Table of Contents
- How much is renters insurance in Illinois?
- Average cost of renters insurance in Illinois by city
- Average cost of renters insurance in Illinois by insurance company
- The cheapest renters insurance in Illinois: Lemonade
- The best renters insurance in Illinois: Allstate
- How to find out more about renters insurance in Illinois
- Other Illinois renters insurance providers you should consider
- What else do you need to know about renters insurance in Illinois?
- How we gathered our data on Illinois renters insurance prices
How much is renters insurance in Illinois?
The average cost of renters insurance in Illinois is $16.41 per month. This represents the mean price offered by 9 insurers across the 15 most populous cities in the state. Prices range from about $8 to $24 per month, with Lemonade offering the lowest rate ($7.75) in Aurora and Naperville, and Progressive offering the highest rate ($30.62) in Chicago.
The cost of renters insurance tends to be highest in Chicago ($19.63 per month on average) but is generally in the range of $15–$18 in other cities.
What affects the price of renters insurance in Illinois?
Your renters insurance premium (the amount you pay each month) depends on several factors that insurance companies consider when assessing your overall “risk.”
The main factor is where you live. This is important to insurance companies because it lets them know whether your home is:
- Near a coast: This matters because renters insurance covers damage from hurricanes, which affect coastal regions.
- Susceptible to natural disasters: Similarly, although renters insurance doesn’t cover flooding, it does cover other natural disasters, such as wildfires and tornadoes.
- In a city with a high crime rate: Renters insurance usually covers theft and vandalism, so your city’s property crime rate will affect your monthly premiums.
Other factors include whether you have any pets, because renters insurance also usually covers dog bites.
Of course, the price of renters insurance is also affected by the amount of coverage you choose and how low you want your renters insurance deductible to be. Although opting for a higher deductible will lower your premium, it means that you’ll have to pay more if you ever need to file a renters insurance claim.
Average cost of renters insurance in Illinois by city
The table below lists the average cost of renters insurance per month and per year in Illinois’s major cities.
|City||Average price (monthly)||Average price (yearly)|
Average cost of renters insurance in Illinois by insurance company
This table shows the average price offered by each Illinois insurer (ranked from lowest to highest) and how their prices compare to the statewide average.
|Insurer||Price||Difference from average|
The cheapest renters insurance in Illinois: Lemonade
Lemonade offers the cheapest renters insurance for every city in Illinois, with policies costing only $8.98 per month on average. Lemonade renters insurance costs less than $12 per month, regardless of where you live in Illinois.
Should you get Lemonade renters insurance in Illinois?
Lemonade is a good option if you’re in the market for a basic renters insurance policy, and they certainly have several advantages. However, if you live in Illinois, you might be looking for a more well-established insurance company with a history of financial stability. You may also want more coverage than Lemonade can offer.
Before choosing Lemonade, take a moment to consider the pros and cons of their renters insurance.
Benefits of Lemonade renters insurance in Illinois
- Digital operations: If you don’t want to go through the hassle of speaking to an agent, then you’ll probably like Lemonade’s digital approach to renters insurance. As long as you have a smartphone and access to the internet, you’ll be able to sign up, make adjustments to your policy, and file claims using their website and mobile app.
- Some of the money you pay goes to charity: As part of an effort to transform something that is a necessity for many people into an opportunity to do good in the world, Lemonade donates a portion of your unused premiums to a charity of your choice.
Disadvantages of Lemonade renters insurance in Illinois
- Lack of customer support: The catch to Lemonade’s low prices is their small number of employees. Because their services are primarily automated, it can be pretty difficult to contact a customer service representative if you have a question or problem with your renters insurance policy.
- No coverage for power outages: Unlike many other insurers, Lemonade will not cover the cost of food spoilage if your power suddenly cuts out. Because storms frequently cause power outages in Illinois, this is a major drawback unless you have your own generator.
- Limited bundling options: Most insurance companies will offer you a discount for signing up for multiple policies (known as a bundling discount). Although you can get a discount on your renters insurance with Lemonade by bundling renters insurance and pet insurance, they don’t offer any other bundling options.
