Living in an apartment complex involves many risks, the most common ones being theft, fire, smoke, vandalism, and natural disasters. An even bigger risk, however, is not having renter’s insurance to protect you from these causalities. More than 50 percent of renters opt out of apartment rentals insurance in Illinois because they believe it’s unnecessary, yet there are plenty of reasons why you should consider acquiring it.
Protecting Your Personal Possessions
A landlord’s insurance only covers the apartment complex as a physical building, yet many renters believe their belongings are covered in the event that they’re damaged or stolen. The unfortunate truth is that personal belongings are only protected through renter’s insurance. Some policies even offer either “actual cash value” or “replacement value” coverage with the latter requiring a higher cost in premium.
Many renters forego renter’s insurance because they’re not convinced that paying extra is worth the value of their personal items or property. In reality, renter’s insurance can cost anywhere between 15-30 dollars a month; that equates to an annual cost of 200 dollars, and in Illinois, the annual average is even lower at 169 dollars.
Personal Liability Coverage
Having guests over doesn’t ensure that accidents are unavoidable; however, through rentals insurance, you’ll be protected from injuries or accidents that take place at your rental. With apartment rentals insurance in Illinois, 300,00 dollars is the recommended amount for quality liability coverage against such mishaps.
Apartment rentals insurance is a worthwhile investment and can provide additional benefits. Just be sure you’re aware of what it does and does not cover.