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For those individuals who rent the space they’re living in, renters insurance offers valuable protection that begins where your landlord’s insurance ends. Renters insurance is designed to protect your possessions and your personal liability, extending coverage to your assets (up to policy limits) and legal, medical and/or property damage expenses associated with injuries or damage incurred by others inside of your home.

Covered events generally include fire/smoke, windstorm, hail, explosions, theft, vandalism, winter weather-related incidents and volcanic eruption. Earthquakes and floods are typically excluded from most policies.

Depending on your insurance provider, you may have the option to pay your renters insurance either monthly, biannually, quarterly or annually. It’s worthwhile to look into these options, as they may save you money. Most insurers charge an administrative fee each time you make a payment to cover the costs of processing. Because of this, it may cost you less to make fewer payments per year. Renters insurance is generally less than $20 per month or $150 per year.

If you can’t afford to make a yearly lump sum payment, the extra dollar or two you may pay per month is still worth the peace of mind of having this valuable coverage. However, it will benefit you to familiarize yourself with your insurer’s accepted methods of payment. You not want to subscribe to automatic monthly payments if your checking account balance hovers dangerously close to zero at times. If an automatic payment overdraws your account, you are at risk of expensive insufficient funds charges. Instead, make your payments manually, either electronically or by paper check. Just remember to set a monthly calendar reminder so you don’t forget to make the payment on time.

If you can afford to pay annually or biannually, you can enjoy the savings and the ease of the one-and-done payment. Ask your independent agent if this option offers valuable savings with your particular policy. Your agent can also help you determine if you’re eligible for savings on your auto insurance and any other policies you may have.

Protect your valuable assets against the unexpected. Call Cloverleaf Insurance at 800-530-5822 for more information on Illinois renters insurance.
Posted 1:54 PM  View Comments

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