The best renters insurance in Illinois: Allstate
All things considered, the best renters insurance company in Illinois is Allstate. They offer the best coverage for disasters that Illinois residents are most likely to encounter, and their policies come at a fair price.
Advantages of Allstate renters insurance in Illinois:
- Optional flood insurance: When you sign up for renters insurance, Allstate will offer you the option to sign up for flood insurance under the National Flood Insurance Program (NFIP).
- Coverage for power outages: Because of the high frequency of severe thunderstorms in Illinois, power outages are common. Not all insurers cover power outages, but Allstate does, which means they’ll reimburse you for any damages or food spoilage.
- Debris removal: If a tornado or storm destroys your covered belongings and turns them into debris, Allstate will help pay to remove the debris from your property.
- Good bundling options: If you already have auto insurance or motorcycle insurance with Allstate, then you can save 13%-14% on your renters insurance policy. You may also be able to save by bundling renters insurance with earthquake and life insurance.
Disadvantages of Allstate renters insurance in Illinois:
- Not ideal for dog owners: Allstate has a list of eight dog breeds that they won’t offer coverage for. If you’re a dog owner and your dog is listed as a dangerous breed, then you won’t be able to get coverage if your dog causes injury or property damage.
- Misleading website content: While it’s relatively easy to get a quote from Allstate, there’s limited (and sometimes misleading) content on their website regarding their renters insurance coverage. For this reason, you’ll be better off speaking directly to an agent than trying to sign up for renters insurance online.
How to find out more about renters insurance in Illinois
To find the best renters insurance in Illinois, you can read our reviews of Allstate and other major insurers in the state:
Other Illinois renters insurance providers you should consider
Because most renters insurance policies are fairly similar, insurance companies try to stand out by appealing to certain demographics. For this reason, the best renters insurance company for you might be different if you fall into any of the following categories:
- Veterans or members of the military
- Dog owners
- People with auto insurance
- Business owners
- College students and first-time renters
Best Illinois renters insurance for military service members and veterans: USAA
USAA only offers policies to veterans, members of the military, and immediate family members of USAA members, making their policies relatively exclusive. If you fall into one of those categories, then we recommend taking advantage of their renters insurance. Unlike the policies offered by other insurers, their standard renters insurance policy provides coverage for earthquakes and floods.
There’s pretty much no downside to USAA’s renters insurance, if you can get it. Compared with other insurance companies, they have a much better reputation for their customer service and claim payout process.
Best Illinois renters insurance for dog owners: State Farm and USAA
State Farm and USAA are the only two major renters insurance companies that won’t discriminate against your dog based on their breed. Many major insurers in Illinois, including Nationwide, Allstate, and Liberty Mutual, partake in this practice of breed blacklisting, which is still legal in the state of Illinois.
If you have a dog, then you’ll be happy to know that renters insurance covers dog bites and any damages that your dog causes to someone else’s property. This falls under the pet liability insurance that comes standard with most renters insurance policies. However, if you want renters insurance coverage for a pit bull or other blacklisted breed, then your best options are State Farm and USAA.
Best Illinois renters insurance for business owners: State Farm
State Farm stands out from its competitors by offering the option to include additional business property coverage or incidental business liability coverage to its standard renters insurance policies.
This added protection will cover any costs you incur during a professional liability lawsuit and will pay for damage to your business equipment. You’ll even receive coverage for any income you lose if you’re forced to shut down your business due to a covered loss.
Unlike many other insurers, State Farm also offers some coverage for personal property used for business purposes in their standard renters insurance policies. You can also increase the amount of personal property coverage in your renters insurance policy if you’re willing to pay a bit more on your premium.
Best Illinois renters insurance for college students and first-time renters: Lemonade
We’ve already shown that Lemonade’s policies are much lower in cost than those offered by other insurers in Illinois. Lemonade also has some other advantages that make it particularly appealing for students and first-time renters.
If you’re moving into your first-ever apartment, then you might not know a lot about renters insurance or how much coverage you need. Lemonade can help with that.
