Start by estimating the replacement value of everything you own — most renters significantly underestimate it. Walk through your apartment and tally up furniture, electronics, clothing, kitchen items, and anything else you’d need to replace from scratch. The average renter owns $20,000–$30,000 in personal property. From there, liability limits of at least $100,000 are standard, with $300,000 available for a modest additional cost. We help Chicago renters right-size their coverage so they’re not over- or underinsured.

Yes — most standard renters policies cover personal property theft away from your home as well. If your laptop is stolen from a coffee shop, your luggage goes missing at an airport, or your bike is taken from a rack outside, your policy can cover the loss up to your policy limits. For high-value items — jewelry, camera equipment, musical instruments — a personal articles floater provides broader, higher-limit coverage than a standard policy alone.

Illinois law doesn’t require it — but your landlord can. Many Chicago landlords and property management companies now include renters insurance as a lease requirement, specifying a minimum liability limit (commonly $100,000) and requiring proof before move-in. Even when it isn’t required, going without it means a single theft, water damage event, or liability claim could cost thousands out of pocket — far more than the $15–$20 per month a policy typically runs.

No — and this is the most common and costly misconception renters carry. Your landlord’s policy covers the building structure, common areas, and the landlord’s own liability. If a fire, burst pipe, or break-in damages or destroys your furniture, electronics, clothing, or other personal property, that loss is entirely yours. Renters insurance exists specifically to fill that gap — covering your belongings, your personal liability, and your temporary living expenses if your unit becomes uninhabitable.