Renters Insurance Illinois
In 2013, the average estimated cost of renters insurance in Illinois was $158 a year. Compared to that the average homeowners insurance is $760 a year in Illinois, thus renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Illinois
There were 71101 burglaries reported in Illinois in 2012. The landlord's policy does not cover renter's damages like burglary. Thus to get protection from events like fire, burglary and other disasters renters insurance is essential.
Renters Insurance Coverage Types:
Actual cash value policy:
This policy covers the depreciated value of the loss. For instance, that Desktop you bought for $1780 might only be worth $890 six months later – and that's all you're going to get for it.
Replacement Coverage Policy in Illinois:
- Quoting the same example, the insurance essentially may not pay for the Desktop but one will get adequate amount to buy another laptop same as the lost/damaged one. The replacement cost insurance in Illinois costs around $39.5 more than the actual cash value policy.
- The average renters insurance of $10 per month is 0.65% of median monthly rent, taking into account Illinois median rent as $1550 per month.
Estimated Renters Insurance for Different House Types in Illinois
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Illinois:
By opting for a $500 deductible over a $250 deductible, an average of $17.38 can be saved on the insurance premium.