Hey everyone, I’m moving to the South Loop from the north and have never had to deal with renter’s insurance.
They’re asking for 100k liability as a minimum, and I’m wondering if anyone has suggestions.
Right now, they’re offering eRenterPlan, but I’d like something affordable with good coverage.
Thanks!
I’d suggest shopping around because you might find cheaper rates elsewhere for the same coverage. Maybe start with State Farm, Travelers, and Progressive.
Foster said:
I’d suggest shopping around because you might find cheaper rates elsewhere for the same coverage. Maybe start with State Farm, Travelers, and Progressive.
We pay about $100 a year with Progressive. State Farm was around the same when I used them.
I’ve been with Lemonade for a few years now … the plans are pretty affordable. I haven’t had to file a claim, but they seem to have decent reviews.
Murphy said:
I’ve been with Lemonade for a few years now … the plans are pretty affordable. I haven’t had to file a claim, but they seem to have decent reviews.
It’s funny because Lemonade always comes up when people talk about renter’s insurance. But I’ve noticed that most of the time, folks say they’ve never filed a claim … they just like it because it’s cheap.
@Blake
As a landlord, I had a fire situation where Lemonade was the tenant’s provider. They handled everything from contents coverage to accommodations and were active in the subrogation process.
Ren said:
@Blake
As a landlord, I had a fire situation where Lemonade was the tenant’s provider. They handled everything from contents coverage to accommodations and were active in the subrogation process.
Good to know! I work as a broker, and hearing that they take care of things well is a plus.
My insurance agent recently suggested I raise my $1M liability coverage to $2M.
@Blake
Maybe it’s because some folks don’t have a lot of valuables and only get it to meet the building requirements? That’s why I signed up.
Murphy said:
@Blake
Maybe it’s because some folks don’t have a lot of valuables and only get it to meet the building requirements? That’s why I signed up.
Same here when I rented. My main ‘valuables’ were an Xbox and a TV. Lol. Ended up with Lemonade, and it did the job.
Murphy said:
I’ve been with Lemonade for a few years now … the plans are pretty affordable. I haven’t had to file a claim, but they seem to have decent reviews.
Same! Lemonade was super easy to sign up with, but I haven’t had to make a claim. Definitely worth calling around for more info though!
I’d suggest checking with the big insurance firms. It’s been a while since I rented, but I remember the rates were pretty low, like under $20 a month, with decent coverage.
Edit: I’ve never heard of eRenterPlan. Personally, I prefer sticking to well-known companies for important stuff, and insurance is one of those things.
You can get renter’s insurance from almost any company, and the coverage is pretty standard. I use Liberty Mutual, and it’s easy to send the documents directly to my building management through their app.
Honestly, renter’s insurance is worth having, even if your landlord doesn’t require it. It’s cheap but can save you if there’s a fire or theft, and sometimes it even covers losses outside your place.
I got Liberty Mutual for around $60 a year … super cheap.
I’ve used Geico, Lemonade, and Progressive, and they all ranged from $15 to $50. It’s a hassle, but it’s good to have for unexpected stuff.
Avoid eRenterPlan. I had two tenants last year who caused big floods, and eRenter didn’t cover their damage, only the neighboring units. Ended up billing each tenant about $8k. Stick with State Farm or Allstate, and get at least $20k in personal property coverage. The policies are about $150 a year, but they’re worth it.
@Zed
That’s exactly the kind of feedback I needed. Thanks!
Just so you know, Lemonade does support Israel.
Blaze said:
Just so you know, Lemonade does support Israel.
Thanks for mentioning that. I’ve been considering switching, and this gives me more reason to move away from them.
I had Traveler’s for my renter’s insurance and never made any claims. I still use them now, bundled with my car insurance, and they’ve been fantastic. When my sister damaged my car, they got it fixed fast. And when my fence fell after a storm, they sent me money via Zelle within a few hours. My renter’s policy was about $234 a year, and I’d recommend them.