The cost of monthly and annual premiums is an important factor when choosing a policy. Based on affordability, the best cheap renters insurance in Illinois is offered by Lemonade and State Farm. Lemonade’s average annual premium is $60 or $5 per month. A similar policy with State Farm costs an average of $89 per year or about $7 per month.
These calculations are based on MoneyGeek’s analysis of quotes using a diverse set of ZIP codes throughout the state. For the sampler renter, MoneyGeek used an individual who has renters insurance in Illinois covering $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500.
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While the price of renters insurance in Illinois is a big consideration when choosing a policy, it is important to evaluate other factors as well. Doing this can help you find the best provider and policy for your needs.
MoneyGeek ranked the best renters insurance providers in the state by calculating scores based on affordability, JD Power and Associates’ customer service scores and AM Best’s financial stability ratings. The company that got the highest score is USAA with 94 points. However, USAA is only available to members of the military, veterans and their eligible family members.
For renters who don’t qualify for USAA, State Farm is the best option with a score of 89 points. Lemonade follows closely behind with 88 points.
Policyholders with a USAA plan receive identity theft, earthquake and moving and storage coverages. You can easily communicate with a company representative through their mobile app and customer portal. However, USAA has strict membership qualifications. Only military members, veterans and their eligible family members can get policies with USAA.
A State Farm policyholder can get a standard coverage for qualifying events. You can also choose to customize your insurance plan depending on your circumstances. Additional coverages that State Farm offers include identity theft protection, earthquake, valuables and more. State Farm’s online tool allows you to easily get a quote.
Lemonade policyholders typically get coverage that includes family members for no extra charges. If you want to protect your expensive valuables, you can do so by adding additional coverage. It’s easy to update your coverage whenever you want using the app. Lemonade’s claims system and mobile app allow consumers to receive instant quotes and quicker payouts.
Getting additional protection is possible with a Nationwide renters insurance policy. You can get coverage for your valuables, such as jewelry and firearms. Bundling renters and auto insurance can help you get discounts. People who live in a home with smoke detectors, fire alarms or a home security system can get up to 15% their policy price. If you want to get a quote, you can use Nationwide’s online tool.
Individuals with no claims history may qualify for significant savings with MetLife. Discounts are also available if you bundle renters insurance with your other policies. MetLife policyholders can easily report damages and apply for claims through the company’s 24/7 phone customer service.
Larger companies tend to be more financially stable than their smaller counterparts. As a result, it can be a good idea to choose a bigger company because you have a better chance that your legitimate claims will be paid.
The top five companies with the highest market share in Illinois are State Farm (33%), Allstate (12%), COUNTRY Financial (8%), American Family (6%) and Farmers (6%). Together, these insurance providers make up over 64% of the market.
renters insurance is equal to the average.
The average cost of renters insurance in Illinois per year is $124, which is $35 less than the national average. These averages are based on a policyholder with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
To find the best policy for your needs, you will have to shop around and compare personalized quotes. For example, choosing a policy from the most affordable company, Lemonade, can help you save up to $110 per year instead of getting a policy from the most expensive company, Farmers.
Several criteria, such as location and coverage amount, determine the cost of renters insurance in Illinois. Consider these factors before choosing a carrier and policy.
Purchasing renters insurance is not a state requirement in Illinois. However, having a policy will help protect your belongings at a low-cost.
Illinois renters make up 30% of the state population. The average monthly rent is $1,020. For a standard policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, an Illinois renter typically pays an average monthly premium of $10. That is 1% of the monthly rent price.
What a policy covers and what it does not is an important consideration when choosing the best renters insurance in Illinois. Typical renters insurance includes coverage for personal property, additional living expenses, liability insurance and medical payments.
Personal property coverage in Illinois may protect your assets from damages due to various covered events like lightning and hail.
Risk factors specific to your area will help you figure out what to include in your renters insurance policy. You want to make sure that you are prepared for any possible emergency. Here are some issues that renters insurance policies do not usually cover.
Renters insurance is a helpful tool to protect your property. However, you have to make sure that you understand what is covered and what is not. Read the fine print before you buy a policy. It can also help to ask your agent if you have any concerns so you can avoid issues in the event you have to file a claim.
MoneyGeek analyzed renters insurance premiums from 7 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 for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
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