Average Costs and Cheapest Homeowners Insurance Companies in Illinois

MoneyGeek analyzed thousands of quotes to find the cheapest homeowners insurance provider for you.

We found Allstate to be the most affordable insurer in Illinois, at an average of $1,067 per year. Allstate is also the cheapest option for expensive homes and homes with pools.

Travelers provides the most affordable coverage for individuals with newly built homes.

If you’re looking to balance affordability with a strong service experience, MoneyGeek also scored the best home insurance companies in Illinois.

MoneyGeek researched the cheapest homeowners insurance provider in Illinois for various dwelling coverages by gathering thousands of quotes from different providers.

With a yearly premium of $1,067, Allstate is the most affordable option for homeowners insurance in Illinois for a baseline dwelling coverage of $250,000.

The following are the cheapest options for different coverage levels:

• Cheapest for $100,000: Travelers
• Cheapest for $250,000: Allstate
• Cheapest for $500,000: Allstate

Your dwelling coverage level is determined by the cost of replacing your home and your insurance needs. Before making a purchase decision, we recommend comparing quotes from at least three providers.

See the table below to compare pricing for the dwelling coverage that best meets your needs.

Your home insurance premiums will be significantly affected by how much dwelling coverage you purchase. The average cost of home insurance in Illinois is $1,751 for baseline dwelling coverage of $250,000.

Your dwelling coverage level is one of the biggest factors affecting your rates. Higher levels of coverage provide additional protection, but at a higher cost.

For example, the average yearly premium for a $100,000 home is $1,018 per year. In contrast, the average annual cost of a home insurance policy for $3,000,000 is $14,471 per year.

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.

You can adjust your dwelling coverage limits, deductible and other limits to see how average costs of homeowners insurance in Illinois will change depending on your needs.

MoneyGeek compared many providers and averaged thousands of quotes for various home coverages to determine the cheapest homeowners insurance provider for expensive homes in Illinois.

The top two cheapest providers for coverage for expensive homes are:

• Allstate: $5,584
• Farmers: $5,844

Rates for expensive homes may vary greatly; to get the best rates, it is important to shop around and compare quotes from at least three providers.

It costs less to insure a new home compared to an old house because newer construction involves more contemporary materials and up-to-date practices and techniques. Newer homes are also generally less risky to insure.

MoneyGeek averaged thousands of quotes to find the cheapest provider in Illinois for newer homes with $250,000 in dwelling coverage, using a sample home built in 2015.

We found that the cheapest insurers are:

• Travelers: $912
• Nationwide: $942

Your home’s age has a considerable impact on your rate. In Illinois, home insurance premiums for newer homes can be $387 cheaper than those constructed in 2000.

The numbers for homes constructed in 2000 vary from those in the first section owing to a different ZIP code collection process.

In Illinois, the average annual cost of homeowners insurance for newly built homes is $1,136. In contrast, the average yearly cost of a home built in 2000 is $1,522.

Insurance premiums tend to be higher for older homes. This is because they are more expensive to repair or reconstruct. Older materials may be more difficult or expensive to acquire and there's likely more wear and tear.

MoneyGeek researched thousands of quotes to find the cheapest insurer in Illinois for homes with pools.

The most affordable providers in Illinois for a baseline dwelling coverage of $250,000 are:

• Allstate: $1,014
• Farmers: $1,229

Insurers charge more for taking on higher risk, and a pool increases the likelihood of injuries or death at your home. That's why owning a pool may increase your premiums.

For $250,000 in dwelling coverage, homeowners with a pool pay $1,524 per year in insurance premiums on average. Without a pool, the average for the same home is $1,522 per year, which is slightly less expensive.

MoneyGeek compared thousands of quotes to find the best deal for Illinois homeowners with low credit scores.

The two companies offering the best rates for Illinois homeowners with poor credit are:

• Allstate: $2,377
• Country Financial: $2,381

Your home insurance premiums might go up if you have a poor credit history. Insurers use credit-based insurance ratings to determine your likelihood of defaulting or filing a claim. A lower credit score means you are riskier to insure and will have to pay more.

Your credit history is a factor companies use to determine your homeowners insurance premiums. Individuals with poor credit generally pay more than those with good credit.

In Illinois, homeowners with poor credit history pay $2,165 more on average than homeowners with good credit scores.

Your location plays a vital role in your home insurance costs, and the best option for you may vary depending on the city in which you live. MoneyGeek found that Allstate is the cheapest home insurance company in Chicago, at $1,067 per year. This is $684 cheaper than the average rate for Chicago overall.

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.

Homeowners in Illinois looking to determine how much their coverage will cost can also get an anonymous car insurance estimate using MoneyGeek’s Illinois home insurance calculator, compiled using thousands of quotes.

MoneyGeek analyzed homeowners insurance premiums from 10 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.