Having homeowners insurance is a great way to protect your home, and your mortgage company may require it before purchasing a home. To help find the best homeowners insurance, MoneyGeek ranked the top home insurance providers in Illinois based on key factors to make your insurance shopping experience easier. Whether you’re a first-time homeowner or a long-term customer in search of a more affordable policy, consider affordability, customer satisfaction and a company’s ability to pay claims alongside the average cost of insurance in Illinois when selecting a policy.
The Best Homeowners Insurance Companies and Cheapest Quotes in Illinois for 2021
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The 5 Best Homeowners Insurance Companies in Illinois
There are various factors you should consider when looking for the best homeowners insurance in Illinois. Aside from comparing prices of annual premiums, you should also look into the coverage options. Find out if the insurance provider can pay claims and if its customer service meets your standards.
MoneyGeek ranked the top five insurance providers in Illinois based on affordability, J.D. Power customer satisfaction scores, and AM Best’s financial stability ratings.
1
Allstate
Score:93
More About Allstate
If you are looking for cheap homeowners insurance in Illinois, then Allstate may be a good option. You can get a standard policy or get a comprehensive plan that may include additional options, such as reimbursement extended limits, water backup coverage, earthquake and flood insurance, identity theft coverage, and more. Customers can access features like a rate calculator, household inventory tool and mobile application on Allstate’s website. The company allows online bills payment and accepts claims made online. Allstate also offers customers a rate guard, which will prevent rate increases due to making a claim. A claims-free rewards program lets policyholders earn a percentage of their premiums if they do not make any claims during the covered year.
Read MoneyGeek's Allstate home Insurance Review2
Farmers
Score:91
More About Farmers
Farmers offers cheap home insurance and convenience to Illinois residents. Customers can customize their plan depending on their needs and situation. Farmers even allows personal property limit increases and replacement payment adjustment. Customers can take advantage of Farmers’ online rate calculator, online bills payment option, online claims application tool, a mobile app and a household inventory tool.
Read MoneyGeek's Farmers home Insurance Review3
Travelers
Score:88
More About Travelers
Travelers offers customers bundling options to save money on their insurance plans. With Travelers, you can opt for standard coverage while getting additional optional coverages. Additional discounts may apply when you bundle your Farmers home insurance with your Farmers car insurance policy. Like other insurers, Travelers has an online bills payment option, an online claims application tool, a rate calculator and a mobile app.
Read MoneyGeek's Travelers home Insurance Review4
USAA
Score:86
5
American Family
Score:84
More About American Family
American Family features customizable home insurance policies. Aside from the three basic insurance options, you can have additional coverages like sewer back-up and pump overflow coverage along with identity theft protection. Having a smart home or a home security system in place will qualify you for a 5% discount. There are also discounts for bundling coverages. Customers can pay directly from their bank accounts and opt for full payment at once instead of monthly. American Family has an online quote tool, a home insurance calculator, a personalized coverage assistant and a home inventory worksheet.
What Is the Average Cost of Homeowners Insurance in Illinois?
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home insurance is 0.0% more than the average.
Illinois residents typically pay an average of $1,751 per year for a dwelling coverage baseline amount of $250,000. That amount is around 16.8%, or about $352, less than the United States’ average, $2,103. Insurance carriers will evaluate all associated risks and area-related factors like crime rates, property values, and weather conditions to determine your rate.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Illinois
To estimate homeowners insurance in Illinois, insurers check your circumstances and the risk factors in your area. They may consider dwelling value, roof quality, property location, credit score, claims frequency and more.
Home Insurance Calculator
State
Illinois
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$50,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Illinois
In Illinois, homeowners insurance can be cheap, especially since the state average is relatively lower than the national average. For example, Illinois residents can get the cheapest option from Allstate. The average annual premium for an Allstate policy can be as low as $1,067 for a dwelling coverage baseline. That is 39.1%, or approximately $684, lower than the state average.
