A Quick Guide to Renter’s Insurance

According to insurance industry experts, only 37% of renters have renter’s insurance. That means more than 2/3 of people renting a place to live in Illinois aren’t covered if something happens to their personal possessions. If a personal injury occurs on their property, they don’t have any financial protection against liability.

In this quick guide to renter’s insurance, we will look at what a renter’s insurance policy covers. We will also explore if a renter’s insurance policy is right for you and what it costs to have this essential financial protection.

What is Renter’s Insurance?

A renter’s insurance policy covers three basic things: personal property, liability, and living expenses. It does not cover the home or apartment you are renting.

Personal Property

Suppose a storm or fire damages your television, computer, clothes, or other personal possessions. In that case, a renter’s insurance policy will cover the cost to replace those items. Likewise, these items are covered if someone steals them.

Some insurance policies will cover your personal valuables when they are not in your rented home.

Liability

Consider if someone is hurt in your rented home or apartment. In that case, renter’s insurance can protect you financially if you are sued for damages. One lawsuit from a slip and fall, for example, could ruin your financial situation for years. Protect yourself with a renter’s insurance policy.

Additional Living Expenses

If a fire or storm damages your rented home, the owner is financially responsible for repairing the structure. However, a renter’s insurance policy can help you cover the costs of a temporary place to live, like a hotel. Some policies also cover things like meals and other living expenses.

Do I Need Renter’s Insurance?

Just like auto insurance or life insurance, renter’s insurance protects you from unexpected moments in life. During 2018, 98% of insurance claims from homeowners and renters were associated with property damage, including theft. If your rented home is in a vulnerable neighborhood, renter’s insurance is a good idea.

Anyone who rents a home should consider whether they could financially recover from a loss of their personal items. College students who live off-campus are especially vulnerable. Off-campus students who rent a home or apartment should opt for renter’s insurance.

How Much Does Renter’s Insurance Cost?

Renter’s insurance in Illinois is very affordable, about the same as the cost of a couple of lattes each month. That’s a small price to pay for peace of mind and financial protection from the unexpected. To find out how much a policy will cost, request a quote from Ryan Braden Insurance Agency.

Make Sure You’re Covered

If you are renting a home in Illinois, it’s important to know your options when it comes to renter’s insurance. Ryan Braden Insurance Agency can help you select the right insurance coverage for your specific situation.

Contact Ryan Braden and request a quote for renter’s insurance, auto insurance, or life insurance today.