Personal Property Damages For Renters Insurance In Illinois
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FAQ
To help determine renters insurance policy amounts, it's important for the tenant to know the value of the property and typical coverage limits. Most renters should have insurance that covers at least $20,000 in damages, but it could go even higher in some cases.
When buying or maintaining a renters insurance policy, take inventory of your possessions and keep an updated list of items. Renters insurance tends to cover loss or damage to items in the home related to fire, theft, vandalism, plumbing, and electrical malfunctions.
Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy. All three of these events can easily damage your personal property, so you should buy additional coverage if you think you're at risk.
Most home insurance providers (us included!) require you to carry a minimum amount of personal property coverage – usually around 10% of your dwelling coverage. This means a home that costs $300,000 to rebuild, typically needs a minimum of $30,000 in personal property coverage.
Renters insurance helps cover your personal property if it's damaged by a covered event, like theft, fire or a storm — but it's even more than that. Beyond helping to replace your belongings, renters insurance can help protect your lifestyle.
Typical renters insurance policies default to between $10,000 and $25,000 in personal property coverage. If you are sharing your renter's policy with a roommate, you might elect to increase this coverage amount. You generally have some flexibility for your personal property coverage limit.
