Protect What You Own with Renter's Insurance in Illinois

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.  

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen. 

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen. 

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.  

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills. 

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage. 

• Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:  
• • Fire and smoke 
  • Storms, lightening, wind, hail 
  • Theft 
  • Vandalism 
  • Explosions 
  • Winter weather damage 
  • Damage from infrastructure tearing, cracking, burning, etc. 
  • Sudden, accidental damage from electric currents 

•  
• Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself. 
• Loss of Use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed. 

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage. 

Illinois Renters Insurance 

Renters insurance in Illinois protects you and your belongings from a range of perils. Homes in Illinois are vulnerable to storms and extreme weather that could damage properties. If your belongings are damaged due to a severe weather event, your Illinois renters insurance can reimburse either the cash value or replacement cost value of your lost items (up to your limits and minus your deductible). It can also pay for legal or medical expenses if you are held responsible for someone else’s injury that occurred in your home. 

What Does Renters Insurance Illinois Cost? 

Many renters in Illinois understandably worry about the renters insurance cost factor. Fortunately, Illinois renters insurance policies are very affordable. The average premium for 2024 in Illinois is $146, or about $12 per month—exactly the same as the national average cost. Renters insurance rates are typical in Illinois, and even the highest coverage options are relatively affordable for most renters. There’s no downside to spending a few dollars each month to protect yourself and your belongings. 

Keep in mind that your exact renters insurance cost will vary depending on your policy specifics — the cheapest renters insurance companies and policies tend to have higher deductibles, while more expensive options have lower deductibles. The best renters insurance companies often offer renters insurance discounts if you bundle with an existing auto policy.  

What Are the Most Common Claims in Illinois? 

Common renter’s insurance claims in Illinois include damage due to winter storms and other weather events like rain, hail, and snow. Illinois also experiences an average of 50 tornadoes each year, causing $1,417,129,000 worth of damage in the past decade (2010-2020). If your home is damaged due to a tornado or other severe weather event, chances are some of your belongings were damaged, too. 

Theft and burglary are also common renters’ insurance claims. Chicago residents have a 1 in 31 chance of becoming a victim of a property crime. If your home is broken into and your belongings are stolen or damaged, your Illinois renters insurance policy can reimburse you. 

What Additional Policies Do I Need in Illinois? 

Illinois renters may also need flood insurance. Flooding can occur in Illinois due to rising water levels, melting snow, and blocked waterways.  

According to FEMA data, Illinois counties across the state have experienced high historical flooding rates. Some counties have experienced more than 100 flood events from 1996 to 2019, like Jackson and Alexander Counties. If your home is within a floodplain or has flooded in the past, flood coverage is necessary. 

Flood coverage is typically excluded from most Illinois renters insurance policies, so a separate policy is needed. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renters Insurance in Illinois 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Viaffinity. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable quotes, customize your coverage, and add an additional person onto your policy at no extra cost.