Average Cost of Homeowners Insurance in Illinois (2024)


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ByMark Fitzpatrick
Reviewed byMark Friedlander
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ByMark Fitzpatrick
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Reviewed byMark Friedlander
Edited byDenise Cristobal
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Updated: May 22, 2024

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The average cost of homeowners insurance in Illinois in 2024 is $2,119. This is $304 less than the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums, with Illinois homeowners seeing an average difference of $8,239 between the highest and lowest premiums based on credit score. If you've noticed a recent hike in your rates, our analysis of the cheapest plans in the state can guide you to more affordable options. Remember, the insurance provider you choose also plays a significant role in determining your premium costs.

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Jun 13, 2024

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California
26-29
Excellent (750-850)
Home
$500,000
$500
$150,000
$100,000
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User Info
California
26-29
Excellent (750-850)
Home
$500,000
$500
$150,000
$100,000

To establish the average cost of homeowners insurance in Illinois, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Illinois as of 2024.

1.9MQuotes Analyzed
 
8Companies Compared
 
24ZIP Codes

Average Cost of Home Insurance in Illinois by Coverage Amount

In Illinois, the average annual homeowners insurance premium for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage is $2,119, which is less than the national average of $2,423.

When determining how much coverage you need, it's important to have enough insurance to rebuild your home and replace personal property in case of total loss. For example, a policy with $100K in dwelling coverage averages $1,363 annually. For a larger home requiring $500K in dwelling coverage, the average premium rises to $3,275.

$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$1,363
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$2,119
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$3,275
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$4,411

Average Cost of Home Insurance in Illinois by Insurer

Premiums for homeowners insurance in Illinois show notable variation across providers for comparable coverage. For example, Auto-Owners offers an annual premium significantly lower than the state average, while Travelers' rates are considerably higher.

For those seeking coverage, review the best homeowners insurance in Illinois. Differences in underwriting can lead to a wide range of premium quotes, making it essential to compare options.

Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Auto-Owners InsuranceAnnual Premium$1,219
FarmersAnnual Premium$1,365
NationwideAnnual Premium$1,463
State FarmAnnual Premium$1,472
AllstateAnnual Premium$1,504
USAAAnnual Premium$1,671
American FamilyAnnual Premium$2,031
TravelersAnnual Premium$6,224

Average Cost of Home Insurance in Illinois by Credit Score

Homeowners in Illinois with poor credit pay an average annual premium of $9,452 for homeowners insurance, a stark contrast to the $1,213 paid by those with excellent credit. This demonstrates a substantial difference of $7,333, underscoring the impact credit scores have on insurance rates.

While you may not be able to improve your credit score immediately, you can improve it over time to lower your rates. In the short term, you can compare insurers in less than 15 minutes to see the most affordable Illinois home insurers.

Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$9,452
Below FairAnnual Premium$5,018
FairAnnual Premium$3,234
GoodAnnual Premium$2,119
ExcellentAnnual Premium$1,213

Average Cost of Home Insurance in Illinois by Construction and Roof Type

The type of roof on your home influences your homeowners insurance premium in Illinois. Materials like tile, known for durability, can lead to lower insurance costs. Conversely, shake-treated roofs, which may be more susceptible to damage, often result in higher premiums.

Construction materials also play a role in determining insurance rates. Superior construction, which is more resistant to perils such as fire, typically garners lower insurance rates. In contrast, standard frame construction, a common choice, may carry higher premiums due to its relative vulnerability to severe weather events.

Use the drop-downs below to see how premiums change based on your home's materials.

Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$1,363
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$2,119
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$3,275
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$4,411
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$5,824

Average Cost of Home Insurance in Illinois for Newly Constructed Homes

Typically, insuring a new construction home in Illinois costs less than an existing one due to modern materials and adherence to current building codes. The average annual premium for new homes is $1,078, reflecting a $1,041 decrease from the average cost of insuring an existing home at $2,119. The table below illustrates the premium differences for various coverage levels.

Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$2,119
New Construction (2023)Annual Premium$1,078

Average Cost of Home Insurance in Illinois by Claims History

In Illinois, homeowners who have maintained a claim-free status for over five years can expect to pay an average annual premium of $2,119 for their homeowners insurance. However, filing even a single claim within the past five years can increase the annual premium to $2,453, which is $334 above the average. Those with two claims within the same period may see their rates rise to an average of $2,711 annually, $592 more than the baseline premium.

Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$2,119
1 claim in past 5 yearsAnnual Premium$2,453
2 claims in past 5 yearsAnnual Premium$2,711
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ILLINOIS NATURAL DISASTERS AND HOME INSURANCE

In Illinois, tornadoes and flooding are the most costly natural disasters for homeowners. Home insurance usually covers tornado damage because it falls under windstorms, which are typically included in standard policies. However, flooding is not commonly covered by standard home insurance. Homeowners often need to buy separate insurance to protect against floods and other natural disasters.

Average Cost of Home Insurance by City in Illinois

For the cities we analyzed, we found premiums ranging from $1,905 to $2,284. In Aurora, homeowners typically pay around $1,905 per year, while Chicago residents face higher rates averaging $2,284. The location impacts insurance costs due to factors like crime rates and weather-related risks. Compared to other factors, city location can notably influence premium prices.

Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
AuroraAnnual Premium$1,905
ChicagoAnnual Premium$2,284
ElginAnnual Premium$1,935
JolietAnnual Premium$2,035
NapervilleAnnual Premium$1,908
PeoriaAnnual Premium$2,134
RockfordAnnual Premium$1,989
SpringfieldAnnual Premium$2,143

How to Shop for Home Insurance in Illinois

Shopping for home insurance in Illinois doesn't have to be a maze. With the right approach, you can confidently find the best deal that fits your needs. The key lies in understanding the factors that affect your premium and knowing how to navigate them to your advantage. Here's how to find the best deal for you.

1
Understand Your Needs

Think about what you want to protect.

2
Assess Coverage Amount

Decide how much coverage you need based on the value of your home and your belongings.

3
Compare Quotes

Shop around and compare quotes to find the best rates.

4
Check for Discounts

Ask about discounts for things like home security systems or bundling policies.

5
Review Company Ratings

Look at customer reviews and the financial stability of insurance companies.

6
Choose a Deductible

Pick a deductible amount that you're comfortable with in case of a claim.

Bundling Home Insurance With Auto Insurance in Illinois

In Illinois, homeowners can save an average of 13% on their insurance costs when they bundle home and auto policies. Specifically, the annual savings on the combined cost of both coverages can range from $240 to $627. This multipolicy approach not only simplifies the management of your insurance but also provides a financial benefit. Knowing the best Illinois home and auto bundles can help you maximize multipolicy discounts.

Home Insurance Discounts in Illinois

Illinois homeowners can capitalize on various insurance discounts to lower their premiums.

  • Loyalty Discount: Stay with the same insurer for several years.
  • Protective Devices: Install smoke detectors, burglar alarms, or other security systems.
  • Claim-Free History: Maintain a record with no claims for an extended period.

Remember, to unlock maximum savings, inquire about all available discounts when obtaining a quote.

FAQ: Homeowners Insurance in Illinois

On average, what is the cheapest insurer in Illinois?
Is tornado coverage included in Illinois homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Illinois?
How much can I save bundling my home and auto insurance in Illinois?
Is flood coverage included in Illinois homeowners insurance?

Additional Resources for Homeowners Insurance in Illinois

For those navigating homeowners insurance in Illinois, a wealth of resources is available to assist you. These tools can provide valuable guidance if you're seeking to understand regulations, find affordable coverage, or calculate your insurance costs.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.