Because you may be “just renting,” you may think you don’t need apartment rentals insurance in Illinois. A landlord insures his property against natural disasters, fires, etc. However, it is up to the renter to insure his or her own belongings.
Make an Inventory
Whether you rent an apartment or a home, it’s a good idea to make an inventory of your belongings and assign a value. Major items not easily replaced, such as beds and furniture, jewelry and electronics, are items to consider.
A good bed can cost several hundred dollars to replace. The same is true of electronic equipment such as computers, TVs, phones and more. You may also have some good jewelry, with real gems and gold (you may need extended coverage for jewelry and similar items).
Count the Cost
When you add it all up, you might be surprised at the value of your possessions. You might also be surprised to learn that the average monthly payment for apartment rentals insurance in Illinois and across the nation is $15-$30. Weigh that against the cost of replacement should you experience a break-in, fire or other emergency.
Your next step as a renter should be to meet with an agent and discuss coverage. You will find you have several options, including deductibles, for keeping payments affordable.