While State Farm is the best for $20K in personal property coverage with an average annual premium of $69 and a MoneyGeek score of 91 out of 100, the best for you will depend on your needs. For veterans, USAA is another great choice with an average annual premium of $129 and a competitive MoneyGeek score. Renters who value quality service should consider Travelers, which excels in customer satisfaction.
Best and Cheapest Renters Insurance in Illinois (September 2024)
The best and cheapest renters insurance company in Illinois for $20K in personal property coverage is State Farm, with a MoneyGeek score of 91 and an annual premium of $69.
Updated: November 1, 2024
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State Farm is the best overall renters insurance provider with a MoneyGeek score of 91 out of 100 and an average annual premium of $69.
State Farm is the cheapest renters insurance provider in Illinois with an average annual premium of $69.
Travelers is the best renters insurance provider for service quality with a MoneyGeek score of 85 out of 100 and an average annual premium of $253.
State Farm is the best renters insurance provider for those who need extra personal property coverage of $100K with a MoneyGeek score of 91 out of 100 and an average annual premium of $161.
USAA is the best renters insurance provider for military members with a MoneyGeek score of 100 out of 100, and the average annual premium is $129.
Nationwide is the best renters insurance provider for those with poor credit in Illinois with a MoneyGeek score of 91 out of 100 and an average annual premium of $179.
Why Trust MoneyGeek? We used data from the Illinois Department of Insurance and Quadrant Information Services to find the best renters insurance in Illinois.
Renters insurance rates in Illinois reflect the best quotes as of September 2024.
Overall Best Renters Insurance in Illinois
State Farm stands out as the best renters insurance provider in Illinois, boasting a MoneyGeek score of 91 out of 100 and a $69 annual premium for $20K in personal property coverage. This provider typically offers a great balance of cost and customer service. For the same policy, the two best renters insurance providers in Illinois are:
- State Farm: MoneyGeek score of 91 out of 100 ($69 per year)
- Nationwide: MoneyGeek score of 89 out of 100 ($84 per year)
State Farm perfectly balances customer satisfaction and affordability. However, the best choice for you will still depend on your needs.
In Illinois, State Farm stands out as the best overall renters insurance by ranking first in affordability with an annual premium of $69.
State Farm offers add-ons like cyber event/ID theft coverage. This coverage helps you with identity restoration, offering support if your identity gets compromised. Renters can benefit from assistance in recovering lost funds and restoring their identity, providing peace of mind and financial protection.
- Offers cyber event / ID theft and earthquake coverages.
- Ranks first in the state for affordability
- Missing scheduled personal property coverage
- Ranks third in the state for customer satisfaction
- Ranks third in the state for coverage options
MoneyGeek's best scoring system for renters insurance overall in the state emphasizes customer satisfaction and affordability. Secondary factors include coverages and financial stability in their overall assessment.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
State Farm | 91 | $ 69 |
Nationwide | 89 | $ 84 |
Auto-Owners Insurance | 81 | $ 104 |
Farmers | 73 | $ 135 |
American Family | 72 | $ 169 |
Allstate | 58 | $ 197 |
Travelers | 56 | $ 253 |
Cheapest Renters Insurance in Illinois
State Farm offers the cheapest renters insurance in Illinois with an annual premium of $69 for $20,000 in personal property coverage. Personal property coverage helps protect your belongings, such as furniture, electronics and clothing, from damage or theft. The following providers are the top two cheapest providers in Illinois for $20,000 in personal property coverage and a $1,000 deductible.
- State Farm: $69 per year
- Nationwide: $84 per year
Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can raise your monthly payment but offer better protection for your belongings.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
State Farm | $ 69 |
Nationwide | $ 84 |
Auto-Owners Insurance | $ 104 |
Farmers | $ 135 |
American Family | $ 169 |
Allstate | $ 197 |
Travelers | $ 253 |
When selecting renters insurance, prioritize quality service. Opt for the best renters insurance instead of the cheapest plan to ensure efficient claims processing. Investing in a higher-quality policy can potentially save you money over time.
Cheapest Renters Insurance by High Deductible in Illinois
A high deductible can help you lower costs. In Illinois, the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible is State Farm with an annual premium of $60. A deductible is the amount you pay out-of-pocket before insurance kicks in. For the same coverage with a $2,000 deductible, the top two cheapest providers in Illinois are:
- State Farm: $60 per year
- Nationwide: $64 per year
A deductible affects your costs by shifting more initial expenses to you before your insurer covers the remaining costs. You can see how rates change using the table we'll provide below.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
- $ 500
- $ 1,000
- $ 1,500
- $ 2,000
State Farm | $ 60 |
Nationwide | $ 64 |
Auto-Owners Insurance | $ 97 |
Farmers | $ 122 |
American Family | $ 154 |
Allstate | $ 197 |
Travelers | $ 212 |
Best Renters Insurance for Customer Service in Illinois
Travelers is the best renters insurance company for service quality in Illinois for $20K in personal property coverage, with an annual premium of $253. Great customer service in a renters insurance provider means prompt and efficient help, addressing your concerns quickly, and providing clear and helpful guidance throughout your policy term. The following providers are the top two best providers in Illinois for those who value great customer service and $20K in personal property coverage:
- Travelers: MoneyGeek score of 85 out of 100 ($253 per year)
- Nationwide: MoneyGeek score of 84 out of 100 ($84 per year)
Great customer service is crucial for renters because it ensures support and ease during stressful situations. For example, when you make a claim, having a responsive and helpful provider can make the process smoother and less daunting, giving you peace of mind.
