How to get cheap renters insurance that still covers you

How much coverage do you need?

• Make a home inventory. List your belongings with photos or video and receipts, and store a copy outside your home or online. The Illinois Department of Insurance recommends it.
• Pick replacement cost if you can. Actual cash value pays what an item is worth after depreciation. Replacement cost pays to buy it new. Triple-I says replacement cost coverage typically costs about 10 percent more.
• Choose a liability limit. Triple-I says liability coverage generally starts at about $100,000, and some experts recommend at least $300,000.
• Check special limits. Triple-I says you are generally covered for up to $1,500 for jewelry or other expensive items. If yours are worth more, consider a floater. Ask about limits for items away from home too.

See Triple-I’s renters insurance guide and the Illinois Department of Insurance renters page for more.

Ways to pay less

• Compare at least three quotes. Triple-I recommends it. Compare the same coverage amounts, deductible and replacement cost option.
• Raise your deductible if you have savings to cover it. Triple-I suggests a deductible of at least $500 and says raising it to $1,000 may get you as much as 25 percent off. You pay the deductible each time you file a claim.
• Bundle policies. Triple-I says insurers often give a discount if you also have a car or business policy with them.
• Ask about safety discounts for smoke detectors, deadbolts or a security system.
• Don’t over-insure. Use your inventory to choose a coverage amount that matches what you own.
• Review it each year and when you move. Our moving guide has tips for the move itself.

Is it required?

Many leases require renters insurance. Check your lease for a minimum liability amount and whether your landlord must be listed as an interested party.

Flood coverage for renters

Flooding isn’t covered by renters insurance. The NFIP offers contents-only flood policies for renters with up to $100,000 of coverage for belongings, according to FloodSmart. See how to buy a policy. Triple-I also notes most policies don’t cover backups in sewers and drains, so ask an agent whether you can add that coverage. See Triple-I.

Free help in Illinois

Questions or a problem with a claim? The Illinois Department of Insurance has a consumer line at (866) 445-5364, and offices in Chicago at (312) 814-2420 and Springfield at (217) 782-4515, as listed in its consumer guide and renters page. See the IDOI homeowner and renter page for guides and complaint forms.

MegaSavings is not an insurance agent or broker, doesn’t sell insurance and can’t tell you which policy to buy. Coverage, prices and discounts vary by company, location and your history. Read the policy before you buy and ask a licensed agent if you have questions.