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Posts Tagged ‘Chicago Renters Insurance’

Renters Insurance in Chicago – Everything you Need to Know

Monday, January 11th, 2010

Chicago Renters InsuranceRenters insurance is to protect your personal property.  Items like your TV, clothes, computer equipment, dishes, etc.  Covered losses are events in which direct physical damage is caused to your property.  Liability coverage is also a coverage  of a renters policy.

Personal Property

Your personal property is covered while it is in your home or with you away from home.  Some renters policies cover you throughout the world.

Your personal property is covered against similar perils that a home would be covered for.  These perils are:

  1. Fire or lightening
  2. Weight of ice, snow or sleet
  3. Smoke
  4. Theft
  5. Vandalism or malicious mischief
  6. Explosion
  7. Sudden or accidental tearing of heating and cooling systems
  8. Freezing /bursting pipes and subsequent damage
  9. Sudden discharge from plumbing or appliances

Liability

This coverage pays for your legal liability up to the limits of the policy for damages that you are responsible for due to bodily injury, property damage, etc.

Medical Payments

This coverage pays for medical expenses for individuals that are on your premises with your permission (up to the limits of the policy)

Loss of Use

This coverage pays additional living expenses incurred as a result of your home being uninhabitable due to an insured loss.

Inflation Coverage

This coverage automatically increases the amounts  of insurance coverage’s on your policy based on the rate of inflation.

Deductible

The deductible is the portion of the covered loss that the client is responsible for, prior to the insurance company paying any monies.  Deductibles are typically $500, $1000, $2000, etc.

Costs

Renters insurance is relatively inexpensive, compared to Homeowner’s or auto insurance.  Usually less that $10/month.

It only takes a few minutes to get a Chicago Renters Insurance quote.    Isn’t it worth that to protect your personal property which is usually valued at $20,000 or more to replace.  Take That minute!!