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I t is easy to understand the necessity for insurance in this country—whether for car, home, or health—but for some reason, less than half of the country’s renters protect their homes with renter’s insurance. Although renter’s insur-ance is usually not required to move into an apartment home, it is just as necessary to have as your car insur-ance. Not only will renter’s insurance protect your personal items, it will also give you help with temporary housing, liability protection for people on your property, or lawyer’s fees if you are sued by someone you unin-tentionally injure.

Renter’s face the same risks as homeowners in cases of disasters striking their dwelling. Additionally, rented properties are 79% more likely to be burglarized than owned proper-ties (U.S. Department of Justice). While renter’s insurance is considera-bly less expensive than homeowner’s insurance, only 43% of those who live in a rented home have a renter’s insurance policy, compared to 96% of people who own their homes having a homeowner’s insurance policy.

Perhaps the reason for this low percentage of renter’s obtaining insurance is the common misconcep-tion that renters are covered under their landlord’s insurance policy. This is simply not true. Most landlords’ insurance policies only cover the outside of the building and its infra-structure. Their policy does not cover your belongings, so don’t expect the landlord to owe you payment should anything happen.

While all policies vary slightly, your policy typically covers damages caused by the following:

• Fire or lightning

• Windstorm or hail

• Explosion

• Riot or civil commotion

• Damage caused by aircraft

• Damage caused by vehicles

• Smoke

• Vandalism or malicious mischief

• Theft

• Falling objects

• Weight of ice, snow or sleet

• Water-related damage from home utilities

• Electrical surge damage

Floods and earth-quakes typically require extra cover-age which you can buy as a separate policy or rider.

Your coverage will include liability protection, which covers damages as a result of uninten-tional bodily injury or property damage to another person. Thus, you will be covered if, for ex-ample, someone trips on a skate-board in your yard and breaks a wrist, or if you accidentally break a window. This liability coverage usually in-cludes medical expenses for non-residents and residents.

Renter’s insurance also extends beyond on-premise theft and hazards. If your suitcase is stolen while you’re on vacation, you’ll likely be covered. The same is true with property stolen from your car. You may even receive compensation for legal defense costs in the case of a lawsuit.

Although the financial impact of liability is something most people don’t like to think about, residents in Illinois are responsible for property damage and injuries they cause in and around their apartments. This includes sinks and tubs that overflow, kitchen fires, accidents caused by candles and cigarettes, and bodily injuries resulting from negligence. Residents that cause damage and are not covered for liability exposure could lose their apartment and be liable for thousands of dollars in damage.

In addition to liability coverage, renter’s insurance offers contents insurance for the items you own. While it may not seem like you have

all that much, the cost of your possessions—from your electronics to your furniture to your clothing—can be more than you can afford to replace in the event of an accident. If you have renters insurance, you don’t have to worry. You’ll be insured for the replacement of cost of your contents, up to the policy limits.

One final benefit to having a renter’s insurance policy is that if your apartment becomes unlivable due to a fire, burst pipes, or other reason that is covered by your policy, the insurance will typically cover any additional living expenses, such as hotel stays or rent at a similarly priced apartment while your home is being repaired or rebuilt.

Renter’s insurance is an affordable way to protect your home against life’s uncertainties. Call your insur-ance provider for a quote or contact the Mallard Lake Leasing Office today to learn more about the bene-fits of renter’s insurance.

The Renter’s Insurance Advantage

Mallard Lake Apartments � 1572 Teal Lane, Wheeling, IL 60090 � Phone: 847.398.1200 � www.mallardlakeapts.com

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Protect your new home, and

everything in it.

R enter’s insurance is so cheap that it is hard to imagine why only 43% of the rent-ers in this country carry a renter’s insurance policy. It may be that many renters believe the common myth that they are covered under their landlord’s policy, but the truth is that residents are finan-cially responsible for damages to their personal property and damages and injuries they cause to the building or other residents.

