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How much is renters insurance in Chicago?
I’ve just taken a new job in Chicago and found a great apartment in Logan Square. Here’s my question: how much will renters insurance cost me in Chicago?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
What a find! Logan Square is a great neighborhood. In terms of your renters insurance, it’ll likely run you around $190 a year in Chicago, which is a bit higher than the Illinois average. This is because Chicago is a city, and crime rates are higher there than in more rural or suburban areas.
When purchasing a policy, you should consider the following:
- How big will your deductible be? Yes, when you select a largerdeductible, the policy will be less expensive as a result. However, carefully consider how much you’ll be saving vs. the amount you’d have to pay out-of-pocket if your personal property needs to be replaced. Ask yourself, would you be comfortable covering the first $1,500 or $2,000 of a claim?
- Don’t forget about personal liability coverage (Coverage E). We usually focus on how well a policy covers the loss of personal property. Keep in mind that your landlord will likely also require that you carry a certain amount of personal liability coverage. Review your lease to find out the amount.
- Do you want Replacement Cash Value (RCV) or Actual Cash Value (ACV) coverage? ACV coverage will cover only part of the cost of replacing an item because it takes into account the item’s depreciated value. RCV coverage, which is more expensive, will give you the money to purchase a brand new item.
Best wishes on your move to a new, exciting life in Chicago!
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