Your landlord's policy covers the building. It does not cover your furniture, your electronics, your clothes, or the hotel you would need if a burst pipe made your apartment unlivable. That gap is what renters insurance fills.
Three coverages in one policy
- Personal property. Your belongings, at home and away. A laptop stolen from your car or a bike taken from a storage unit is usually covered.
- Personal liability. If a guest is hurt in your apartment or your bathtub overflows into the unit below, liability coverage helps with the bills and the legal defense.
- Loss of use. Hotel and extra living costs after a covered loss that forces you out.
Why landlords ask for it
A tenant with liability coverage means small incidents are handled by the tenant's policy instead of the building's. Many Chicago-area leases now require proof of coverage before you get the keys.
What it costs
Renters insurance is usually one of the least expensive policies we write, and bundling it with auto often earns a discount that covers much of the premium. The exact number depends on how much property you insure and your deductible.
This article is general information, not advice about your policy. Coverage depends on the policy and carrier. Questions? Call 708-303-6666.