Just like any other insurance policy, your renter’s insurance premium depends on a number of factors, including where you live,

your deductible, your insurance company, and whether or not you need additional coverage. Still, the average cost of renter’s insur-ance is $120 to $180 per year (or $10 to $20 per month). This typi-cally gets you about $30,000 to $35,000 worth of coverage for your personal possessions and somewhere between $100,000 and $300,000 in of liability protection.

Compare that with the amount of money you will pay to replace damaged possessions or cover someone’s medical expenses should an accident occur in your unit. A new computer alone would cost thousands of dollars. Here are three questions you should ask yourself when considering whether or not to get a renter’s insurance policy:

• How much are my belongings worth?

• Could I afford to buy it all back again if it were destroyed in a fire or stolen?

• What would I do if a liability lawsuit was filed against me?

If you are like most renters, the answers to these questions are good indicators that you need renter’s insurance.

Most policies typically cover your belongings from theft and damage and destruction from fire, lightning, smoke, windstorm, hail, and vandalism while living in a rented complex. Additionally, guests are covered if they sustain an injury in your home or if their property is damaged on your premises. If damage is caused to your property by another resident who does not have renter’s insur-ance, you will still be protected under your policy.

Additionally, renter’s insurance covers the cost of temporary

living expenses if your apartment is deemed uninhabitable, and some policies cover stolen items, such as laptops, even if you are not on the property when the item is stolen. If your suitcase is stolen while you’re on vacation, or prop-erty is stolen from you car, you’ll be covered. Or, if someone slips and injures themselves because of your neglect, whether on-site or off, you will likely be protected and may even receive compensa-tion for your legal costs.

If $10 per month still seems like more than you can handle, there are ways to keep your premium low. One way is to in-crease your deductible, or the amount you pay before the cover-age kicks in. Other available discounts will depend on your insurance company, so be sure to ask about these discounts. There are often discounts to policyhold-ers who have “protective devices” such as smoke and fire detectors, and discounts for seniors and military. Other companies may offer a discount if you get a combined auto/renter’s policy.

Whatever the case, it is more likely that you can afford renter’s insurance over damages to your property, your landlord’s property, or your neighbors’ property. Call your insurance provider or the Mallard Lake Leasing Office today to get more information about the benefits of renter’s insurance.

Renter’s Insurance: Minimal Cost, Significant Savings


It’s not going to cost as much as

you think.

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D amage, repair or medical liability costs can be outstanding if you are not protected by renter’s insurance. Just one unfortunate accident can cost you thousands of dollars, and—let’s face it—accidents are bound to happen.

Imagine your bathtub overflows and leaks through the floor, ruining the computer of the tenant who lives below you. The landlord has to replace that computer, right? Wrong.

The landlord is not responsible for any damage caused by a resident’s negligence, and you are responsible for replacing your neighbor’s property. It doesn’t stop there, though—you are also responsible for the building repairs needed because of the severe water damage.

In most cases, a landlord’s insurance covers only structural damage to the building itself—and many landlord’s policies don’t even go that far if the dam-age is caused by a tenant. If your building went up in flames, your landlord’s coverage would include repairs, but only to the building, and not to the

possessions of the tenants.

Residents who are not covered by a renter’s insur-ance policy not only run a financial risk, but could also lose their apartment or be unable to qualify for a new home in the future. Your credit rating can be ruined, as well.

Resident’s are financially responsible for things like kitchen fires, cigarette burns to carpets and countertops, broken windows, or damage to common areas—to name a few. Some damages may be deducted from a security deposit, but the majority of expenses highly outweigh the amount of the deposit.

Thus, one small incident can put you thousands of dollars into debt. Luckily, renter’s insurance covers the damage you may cause to the property or the property of fellow residents.

For more information regarding the benefits of a renter’s insurance policy, contact your preferred insurance provider or the Mallard Lake Leasing Office today.

Bathtub overflow—severe water damage $4,250 Grill fire damages deck $2,300 Guest trips on resident’s skateboard $5,000 Toy stuck in toilet—overflow water damage $3,500 Countertop burned during cooking accident $650 Grease fire in kitchen $6,500 Toaster oven fire damages kitchen $1,100 Child throws baseball through a window $1,500

These common damages can put you thousands of dollars into debt. Renter’s insurance costs an average of $120 - $180 each year and can save you from a huge financial burden. Get protected today with one of the many coverage options available.

