can learn more about a few other insurers that might make sense for certain groups.
What renters insurance covers in Chicago
Renters insurance covers more than people may think. Here are a few common examples:
Furniture (couches, tables, chairs, beds)
Appliances (microwave, fridge, washer, dryer)
Electronics (TVs, laptops, gaming consoles)
Clothing
Jewelry and watches
Collectibles (art, stamps, coins, sports memorabilia)
Hobby equipment (cameras, sports, instruments)
Remember that a standard renters policy imposes limits on personal property damage and typically doesn’t offer replacement cost coverage. If you own valuables, like jewelry or collectibles, ask your insurer about endorsements or separate policies for high-value items.
Theft or burglary3
Water damage from frozen pipes or accidental leaks
Windstorm or hail damage
Lightning strikes
Vandalism or malicious mischief
Falling objects (such as a tree limb damaging your balcony furniture)
Fire or smoke damage
Explosions
Civil unrest (depending on the policy)
A guest slips or falls in your apartment due to clutter.
Your pet bites someone in or outside of your unit (like a nearby park).
You or a family member accidentally damages a neighbor’s property.
You cause damage in shared spaces of your building, such as dropping a bicycle in the hallway.
Hotel or temporary housing
Utilities at temporary housing
Rideshare, taxi, or gas to get to temporary housing
Take-out or restaurant meals if you can’t use your kitchen
Laundry expenses while your washer or dryer is repaired
Storage unit costs for salvaged belongings
Unique considerations for renters insurance in Chicago
Living in Chicago has its quirks. Your renters insurance coverage should cover them:
It’s important to review your renters insurance policy regularly, as policy changes can affect your coverage and premiums.
How to save on renters insurance in Chicago
You can often bring your premiums down to just a few bucks per week with the following cost-saving tips:
Install security devices. Security devices, like deadbolts or smart alarms, can help prevent break-ins and help you earn renters insurance discounts.
Fire safety features. You’ll qualify for a discount if your rental has smoke detectors, sprinklers, or even a fire extinguisher.
Bundle policies. Bundling your renters and auto insurance can save you a big chunk on your policy.
Increase your deductible. Choosing a higher deductible can result in lower premiums. Just make sure you can cover the out-of-pocket cost if you need to file a claim.
Compare quotes. Get renters insurance quotes from at least three different insurance companies offering the coverages you need. Remember, the cheapest renters insurance isn’t always the best. Look for a combination of value and coverage.
Renters insurance in Chicago FAQs
If you’re looking for renters insurance in Chicago, the additional information can help as you research your coverage options.
Is renters insurance required in Chicago?
While Illinois law doesn’t require renters insurance coverage, most landlords do.
How much renters insurance do you need in Chicago?
The amount of renters insurance coverage you need depends on the value of your personal belongings. The recommended minimum liability amount in Chicago is $100,000.
How do you file a claim for renters insurance in Chicago?
To file a claim in Chicago, contact your renters insurance company right away. You’ll need to provide photos or videos of the damage and original receipts of your purchases. Keeping a home inventory can help make the claims process much smoother.
Which company has the best renters insurance in Illinois?
The best renters insurance company depends on your specific needs. For example, Lemonade is a good option for college students, while American Family is best for renters in luxury apartments. Erie has the highest customer satisfaction ratings with J.D. Power, so it’s an excellent option for renters who value quality customer service.
What isn’t covered by renters insurance?
Renters insurance policies don’t cover floods, earthquakes, or sewer backup. You’ll need a separate policy for that. It also doesn’t cover property damage from poor maintenance, pests, or intentional damage.
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