Renters Insurance in Chicago – Everything you Need to Know

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


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.


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.


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!!

Different Types of Condo Insurance Coverage

Chicago Condo InsuranceCondo Insurance policies provide coverage for the things that your Condominium Association policy does not. The Association usually insures all of the building and common areas under a single policy. The Association policy is generally called a Master Policy.
As a unit owner you need to be well versed in what you, as the unit owner, are responsible for. Master Policy’s vary widely from carrier to carrier. Coverage’s that are available are listed below.

Property Coverage -A unit owners policy insures your property, including building additions and installations which are part of your unit are covered. Upgrades to your unit, as well as fixtures that you add, may not be covered under the Master Policy.

Personal Property – This insurance coverage protects your personal property in your home. Good examples of that are clothes, furniture , electronic equipment, dishes, etc. Anything that if you turned your unit upside down-they would fall out.

Loss of Use – If a loss occurs on your property and you can’t live in your unit you could need somewhere else to stay. Part of the coverage in our policy is the loss of use coverage. This coverage will cover the necessary expenses to continue living in the style in which you were living. Coverage may be stated as a maximum dollar amount or a specified period of time.

Loss Assessment – This coverage protects the owners of an association in the event that they are assessed for certain types of losses. An example is that the Association incurs a major fire loss and their deductible is $25000. Each unit owner may be assessed a dollar amount to help cover the Master Policy Deductible.

Personal Liability Coverage – Liability coverage protects the unit owner in others make a claim against them for bodily injury or property damage. This coverage is either in your home or elsewhere. This coverage also pays for defense costs.

Medical Coverage – This coverage pays for medical expenses for guests of the unit owner if they are on your premises and are injured accidentally.

There are many additional coverage’s available. Check with your insurance agent to discuss your family’s needs or click here to get a free Chicago Condo Insurance quote on our website.

What Types of Cars are Stolen Most?

Most people would rather have a Mercedes than a Honda, but not so if you are a car thief. Out of the $1million cars that are stolen last year (2008) in the US, more than 55,000 were Honda Accords. This was reported by the National Insurance Crime Bureau.

The most stolen car is the Honda Accord

The most stolen car is the Honda Accord

Why? Is it that they are more stylish than their competition – say the Lexus or Mercedes? Is their performance better? Do they have more color choices that the thieves prefer. The answer to these questions is no.  The reason for the high theft rate of the Accord is their lack of Anti-theft devises. Without the anti-theft technology it is easy to steal their parts. The most desirable being the catalytic converters, tires, anything containing copper. Toyota runs a close second.

The National Insurance Crime Bureau compiled a list of the 10 most frequently stolen vehicles in the U.S in 2008. Honda’s were on the list in 2008 also.

The top five are:

1. 1994 Honda Accord
2. 1995 Honda Civic
3. 1989 Toyota Camry
4. 1997 Ford F150 Series
5. 1995 Dodge Ram Pick-up
What is also interesting is the lowest theft claim frequencies:
1. Ford Taurus
2. Pontiac Vibe 4wd
3. Buick LeSabre
4. Buick Park Avenue

The moral of the story is-don’t think that you are safe from theft just because you don’t have a $100,000 car. There is good news! Car theft is on the decline if this years trends hold (NCIC, a division of the FBI).

Expensive cars like Mercedes are not stolen more often

Expensive cars like Mercedes are not stolen more often

The FBI states between $ 7 – 8 billion is lost every year due to auto theft. The sad thing is that approximately 58% of the vehicles are recovered.

Declining Theft Rates

With the various technologies now on the market it would make sense for the theft loss rate to decline. Technology such as fuel cut – offs, smart keys, audible devices all contribute to theft prevention. Another tool on the market is a tracking device – Lo Jack. In addition, On Star offers a standard feature in 50 new GM vehicles to decrease theft. The system allows drivers to talk with the company at a central call center for emergency services to directions. Technology will indeed help this expensive loss trend.

How Does this Affect Insurance?

Theft losses are covered under Comprehensive Coverage on your auto insurance policy. The more thefts, the higher the cost of that coverage. Most companies offer a discount on a policies comprehensive coverage if an anti-theft device is present.

Moral of the Story

It isn’t always the most expensive vehicle that is the most desireable. Different people value different things. Just be safe and be careful!  To find out how much it would cost to get auto insurance for your car, please fill out a Chicago Auto Insurance quote form.

Universal Life Insurance – Insurance Definition of the Week

Universal life coverage can be quite confusing. Basically it is an adjustable benefit life insurance policy that accumulates account value over time. Each time one makes a premium payment, a small percentage is deducted as an expense fee and the rest is added to the policy’s account value, which also earns interest monthly. One of the biggest benefits of this account is that it has a flexible premium. Therefore, one can change the death benefit and premium payments in order to suit their changing needs.

Other benefits of universal life insurance include account tax-deferred account value growth. According to State Farm, “Your policy’s Account Value earns interest at the company’s current interest rate — federal income tax deferred. The current interest rate is guaranteed to be at least 4% a year.” In addition, one can also make withdrawals from their policy if necessary, and at that time, they will then pay taxes on the cash withdrawn. Overall, universal life insurance is good if you need a policy with the flexibility to make changes in accordance to your lifestyle.

Click here to obtain a Chicago Life Insurance quote free!

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Umbrella Insurance – Insurance Defnition of the Week

What is Umbrella Insurance?

It is a special type of liability insurance policy that provides coverage well beyond that of your regular insurance.   Basically, one would purchase this type of policy if they wanted an additional amount of coverage over all other existing policies, hence the title umbrella insurance.  This insurance usually is sold in increments of $1,000,000. In example, if one has auto, life, health, and homeowners insurance policies each at $200,000, if they had to make a claim on any one of those, it would be for up to $1,200,000.  Many times certain types of insurance can’t cover above a certain amount of money.  With umbrella insurance, this problem can be avoided.

Although umbrella insurance is extremely expensive, it’s flexibility to cover over any of your existing policies makes it well worth it.  As if that’s not enough, it can also provide coverage on certain claims not usually covered by ones regular insurance, such as false arrest, invasion of privacy, or even slander.  Overall, umbrella insurance is a great safety net to have.