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This is a sponsored post by Toggle. All reviews and opinions expressed in this post are based on my personal view and I am not a licensed insurance agent.
I first moved to Chicago when I was 18 for college and ended up staying for almost 14 years! I’m a huge fan of Chicago. There’s nothing in the world like a Tuesday summer Cubs game at Wrigley Field or hanging on a friend of a friend’s boat on Lake Michigan.
From my first apartment in Hyde Park, to the living in Wrigleyville, Wicker Park, Bucktown, and Printer’s Row – I’ve had the opportunity to live in so many different parts of the city. In fact, I’ve lived in 12 different Chicago apartments (and yes, I know that’s a ton of moving!).
I remember the first time I moved off campus when I was 19 and my landlord required me to get Chicago renters insurance.
I had no idea what renters insurance was and why I needed it. But eventually, once my apartment got broken into three times over ten years, and a huge pipe burst in my ceiling once, I was extremely thankful for renters insurance and the ability to protect my stuff. It saved me almost $10,000 in 10 years. Totally worth it.
You might have heard of the term “renters insurance”, but what exactly does it mean? Basically, my understanding of renters insurance or tenant insurance, as it’s also known, is that it exists to protect you and your stuff against incidents that are not covered by the landlord’s insurance plan.
Since the future is unpredictable, I prefer having renters insurance. It can help protect the stuff in your apartment or condo in Chicago.
Purchasing renters insurance, if you value your stuff, is totally worth it. If you’re a complete minimalist (which I’m not) and you have one cup, one bowl, and three changes of clothes, but nothing else, then you might decide you don’t need it.
But others might decide renters insurance is a no brainer to protect their stuff in the event of an unexpected catastrophe.
Benefits of Renters Insurance in Chicago
One common misconception is that when you rent an apartment from either a person or a company, their insurance will cover everything and anything that happens in your residence. But typically your landlord’s insurance does not cover things like your personal property, liability protection (legal and medical coverage in case of a liability-related injury or property damage), and an unlivable home.
This is where renters insurance can help. The crazy thing is how cheap renters insurance can be and that the ROI can be extremely high. I’ve heard many people claim that they don’t have renters insurance solely due to the cost, but,it’s a lot less expensive than people realize.
Sure, even the best car insurance in Chicago is hard to find for less than $80 a month, but renters insurance can be a lot cheaper. A vast majority of the time I lived in Chicago my renters insurance was less than $20 per month and it protected my personal property worth almost $15,000! That’s the same price as a few coffees to protect everything I owned.
And for such a small monthly contribution, you’ll benefit from several different types of insurance coverage. I’ve described my understanding of them here but for more details and an in-depth explanation of each check out my Toggle Review or get a free from Toggle below. BTW, checking your rates doesn’t impact your credit score.
Protecting Your Stuff
So, what does renters insurance actually cover? It can cover as much or as little of your stuff as you want. Companies like Toggle (from Farmers Insurance) offer you the ability to customize your rental insurance and offers protection from incidents such as fires, theft, water damage, or other potentially destructive events.
When I was 24 and living in a pretty crappy apartment, one morning I woke up and there was about 2 inches of water on the floor in my closet covering my shoes, my suitcase, and unfortunately my guitar!
While I was sleeping a pipe had burst in the ceiling and completely destroyed almost everything in my closet.
If I didn’t have renters insurance then I would have been completely out of luck, since I found out that this type of event is often not covered by a landlord’s insurance.
However, since I had great renters insurance I was able to get almost $3,000 reimbursed for my damaged items.
This is something I never really thought about and thankfully haven’t had to deal with, but
if someone is injured in your home and decides to file a lawsuit, renters insurance can also protect you financially.
I’ve heard about situations where a guest gets injured while visiting. If that person decided to sue and you didn’t have renters insurance, you could be paying out of pocket. This makes renters insurance totally worth it.
If You Can’t Live In Your Home
If your residence is temporarily unlivable due to a hazardous event, and your plan provides this type of coverage, it will help pay for your relocation or temporary housing until your primary residence is deemed suitable for living again.
If you don’t have renters insurance with this coverage, and have to move out because of a fire, that could add up to a huge expense.
Best Renters Insurance in Chicago. You decide.
Are you convinced that renters insurance in Chicago is a smart investment? I hope so. If not, you might be subjecting yourself to a lot of unnecessary risk and potentially a large financial headache.
In my 14 years living in Chicago I was able to try out a few different rental insurance companies, but Toggle has recently entered the city and has an entirely new approach. For as low as $5 per month, you can get renters insurance coverage with Toggle – A Farmers Company. It might be worth checking out.
Even if you think there’s a 99.9% chance you’ll never use it, I think it’s worth having renters insurance for the 0.1% chance that something bad happens.
It would have cost me tens of thousands of dollars over the years if I didn’t have it. While many types of insurance might not be worth it, in my opinion renters insurance definitely is.
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