State Farm, Allstate and Nationwide are Illinois' best cheap renters insurance companies. State Farm ranks highest for affordable rates, Allstate has a strong customer reputation, and Nationwide offers the best coverage options.
Cheap Renters Insurance in Illinois
Updated: April 24, 2025
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Key Takeaways
State Farm is Illinois' best overall renters insurance company, offering the cheapest policy at $189 annually.
Renters insurance in Illinois costs around $21 monthly, but prices range from $16 to $72.
To get the best and most affordable renters insurance, decide your coverage needs beforehand, research costs and compare multiple quotes.
Illinois Renters Insurance Quote Estimates
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Rates updated:
Apr 24, 2025
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Best Cheap Renters Insurance Companies in Illinois
| State Farm | 91 | $16 | $189 |
| Nationwide | 90 | $23 | $275 |
| Allstate | 84 | $16 | $197 |
| American Family | 78 | $59 | $710 |
| Farmers | 68 | $72 | $863 |
*This list shows rates for a renter with good credit, no claims history, $50K in property damage coverage, $100K in liability coverage, a $1,000 deductible and guaranteed replacement.
Compare Personalized Best Cheap Renters Insurance in Illinois
While the above list covers most renters, it may not reflect the best options for your needs. Below is a filterable table tailored to your profile to help you find the best choice in Illinois.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Contents Replacement:Yes
Select
Credit Tier:Good
| State Farm | 91 | $11 | $138 |
| Nationwide | 89 | $14 | $168 |
| Auto-Owners | 83 | $16 | $189 |
| American Family | 78 | $24 | $287 |
| Allstate | 78 | $16 | $197 |
Best Illinois Renters Insurance Reviews
Below, we provide more detail about our top picks for affordability, customer service and coverage options for Illinois renters insurance.
State Farm: Most Affordable Plans
pros
Most affordable rates
Largest discount offering selection
High financial stability ratings
cons
Below-average customer satisfaction
Limited number of add-on coverage options
COMPANY HIGHLIGHTS
State Farm offers Illinois' most affordable renters insurance, starting at $16 monthly. J.D. Power ranks it seventh for customer satisfaction. Customers can access solid coverage with unique add-ons like optional replacement cost coverage, which replaces damaged or stolen items with new ones of similar quality instead of paying the depreciated value.
Allstate: Best for Customer Service
pros
Largest discount offering selection
High financial stability ratings
Strong customer experience
cons
Limited add-on coverage options
COMPANY HIGHLIGHTS
Allstate offers some of Illinois' most affordable renters coverage at $16 monthly. It's our top choice for customer experience, with strong reviews and industry reputation. Unique discounts are available for autopay enrollment and retirees over 55. Customers can also use Allstate's DigitalLocker app to maintain a digital inventory of their belongings.
Nationwide: Best for Coverage Options
pros
Affordable rates for higher coverage
Most extensive add-on coverage selection
High claims satisfaction ratings
cons
Lower-than-average overall customer satisfaction ratings
Less affordable for lower property damage coverage levels
COMPANY HIGHLIGHTS
Nationwide ranks second for best renters insurance in Illinois, with balanced affordability, coverage and customer service scores. While not highly rated by J.D. Power for claims and customer satisfaction, it offers unique coverage options like credit card protection and add-ons to replace selected personal property up to its actual cash value.
Average Cost of Renters Insurance in Illinois
The average cost of renters insurance in Illinois is $257 yearly, $15 higher than the national average of $242. These rates are based on a policy with $50K personal property coverage, $100K liability limits and a $1,000 deductible. Your rate may vary based on your profile.
See our table below, where you can filter major factors affecting renters' insurance rates, to find average costs for your situation.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Credit Tier:Good
Select
Contents Replacement:Covered
| $50K Personal Property / $100K Liability | $21 | $257 |
Average Illinois Renters Insurance Cost by City
Renters insurance costs vary widely by city. The average annual premium in Aurora is $207; in Chicago, it's $256 for a policy with $50K in personal property coverage and $100K in liability coverage. Check the table below for the average cost in your city.
| Aurora | $207 |
| Chicago | $256 |
| Elgin | $202 |
| Joliet | $215 |
| Naperville | $209 |
| Peoria | $208 |
| Rockford | $213 |
| Springfield | $225 |
*This table shows rates for a renter with good credit and no claims history. Policies include $50K property damage coverage, $100K liability coverage, a $1,000 deductible and guaranteed replacement.
Illinois Renters Insurance: Buyer's Guide
Navigating renters insurance in Illinois can be tricky with so many options. Our detailed guide will help you find the right coverage for your needs.
How to Find the Best Cheap Renters Insurance in Illinois
Finding the right option at the lowest price can be challenging. Follow this guide to select the ideal choice for your profile:
- 1
Determine the right coverage level
Understand what coverage you need before shopping for renters insurance. Know the value of your items and consider risks like weather damage, crime and liability, especially if you have pets.
- 2
Research costs and discounts
After determining coverage needs, research average costs for similar profiles. Compare these against quotes to ensure fair pricing. Look for discounts you might qualify for.