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Y ou work hard everyday to have nice things and fill your home with as many comforts as possible. But what would happen if all of those things were damaged in a fire or were stolen? Who would pay to replace them?

Personal possessions are not covered by your landlord’s insurance. If something happened to your property—your furniture, your television, your clothes—you would be financially responsible for replacing these items. Luckily, you can protect your belongings with renter’s insurance.

Most people have this idea that their stuff isn’t really worth much, but you’d be surprised at how quickly all those books, CDs, and kitchen appliances add up. According to StateFarm.com, almost all peo-ple own more than $20,000 worth of property, and most own more than $35,000 worth. Can you afford to replace these items all at once? Probably not. Just think about what you could lose:

• Personal Computer—$1,200

• Flat Screen TV—$2,000 • Cell Phone—$350 • DVD Player—$300

• iPod—$400 • Clothing—$10,000 • Digital Camera—$200 • Temporary Housing—$3,000

Because you likely can’t afford to replace all of your belongings at once, you can either dip into your savings and begin the slow and expensive process of replacing your damaged or stolen items one by one, or you can protect yourself with a renter’s insur-ance policy that will protect thousands of dollars worth of property for less than $20 a month, on aver-age. Typically, the following items are covered:

• Stereo systems, VCRs and television sets • CDs, DVDs, videos and tapes • Cameras and other photography equipment • Moveable appliances, including microwaves • Furniture

• Sports equipment • China and glassware • Clothing

• Books

These items are typically covered with limitations:

• Home computers • Cash, including coin collections • Checks, traveler’s checks and securities • Jewelry and watches • Precious and semi-precious stones • Comic books, trading cards and stamps,

including collections • Antiques and fine art • Goldware and silverware • Rugs, wall hangings and tapestries • Firearms • Furs or clothing trimmed in fur

• Boats or other watercraft, and related equipment

The amount of coverage that you should purchase depends on how much stuff you own. To accurately figure out what coverage amount you need to

purchase, you should take an inventory of all your posses-sions in your rented living quarters. While doing the inven-tory, make sure you note the purchase price of each item, the date of the purchase, model numbers, as well as serial numbers. Photograph or video-tape each room, including closets, open drawers, and storage areas. Keep receipts for

major items in a fireproof place. You should store your completed inventory in a safe place away from home, such as a bank safe deposit box.

Don’t be naïve to think that nothing won’t happen to your possessions. Protect yourself with a policy that meets your needs and your budget. Call your insurance provider or the Mallard Lake Leasing Office today for more information about the benefits of renter’s insurance.

Most people own

more than $20,000

worth of property.

-StateFarm.com


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What to Look for When Choosing a

Renter’s Insurance Policy

T here are a few things to consider when purchasing a renter’s insurance policy. Make sure to ask plenty of questions and do research before committing to a policy to guarantee that it truly meets your needs as a renter.

One thing to look at is whether the insurance company will offer "actual cash value" (ACV) or "replacement cost coverage" for your belongings. As the name implies, ACV coverage will pay only for what your property was worth at the time it was damaged or stolen. So, if you bought a television five years ago for $500, it would be worth significantly less today. While you'd still need to spend about $500 for a new TV, your insurance company will pay only for what the old one was worth, minus your deductible.

Replacement cost coverage, on the other hand, will pay what it actually costs to replace the items you lost, again minus the deductible. Usually, you'll have to pay out of your own pocket to replace your damaged items and submit the receipts to the claims adjuster for reimbursement. Even so, you'll still get a bigger chunk of change back than if you bought ACV coverage. In some regions, most insurers write ACV coverage. In others, they'll quote you replacement cost coverage by default. Replacement cost coverage will cost you more in premiums, but it will also pay out more if you ever need to file a claim.

