Depending on your budget, there is always somewhere to live in Chicago. While rent and the cost of Insurance downtown is usually pretty pricey, the surrounding neighborhoods offer many affordable leases for apartments and houses. Before you decide on a location, however, it is always important to consider what the cost of renter’s insurance will be. This depends on a variety of factors, the most obvious one being the value of the living space. Simply put, if you move into a more expensive apartment, your renter’s insurance is going to cost more.
There are many neighborhoods surrounding the city with cheap rent. If you take the time to look, finding an affordable lease on a house or apartment is not difficult. Some examples of neighborhoods with typically cheap rents include South Shore, Irving Park, Logan Square, Ukranian Village, Wicker Park, Bucktown, and Humboldt Park. The houses and apartments in these areas tend to be on the less expensive side because they are older. Living in a less modern place can be advantageous when purchasing renter’s insurance. If the value of your house is already low, it will not cost a lot of money to repair and replace its features. Therefore, your renter’s insurance policy will not cost you too much. However, if you live in an area that has a high rate of theft (which many of the areas listed above do), your renter’s insurance premiums may be higher than expected. Insurance companies will view your covered property as a higher liability if there is a chance they will be stolen.
If you have a higher budget for rent and insurance, you can live in a nicer area with less crime and more modern buildings. Examples of neighborhoods with typically high rents include River North, Streeterville, Lincoln Park, Lakeview, West Town, and South Loop. Since the apartments and houses in these areas are modern and expensive, the cost to insure them is expensive as well. After all, if a building costs a fortune to build, it has to cost a fortune to replace. Insurers are very conscious of this when coming up with renter’s insurance policies. However, if you live in a safer area with more protection for residents, you are more likely to live near a fire station. Living near a fire station will bring down the cost of your renter’s insurance. As you can see, there are many different factors that will affect your renter’s insurance, starting with the neighborhood you choose to live in.
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