Question: Why would I want to buy renters insurance?
Answer: If you live in an apartment or a rented house, renters insurance provides important coverage for you and your possessions in Mount Prospect or anywhere else in Illinois. A standard renters insurance policy protects your personal property in many cases of theft or damage and may pay for temporary living expenses if your rental is damaged. It can also shield you from personal liability. Anyone who leases a house or apartment should consider this type of coverage.
Question: How does a renters insurance policy protect my personal property?
Answer: A renters insurance policy provides named perils coverage. This means that the policy only pays when your property is damaged or destroyed by any of the ways specifically described in the policy. These usually include:
- Fire or lightning
- Windstorm or hail
- Vandalism or malicious mischief
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam
- Sudden and accidental damage from artificially generated electrical current
- Volcanic eruptions (but this doesn’t include earthquake or tremors)
Renters insurance coverage applies to your personal property no matter where you are in the world. This means you’re covered when you are on vacation as well as at home.
Question: Why do some apartment complexes require tenants to have renters insurance?
Answer: Owners of apartment complexes buy insurance policies for their liability and to cover their buildings and personal property. However, these policies do not cover any of the tenant’s property or liability. By requiring their tenants to have renters insurance, the apartment owner is assured that the tenants will not mistakenly believe the apartment complex owner’s policy will provide coverage for a tenant’s property or personal liability. Although this type of requirement benefits the apartment complex owner, there are benefits for the renter as well. At Held Insurance Agency we recommend you purchase renters insurance regardless of what your landlord requires.
Question: What if I share my apartment with a roommate? Do we both need to have renters insurance?
Answer: Standard renter’s policies can cover you and roommates that live with you. To do this, all names need to be listed on the policy. If they are not listed, no coverage exists. However, this can cause problems if a claim occurs, since the claim can impact all people listed on the policy. We recommend that each roommate should carry their own renter’s insurance policy to cover your own property and to provide you liability coverage for your own actions.
Held Insurance Agency is located in Mount Prospect, Illinois. Serving the insurance needs of Illinois since 2001. Contact us at 847-306-6570 for more information.