37% of residents in Illinois rent their homes, amongst which students make up for the highest percentage. Only 44% of these renters have renters insurance. While the law does protect the residents from certain issues with the landlord, mostly are living without any protection in case a lawsuit or accident occurs. For example, the landlord could easily sue the tenant on a fire that damaged the apartment or house. One liability case is all the takes to wipe out everything you have own. The state of Illinois, just like most states, requires you to have renters insurance. The policy that your rented property owner has will not cover you for most situations. You need renters insurance to secure your assets, your family and yourself.
One reason renters don’t have renters insurance is because of lack of understanding of why renters insurance is important and because of the fear that renters insurance is going to be very expensive. Most people do not even seek a quote on the renter’s insurance and just assume it will be outside their budget. The cost of renters insurance is lower because the risk is lower for example renters typically do not have a yard or swimming pool that could potentially injure someone. Renters insurance covers personal property from fire, theft, vandalism, etc. There is liability coverage in case there is any bodily injury or property damage to someone else at your premises.
It can get a bit complicated and you should definably seek expert advice. One such insurance expert is George Ryan Jr. Insurance Group Inc. serving Bourbonnais, IL. They can guide you to how best to avoid common pitfalls in renter’s insurance and guide you to a suitable policy for your rented property. The contact information for George Ryan Jr. Insurance Group Inc. serving Bourbonnais, IL is available on the website.