Lemonade uses simple language to explain all the industry terms related to renters insurance so that you know what you’re signing up for. Their digital approach also makes signing up a quick and painless process: you can easily buy a policy and adjust your coverage on their website.
If you’re a student, someone living in a furnished apartment, or a minimalist who doesn’t have a lot of possessions, then Lemonade is also a good option because their basic policies allow you to avoid paying for extra coverage that you don’t need.
Best Illinois renters insurance if you already have auto insurance: your current insurer
If you already have car insurance, then you should check whether your insurer also offers renters insurance. As mentioned, insurance companies allow you to save money by purchasing multiple insurance policies from them.
In the case of renters and auto insurance, this discount can often save you more than 10%, which might make all the difference when you’re comparing quotes.
What else do you need to know about renters insurance in Illinois?
Now that you know which companies offer the best and cheapest renters insurance in Illinois, you should consider a few factors specific to the state that may affect your choice.
All renters insurance policies cover damage from windstorms, hail, tornadoes, and lightning strikes
All insurance companies boast about their wide range of coverage, but most renters insurance policies cover roughly the same events. If you live in Illinois, you might be particularly interested to know that renters insurance always covers damage from tornadoes, windstorms, lightning strikes, and hailstorms.
Note that standard renters insurance almost never covers earthquakes or floods, though many insurers offer renters insurance riders and endorsements or separate flood and earthquake insurance policies that cover them.
Don’t be afraid to get additional coverage
Regardless of which insurer you choose, make sure that you get the renters insurance coverage that you need.
Personal property coverage is particularly important for people living in Illinois, where natural disasters like tornadoes, hailstorms, and floods are common. In 2020 alone, a storm in the Rockford area brought down hail the size of baseballs, and a derecho in August produced a whopping 15 tornadoes in the Chicago area that damaged homes in several communities.
Given the risk of adverse weather in Illinois, it’s a good idea to opt for higher coverage if you can afford it, if even just for peace of mind.
Consider purchasing flood insurance under the National Flood Insurance Program
Illinois is a state that is especially prone to floods, particularly in the low-lying regions near the Mississippi River. Renters insurance generally doesn’t cover floods, meaning that you’ll have to purchase a separate flood insurance policy. Some insurance companies offer flood insurance, but you can also sign up for a policy under the National Flood Insurance Program.
If you’re not sure whether it’s worth it, just think back to the Great Flood of 1993, which caused billions of dollars of property damage and necessitated the relocation of the entire town of Valmeyer. If you live near a lake, then you also shouldn’t rule out the possibility of water damage from a seiche, which also wouldn’t be covered by renters insurance.
Is a credit check required for renters insurance in Illinois?
Yes, a credit check is required for renters insurance in most states, including Illinois. The insurance company will take your credit score into account when calculating your premium because statistics show that people with higher credit scores are less likely to file insurance claims.
Don’t worry too much if your credit score is low. Although Illinois isn’t one of the states where you can get renters insurance with no credit check, there are ways that you can reduce the impact your credit score has on your renters insurance premium, such as bundling your auto and renters insurance policies, opting for a higher deductible, or buying less coverage.
Can landlords require renters insurance in Illinois?
Yes, although renters insurance is not required by law, landlords in Illinois are legally allowed to require their tenants to purchase it. Your landlord also has the right to evict you if you refuse to buy coverage or let your policy lapse.
How we gathered our data on Illinois renters insurance prices
To find out how much renters insurance costs in Illinois, we obtained quotes from 9 major insurers based on the following assumptions:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on the amount of personal property coverage)
- Deductible: $500
If you have a different demographic background or are looking for more or less coverage, then you’ll probably pay a slightly different amount for your renters insurance. These differences tend to be small, however, given the relatively low cost of renters insurance.
Our prices don’t take into account down payments or installation fees. Fortunately, we can offer a few tips for getting renters insurance with no down payment.
The price of renters insurance in Illinois: complete data set
|Allstate||GEICO||Progressive||State Farm||Liberty Mutual||Nationwide||Lemonade||Midvale||Farmers|