Cheap Renters Insurance Illinois

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Cheap Renters Insurance in Illinois

Mercury provides some of the most affordable renters insurance rates in Illinois without compromising on quality. Whether you’re renting a townhome in Springfield or an urban loft in the heart of Chicago, you can rest easy knowing we’ll help cover your belongings, personal liability, and medical payments to others in case of an accident. Learn more about our renters insurance and get a policy right for your needs.

What is Renters Insurance?

Renters insurance is a type of policy that covers your personal property in case of damage or loss. In Illinois, there are certain factors to bear in mind. The state is known for various weather patterns — i.e., tornadoes and ice storms — and renters insurance can provide coverage for damage caused by these types of natural disasters.

Mercury offers some of the most affordable renters insurance rates in Illinois while providing best-in-class coverage. Whether you're renting a condo in Springfield or a modern apartment in the heart of Chicago, we can provide comprehensive coverage for your belongings, personal liability, and medical payments to others in case of an accident.

Get a free quote today and secure a policy that fits your needs and budget.

 Illinois Renters Coverages

Items and Expenses Covered by Renters Insurance

Here are some key items and expenses rental insurance typically covers:

  • Personal property: Your renters coverage can help replace or repair your personal property — e.g., furniture, clothing, electronics, etc. — if these items are stolen or damaged due to covered losses. This coverage typically extends beyond your rental property, meaning you may get coverage if items are stolen or damaged in your car or while traveling.
  • Liability: Liability: If someone gets injured in your rental unit and you’re found at fault, your rental insurance can help cover their medical expenses and your legal costs. Also, if you damage another party’s property, liability coverage can help cover their repair or replacement costs.
  • Additional living expenses: If your rental property becomes uninhabitable due to a covered loss, such as fire or storm damage, your renters insurance can help cover the costs of temporary housing and other related expenses.
Learn more about renters coverage

Incidents Covered by Renters Insurance

Renters insurance helps cover various incidents that could result in loss or damage to personal property. In Illinois, insurance typically covers incidents such as:

  • Fire or lightning: This coverage includes damage caused by wildfires, which, although not as common, can still occur in Illinois.
  • Windstorm or hail: This category covers damage from tornadoes and severe storms, which are common in Illinois, especially in the spring and summer.
  • Theft and vandalism: Chicago has high crime rates, so losses due to theft or vandalism, whether in your home or while you're traveling, are covered under renters insurance.
  • Smoke: This category covers smoke damage from various fire-related incidents.
  • Water damage: Renters insurance often covers sudden and accidental water damage, such as burst pipes or appliance leaks.
  • Ice and snow damage: Since harsh winter conditions are normal in Illinois, rental insurance typically covers damage caused by ice and snow, such as roof collapses or frozen pipes.

What Does IL Renters Insurance Not Cover

Rental insurance in Illinois provides valuable coverage for a range of perils. However, there are certain events and items it doesn’t cover. Understanding these exclusions is crucial to managing your risks effectively.

  • Flood damage: Standard renters insurance policies don’t cover flood damage. Although Illinois is not a coastal state, it's not immune to flooding, especially during periods of heavy rainfall. You must purchase a separate flood insurance policy to get this protection.
  • Earthquakes: Damage from earthquakes is not typically covered under a standard rental coverage policy. While earthquakes are rare in Illinois, they can occur. You’ll need to purchase earthquake insurance to get coverage.
  • Pest damage: Rental insurance typically doesn’t cover damage caused by pests, such as rodents or insects. Insurance companies consider pest damage preventable, so take proactive measures to keep them out of your home.
  • Damage from normal wear and tear: Insurance doesn’t cover personal property costs associated with normal wear and tear or aging. It’s your responsibility to maintain your belongings regularly.
  • Business-related losses: If you run a business in your rental unit, any losses or liability claims associated with your business usually won’t be covered. You must purchase a business insurance policy to protect your assets.

Mercury is committed to helping Illinois residents navigate the complexities of insurance by offering tailored solutions, proactive risk management advice, and comprehensive coverage options. Whether you need specialized policies for flood or earthquake protection or guidance on preventative measures, we’re here to support your insurance needs. Talk to a local agent today!

Why Is My Landlord Asking for Me to Get Renters Insurance?

In Illinois, no state law explicitly requires renters to have insurance. However, landlords can include it as a requirement in the lease agreement. It’s perfectly legal for your landlord to request that you purchase this insurance as part of your rental agreement. Here are some of the reasons why:

  • Reduces risk — Renters insurance helps reduce overall risk for both tenants and landlords. Having coverage in place makes you less likely to seek compensation from the landlord for personal property losses or liability claims, creating a more stable rental environment.
  • Mitigates disputes — In the event of a covered loss, having insurance can help mitigate disputes between you and your landlord. It provides a clear avenue for you to recover your losses without seeking compensation from your landlord.
  • Helps recover damages — If you accidentally cause a fire or water damage in your unit, your landlord’s insurance will cover the property damages. However, this comes into effect only after your landlord has paid the deductible. If you have renters insurance, your landlord can recoup the deductible from your insurance provider.
  • Helps vet responsible tenants — Rental insurance reinforces the idea of tenant responsibility. Landlords may request it as a way to ensure that you’ll be a responsible tenant.
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Father and son playing together on sofa in apartment living room

Choose Mercury for Cheap Renters Insurance in Illinois

Mercury offers some of the most competitive rates in Illinois, providing cost-effective protection for your belongings. Our customizable policies allow you to tailor the coverage to your specific needs, whether you’re renting a studio apartment or a multi-bedroom house. Filing a claim with Mercury is a quick and easy process, supported by our dedicated customer service team available 24/7.

Save More with Discounts

Our renters insurance is already affordable, but you can save even more by taking advantage of these exclusive discounts.

  • Home + Auto: Bundle your renters and auto insurance policies and enjoy big savings.
  • Paid in Full: Secure up to 10% in savings when you pay your annual rental insurance premium in full.
  • Digital: Save up to 2% when you sign up for the customer portal, paperless billing, and paperless document directory.

Choose Mercury for insurance in Illinois and enjoy peace of mind knowing you’re covered.

Contact us for a fast, free quote today!

Your Questions About Affordable NY Renters Insurance - Answered

How much is renters insurance in Illinois?

According to Nerd Wallet, the average cost of renters insurance in Illinois is about $12 per month or $146 per year.

How to find the best affordable renters insurance in Illinois?

Mercury provides reliable coverage at an affordable rate. Contact us today for a fast, free quote and customize a renters coverage policy tailored to your needs and budget.

Do I need apartment insurance in Illinois?

Rental insurance provides valuable coverage for personal belongings, liability, and additional living expenses at an affordable price. When you choose Mercury, you can rest easy knowing you'll receive quality coverage without breaking the bank.

How do I find a Mercury Agent in Illinois?

Visit our Illinois Insurance Agents page and find an agent in your area!

Who has the cheapest renters insurance in Chicago?

Mercury offers some of the most competitive renters insurance rates in Chicago. Plus, you can save even more on your premium with special discounts, such as our home and auto bundle, paid-in-full, and digital discounts.

Is it illegal to not have rental insurance in Illinois?

No state law requires tenants to have renters coverage, but your landlord or property manager has the right to require it as part of the leasing agreement.

What products does Mercury offer in Illinois?