Let your agent know about any particularly valuable items you have. Jewelry, antiques, and electronics might be covered up to a certain amount. If you have some items that are unusually expensive, such as a diamond ring, you'll probably want to purchase a sepa-rate rider. If you don't talk to your agent about an expensive item when you buy the policy, you probably won't be able to recover the full loss. Expensive items prone to theft, such as jewelry and guns, only have limited coverage so it is wise to place these items on a separate policy. Replacement cost is well worth the small amount more it may cost for your policy.

The deductible will be a leading factor to consider in the cost of insurance and how much you are willing to pay out-of-pocket before your insurance kicks in. The deductible is the portion of a covered loss that is your responsibility. Although deductibles vary by state, they are typically available in amounts such as $250, $500, or $1,000. For example, if you had a $500 deductible, you would need to pay $500 of the covered loss. Generally speaking, higher deductibles lower your premium, but increase the amount you must pay on your own if a covered loss occurs. Ask yourself how much you are willing to pay in order to save on a premium.

Finally, coverage varies by state, company, and type, as with any insurance policy. If you rent in an area

prone to theft, you will probably pay more for your insur-ance. If you or the previous tenant or neighbors have had a large amount of claims this may also raise the cost of your policy. Discounts may be available through the insurance provider, so be sure to ask about available discounts.

Research is important when looking for any insur-ance policy. Contact your insurance provider or the Mallard Lake Leasing Office today to learn more about your renter’s insurance options.


As with any other insurance policy, it is

important to research all of your options and

choose a plan that meets your needs.

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MAINTAIN A GOOD CREDIT RATING

Having a good credit rating is one of the best ways to lower the cost of any policy. An i n s u r a n c e company screener will want to know not only how well you pay your bills, but insurance companies use this tool as a predictor of your likelihood to file a claim. And having a good credit rating will also help you secure the apartment or lease you want, as your landlord will probably review the same information.

SHOP AROUND

Check with several different renters insurance companies to get rate quotes (an independent insurance agent can provide rate quotes from a variety of companies). Check with friends and relatives to see if they are satisfied with their insurance company.

10 Ways to Save on

Renter’s Insurance

RAISE YOUR DEDUCTIBLE

The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Typically, renters insurance deductibles start at $250. Increase your deductible to:

• $500 and save up to 12% on your premiums

• $1,000 and save up to 24%



Make sure you can afford to pay the higher deductible out-of-pocket if something should happen.

BUY YOUR RENTERS AND AUTO POLICIES FROM THE SAME COMPANY

Many companies will give a multi-line discount if you buy both renters insurance and auto coverage from them.

STOP SMOKING

Smoking is the No. 1 cause of residential fire deaths. Some insurers offer to reduce premiums if no resident of the apartment smokes.

LOOK FOR SENIOR DISCOUNTS

Insurance companies have found that retired people stay at home more and spot fires sooner than working people. If you're at least 55 years old and retired, you might qualify for as much as a 10 percent discount.

LOOK FOR GROUP COVERAGE

Large employers and alumni and business associations often work out deals with insurance companies which include discounts for employees and members.

STAY WITH AN INSURER

If you've kept your cover-age with a company for several years, you may receive special considera-tion. Several insurers will

reduce their premiums by 5 percent after you stay with them from three to five years, and some companies will discount you as much as 10 percent after six years.

CHECK YOUR POLICY ANNUALLY

You want your policy to reflect the value of your belongings. If you review your policy every year, you will be able to make the necessary adjustments. If you bought or sold expensive electronics, a computer or jewelry during the year, you may need to increase or decrease the amount of coverage for your possessions.

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INSTALL SAFETY AND SECURITY DEVICES IN THE APARTMENT

Some companies will look favorably on you if install smoke detectors, a fire extinguisher, a burglar alarm, and dead bolt door locks and window locks in your apartment. Ask the landlord to install these items if you live in a state in which these items aren't required. Few companies would ask for anything more than a statement from you saying these items are included in the apartment.

Think twice about adding additional security by getting certain breeds of dog. Some insurance companies are uneasy about writing policies for owners of particular breeds: Rottweilers, pit bulls, and Doberman pinschers might make getting renters insurance hard, especially if they've bitten people in the past.

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