In Illinois, Travelers ranks first in coverages with an annual premium of $253. It also holds the top spot in financial stability according to MoneyGeek's data.
Travelers offers contents replacement cost and scheduled personal property coverage. Contents replacement cost ensures that personal property is reimbursed at replacement value rather than depreciated value, benefiting renters by covering the entire cost of new items. Scheduled personal property provides additional coverage for valuable items, such as jewelry and electronics, ensuring they are adequately protected beyond the standard policy limits.
- Contents replacement cost and scheduled personal property
- Claims free and protective device
- Ranks first in Illinois for coverage
To determine the best renters insurance for service quality in the state, MoneyGeek's top scoring system prioritizes customer satisfaction. Secondary factors like coverages and financial stability are also assessed for renters who value service quality.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
Travelers | 85 | $ 253 |
Nationwide | 84 | $ 84 |
American Family | 83 | $ 169 |
State Farm | 77 | $ 69 |
Auto-Owners Insurance | 72 | $ 104 |
Farmers | 68 | $ 135 |
Allstate | 63 | $ 197 |
Best Renters Insurance for Extra Personal Property in Illinois
The best renters insurance company for renters who need $100K of personal property coverage in Illinois is State Farm, with an annual premium of $161. For $100K in personal property coverage, the following providers are the top two best providers in Illinois:
- State Farm: MoneyGeek score of 91 out of 100 ($161 per year)
- Nationwide: MoneyGeek score of 88 out of 100 ($215 per year)
Renters with more personal belongings require higher personal property coverage. Personal property coverage protects your belongings, such as furniture, electronics, and clothing, from damage or theft. However, higher coverage often means higher premiums.
State Farm ranks as the most affordable and highly rated company for extra personal property coverage in Illinois. With an annual premium of $161, renters can protect their valuables without breaking the bank.
State Farm offers cyber event/ID theft coverage and provides protection against identity theft. This coverage helps renters recover from identity theft by covering associated costs. Additionally, State Farm's personal property coverage ensures that your high-value items, like jewelry and electronics, are protected against damages or theft, giving renters peace of mind.
- Cyber event and ID theft coverage
- Bundle and protective device discounts
MoneyGeek's top scoring system for renters needing higher personal property limits in a state evaluates customer satisfaction and affordability. It also considers coverages and financial stability as secondary factors.
State Farm | 91 | $ 161 |
Nationwide | 88 | $ 215 |
Auto-Owners Insurance | 82 | $ 259 |
Allstate | 82 | $ 197 |
American Family | 79 | $ 363 |
Farmers | 66 | $ 479 |
Travelers | 56 | $ 742 |
Best Renters Insurance for Military Members in Illinois
USAA is the top renters insurance company for those with military backgrounds in Illinois, with an annual premium of $129 for $20K in personal property coverage. It is a company exclusively for those with military backgrounds. The following providers are the top two best providers in Illinois for military members who need $20K in personal property coverage:
- USAA: MoneyGeek score of 100 out of 100 ($129 per year)
- State Farm: MoneyGeek score of 91 out of 100 ($69 per year)
USAA offers a range of products tailored for those with a military background, providing discounts and coverage that suit the military lifestyle. While it is not the cheapest option in Illinois (State Farm offers a lower annual premium), USAA might be worth considering for its specialized offerings.
USAA is a renters insurance provider that offers policies exclusively to those with military backgrounds. It ranks first in customer satisfaction, coverages, and affordability in Illinois, with an annual premium of $129.
USAA offers worldwide personal property and contents replacement cost coverages. Worldwide personal property coverage ensures protection of your belongings even when deployed overseas. Contents replacement cost coverage replaces damaged or stolen items at their current market value, helping you recover quickly without financial strain. These coverages are tailored to meet the unique needs of military renters.
