One of the great things about renting is that you generally won't have to worry about repairing any damage to the property due to natural disasters and other emergencies, as these are typically covered under the property owner's homeowner insurance policy. However, that doesn't mean you don't need insurance to protect yourself. Many landlords require their tenants to maintain renters insurance as a condition of leasing the property. Here's what you need to know. 

Common Components of Renters Insurance 

The renters insurance aspect your Illinois landlord is most likely to require is liability coverage. This portion of your policy would come into play if someone is injured on the property you are renting and you are found to be at fault. Although your landlord's policy likely includes liability coverage as well, many landlords still require you to have your own coverage. 

Personal property coverage is not as frequently required, though it is still important for your own protection. This coverage component applies to your belongings, including furnishings and clothing, for example. To get the greatest benefit, be sure your policy covers the minimum amount you would need to replace all of your belongings if they were lost, stolen, or damaged. 

If a natural disaster or other emergency significantly damages the property you are renting, you may need to find other accommodations while your landlord completes the necessary repairs. To help you weather hotel costs, additional living expenses coverage can be incredibly beneficial. You should definitely consider adding this coverage to your renters insurance policy, even if your landlord doesn't require it. 

Learn More About Renters Insurance in Illinois 

If you are unsure which components and how much coverage you need, our team will be more than happy to help. We work with clients with a wide range of budgets, so we'll optimize your policy to give you the most coverage possible at a price you can afford. We welcome you to reach out to us at any time to learn more about how renters insurance works in Illinois and just how much coverage you need.

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