- 3
Compare providers
Examine different insurers' reputation, costs and coverage options. This helps narrow down where to get quotes.
- 4
Consider bundling
Check if bundling renters and auto insurance with your current provider could save money. Often, the auto insurance discount can cover renters insurance costs.
- 5
Get multiple quotes through different channels
Collect at least five quotes from providers, ensuring comparable coverage levels. Use comparison sites, provider websites, brokers and agents, as prices may differ across these sources.
- 6
Compare policies annually
Insurance rates change frequently, so compare yearly to ensure your provider still offers competitive rates.
How Much Renters Insurance Do I Need in Illinois?
Renters insurance isn't required by Illinois law, but most landlords require at least $100K in liability coverage. Requirements may vary based on your rental history, credit score and pet ownership. Consider how much property coverage you need, local weather risks, area crime rates and pet ownership when selecting a policy.
Use our calculator to determine your ideal personal property coverage limits and how much renters insurance you need.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
Illinois Renter Risk Considerations
Below are the risks specific to Illinois and considerations for renters seeking additional coverage:
- Weather risks: Flooding is Illinois' most common natural disaster. The state also faces a high risk of earthquake, snowstorm and tornado damage in certain locations. Standard coverage may not protect against these threats in high-risk areas, requiring a separate purchase of additional coverage.
- Crime risks: Illinois ranks 31st nationwide for property crime and ninth for identity theft and fraud. For better property damage protection, consider adding supplemental coverage or add-ons to your renters policy.
- Pet ownership: Depending on your pet, consider pet liability coverage. Check how different providers handle pet coverage and whether it's included in standard policies.
- Property types: Standard policies may not fully cover special tools, valuables, electronics or structures like pools on your rental property. Look for companies offering specific add-ons for additional protection.
How Does Renters Insurance Coverage Work?
Renters insurance typically covers damage to your property, liability to others and loss of use of your rental home. Adding optional coverages can make your policy more comprehensive. Here are the main types of renters insurance coverage:
Coverage Type | Standard or Add-on | Coverage Details |
|---|---|---|
Standard | Pays for damaged or stolen personal items up to your policy limit. Basic coverage reimburses the depreciated value, while replacement cost coverage pays for new equivalent items. | |
Standard | Covers medical and legal costs if someone gets hurt in your rental. Many landlords require this protection. | |
Additional living expenses | Standard | Helps pay for temporary housing, meals and transportation when your rental becomes uninhabitable. Limits vary by insurer. |
Natural disasters | Add-on | Provides coverage for earthquake or flood damage. Available through select insurers as separate policies. |
Parts/Equipment | Add-on | Covers tools, appliances and utilities in your rental |
Scheduled property | Add-on | Insures valuable items up to specific limits |
Identity theft | Add-on | Covers financial losses and legal expenses from identity theft. Some policies include monitoring services. |
Pet liability | Add-on | Protects against injuries caused by your pet, though standard policies may include this |
Modifications | Add-on | Covers custom additions you've made to your rental |
Food loss | Add-on | Reimburses food lost during covered incidents |
Best Renters Insurance in Illinois: Bottom Line
State Farm, Nationwide and Allstate offer Illinois' best affordable renters insurance. State Farm has the lowest monthly cost at $16. While these are top recommendations, compare quotes from each company to find your best deal.
Renters Insurance in Illinois: FAQ
Below are our experts' answers to frequently asked questions:
What is the cheapest renters insurance company in Illinois?
State Farm offers the cheapest renters insurance in Illinois, with an average annual premium of $189 or $16 per month.
What is the best renters insurance company in Illinois?
State Farm is the best renters insurance company in Illinois, with a MoneyGeek score of 91 out of 100 due to its excellent balance of cost efficiency, customer satisfaction and diverse coverage options.
How much does renters insurance cost in Illinois?
The average cost of renters insurance in Illinois is $257 per year or $21 per month, 6% higher than the national average. Annual premiums range from $189 to $863.
Is renters insurance required in Illinois?
Illinois doesn't legally require renters insurance, but your landlord may. Consider your situation to decide if a policy makes sense for you. Key reasons to get coverage include protecting your belongings from common hazards and covering liability costs if someone gets hurt in your rental.
How We Found the Best Cheap Renters Insurance Companies
To find the cheapest renters insurance in Idaho, we used this base profile:
- $50K personal property coverage
- $100K liability coverage
- $1,000 deductible
- Property replacement coverage
- Good credit score
This profile determined our affordability score (60% of the total score). The remaining factors included:
- Customer satisfaction from industry research (25%)
- Add-on coverages (10%)
- Financial strength ratings (5%)
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- Illinois Emergency Management Agency and Office of Homeland Security. "Hazard Information." Accessed April 24, 2025.
- Insurance Information Institute. "Facts + Statistics: Identity Theft and Cybercrime." Accessed April 24, 2025.
- U.S. News. "Low Property Crime Rate." Accessed April 24, 2025.