Renter Insurance...Is it required?
Renter Insurance...Is it required?
While renters insurance is not required by law in Chicago or Illinois, many landlords and apartment management companies may require it as a condition of the lease agreement. Landlords may also ask to be added as an “interested party” to the policy, which means they will be notified of any changes to the coverage or if the policy is canceled.
Renters insurance can help protect your belongings from damage or theft. It may also cover temporary living expenses if your home is unsafe to live in after a covered loss.
Factors that can affect the cost of renters insurance include:
- Location: Your neighborhood can impact the rate
- Deductible: A higher deductible usually means a lower premium
- Coverage amount: More coverage generally costs more
- Claims history: Fewer past claims may result in lower rates
- Credit score: A better credit score may lead to better rates
To file an accurate insurance claim, you can create a home inventory with photos and proof of ownership. This can help you determine how much coverage you need and what to include in your claim.