Renters Insurance in Oak Lawn, IL
Whether you are renting a modern apartment in Oak Lawn or a family home in the South Suburbs, everything inside belongs to you, not your landlord. Many tenants mistakenly believe that their landlord’s insurance policy covers their belongings in the event of a disaster. However, a landlord’s coverage typically applies only to the building’s physical structure, leaving your personal belongings and financial liability uncovered. At Hanway Insurance, we help renters cover their belongings with affordable renters insurance.
Understanding the Landlord Insurance Myth
A common misconception among renters is that the property owner’s insurance extends to the tenant’s personal items. If a fire, theft or significant water damage occurs, the landlord’s policy will likely cover repairs to the walls, floors and roof, but it will not cover your furniture, electronics or clothing.
Key Components of Renters Insurance
Renters insurance covers more than your belongings. A standard policy through our agency includes three parts:
- Personal Property Coverage: This helps pay to repair or replace your belongings, such as clothing, jewelry and electronics, if they are damaged or destroyed by a covered peril like fire or theft.
- Liability Coverage: If a guest is injured in your rental or if you accidentally damage someone else’s property, this coverage can help manage legal fees and medical expenses, so a claim does not come out of your savings.
- Temporary Living Expenses: If a covered disaster makes your rental home uninhabitable, this helps cover the cost of staying somewhere else, including hotel bills and meals.
Affordable Coverage for the South Suburbs
Cost matters to most renters in the Chicago metro area. We can walk you through the options and help you weigh price against coverage.
Ready to cover your rental home? Contact Hanway Insurance today to discuss your options and get a quote tailored to your needs.