The dwelling coverage is the home owners insurance policy feature that may help pay for the rebuilding or repairs necessary if the physical structure of your house suffers from damages due to a covered hazard. Generally, the dwelling coverage baseline amount in Illinois is $250,000. If you want to find cheap homeowners insurance in Illinois, compare personalized quotes from various providers.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$250,000
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- CompanyAmountper year
- 1.Allstate$1,067
- 2.Farmers$1,250
- 3.Travelers$1,409
- 4.American Family$1,504
- 5.Nationwide$1,720
Best Cheap Homeowners Insurance Companies for Expensive Homes
If you own a high-end residential home, it is only natural to want the best home insurance in Illinois. MoneyGeek’s research found that the most affordable option for a $2 million Illinois home is Allstate, which has an average annual premium of $5,584. A similar policy may reach an average of $14,136 at Country Financial. To find the most appropriate policy that will address your needs, compare personalized quotes from various insurers.
Cheapest Homeowners Insurance Companies for High-Value Homes
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- CompanyAmountper year
- 1.Allstate$5,584
- 2.Farmers$5,844
- 3.American Family$6,697
- 4.USAA$6,959
- 5.Travelers$9,832
Best Homeowners Insurance Companies if You Have a Pool
Having a pool in your property will have an impact on the cost of your annual premium. Your needs may be more than what the standard policy offers. For instance, Allstate’s policy for a $250,000 pool home may cost an average of $1,014 per year. Typically, this option is the cheapest among all insurance providers in the state. If you want, you can also add liability coverage to your policy. Having this coverage will help protect you if someone injures themself in your pool.
Cheapest Homeowners Insurance for Pool Home
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- CompanyAmountper year
- 1.Allstate$1,014
- 2.Farmers$1,229
- 3.Travelers$1,275
- 4.Nationwide$1,331
- 5.American Family$1,510
Cheapest Home Insurance in Illinois if You Have Poor Credit
Another factor that insurers check is the homeowner’s credit score. Generally, if you have poor credit, your annual premiums will be higher. So, it may help to improve your credit score. You can start by paying off your credit card debts and maintaining a utilization rate below 30%.
Illinois residents with poor credit can get policies that are specifically designed for them. The cheapest option comes from Allstate, with an average annual premium of $2,377 for a dwelling coverage baseline amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
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- CompanyAmountper year
- 1.Allstate$2,377
- 2.Country Financial$2,381
- 3.American Family$3,159
- 4.Nationwide$3,189
- 5.Travelers$3,207
How to Get Homeowners Insurance Quotes in Illinois
To find the best home insurance in Illinois, you may have to disclose certain information about yourself. Insurance companies may ask for your name, address and Social Security Number. Aside from these, carriers may also require pieces of information related to your property to calculate the cost of your annual premium. They may ask you about your home’s current value and your belongings inside it, how old it is, the type of home you have, the materials used in building it, its current condition, and an estimate of how much it may cost if it needs rebuilding. Having additional safety features like a home security system may affect your annual premium as well.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Illinois
Other area-related risk factors that can affect how much is your homeowners insurance in Illinois include hazardous weather conditions. So, you may want to ensure emergency preparedness by adding coverages for the common weather conditions that strike in your area.
Crime rates also have an impact on the cost of home insurance policies. An FBI report shows that Illinois recorded around 51,490 violent crimes and 246,264 property crimes in 2018.
As for the price of homes per state, Illinois ranks 31st with an average home value of $202,675.
Do You Hail Insurance in Illinois?
Getting hail damage coverage may be a good idea for your Illinois home as the state ranks 10th among all states in terms of the number of hail events. The state records around 204 hail events every year.
Do You Need Flood Insurance in Illinois?
Around 8.7% of Illinois properties, or about 451,700, are at risk of flooding in 2020. However, insurance providers do not directly offer flood insurance. You will have to determine if your community participates in the government-sponsored National Flood Insurance Program (NFIP) coverage. You can also check if your property is in a high-risk area with the Flood Insurance Rate Maps (FIRM) of the Federal Emergency Management Agency (FEMA).
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Illinois that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Illinois. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
About the Author
sources
- AM Best. "Rating." Accessed July 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 13, 2020.
- FBI. "2018 Crime in the United States." Accessed July 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed July 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed July 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed July 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed July 10, 2020.