- Exclusively serves those with military backgrounds
- Offers contents replacement cost and worldwide personal property coverages
- Provides claims-free and military base or academy residence discounts
- Ranks No. 1 in Illinois for customer satisfaction and coverage options
- Lacks cyber event/ID theft and scheduled personal property coverage
To determine the best renters insurance for military members, Moneygeek's system prioritizes customer satisfaction and affordability. Secondary considerations include coverages and financial stability specifically for military members.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
USAA | 100 | $ 129 |
State Farm | 91 | $ 69 |
Nationwide | 89 | $ 84 |
Auto-Owners Insurance | 81 | $ 104 |
Farmers | 73 | $ 135 |
American Family | 72 | $ 169 |
Allstate | 58 | $ 197 |
Travelers | 56 | $ 253 |
Best Renters Insurance for Bad Credit in Illinois
Nationwide is the best renters insurance company for those with poor credit in Illinois, with an annual premium of $179. The following providers are the top two best providers in Illinois for those with poor credit:
- Nationwide: MoneyGeek score of 91 out of 100 ($179 per year)
- State Farm: MoneyGeek score of 91 out of 100 ($139 per year)
Rates for those with poor credit are often higher since they pose a greater risk to providers. Providers view them as high-risk because poor credit indicates a higher likelihood of filing claims. Improving your credit can help lower your rates, and you should take advantage of available discounts where possible.
In Illinois, Nationwide ranks as the most affordable renters insurance provider, boasting an exceptional coverage score as well. Its annual premium for renters with poor credit is $179.
Nationwide offers a reasonably common discount for those with no claims on their policy, which can reduce your premium if you maintain a clean claims history. Another valuable discount is its uncommon coverage, which pays for unauthorized credit card charges. These discounts help make renters insurance more affordable for those with poor credit.
- Offers claims free and protective device discounts.
- Has a high affordability score
- Ranks first in the state for coverage
To find the BEST renters insurance for those with poor credit in {{state}}, MoneyGeek's scoring emphasizes customer satisfaction and affordability. Secondary factors include coverages and financial stability.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
- Below Fair
- Excellent
- Fair
- Good
- Poor
Nationwide | 91 | $ 179 |
State Farm | 91 | $ 139 |
American Family | 90 | $ 326 |
Farmers | 85 | $ 224 |
Travelers | 85 | $ 775 |
Allstate | 83 | $ 197 |
Auto-Owners Insurance | 51 | $ 2,887 |
Average Cost of Renters Insurance in Illinois
The average cost of renters insurance in Illinois is $144 annually, which breaks down to $12 monthly. This is slightly cheaper than the average cost of renters insurance nationally, which is $146 annually. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits and a $1,000 deductible.
Renters should remember that the average cost of renters insurance in Illinois may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the tool below to get an estimate for your renters insurance based on your needs.
Renters Insurance Calculator
MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
It's free to use, requires no personal information and we won't send you any spam.
Rates updated:
Nov 08, 2024
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Average Cost of Renters Insurance by City in Illinois
The average cost for renters insurance not only varies by state but also by city. In Illinois, for example, the average annual premium in Chicago is $163, compared to $134 in Elgin. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible, and a good credit score. See the average cost in your city using the table below.
Aurora | $ 137 |
Chicago | $ 163 |
Elgin | $ 134 |
Joliet | $ 140 |
Naperville | $ 137 |
Peoria | $ 137 |
Rockford | $ 139 |
Springfield | $ 146 |
Renters in Alabama can save on renters insurance by comparing quotes among providers. With $20K in personal property and a $1,000 deductible, State Farm offers the lowest annual premium at $154, while Foremost Insurance has the highest at $408, showing a potential savings of $254 annually or $21 monthly.
What Factors Impact Renters Insurance Costs in Illinois?
Multiple factors impact the cost of renters insurance in Illinois, including location, coverage amount, and deductible. Understanding what affects the cost is crucial for renters to make informed decisions and manage their premiums effectively. Below are the key factors that influence renters insurance costs:
Factors: Description of the factor and how or why it affects costs in one sentence maximum.
- Location: Areas with higher crime rates or natural disaster risks can lead to higher premiums.
- Coverage Amount: Higher coverage limits typically result in increased premiums.
- Deductible: Lower deductibles often mean higher premiums.
- Credit Score: Poor credit scores can increase the cost of insurance.
- Claims History: A history of claims can raise insurance costs.
How Much Personal Property Coverage Do You Need?
Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:
- Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
- Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
- Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
- Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
- Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.
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.
Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.
What Renters Insurance Typically Covers in Illinois
Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:
- Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
- Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
- Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.
Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:
- Fire or lightning
- Windstorm or hail
- Explosions
- Riots
- Damage caused by aircraft
- Damage caused by vehicles
- Smoke damage
- Vandalism
- Theft
- Volcanic eruption
- Falling objects
- Weight of ice, snow or sleet
- Water-related damage from home utilities
- Electrical surge damage
What Renters Insurance Typically Doesn't Cover
Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:
- Natural Disasters: Standard policies often exclude events like floods and earthquakes.
- High-Value Items: Expensive jewelry or electronics may exceed policy limits.
- Business Equipment: Items used for business purposes may require additional coverage.
- Roommate Property: Your policy does not cover your roommate's belongings.
- Pest Damage: Infestations and damage from pests are generally not covered.
- Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.
Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.
FAQ: Renters Insurance in Illinois
Selecting the best renters insurance provider ultimately depends on your specific needs and preferences. In this FAQ section, we address common questions to help you make an informed decision about your renters insurance options.
The cheapest renters insurance provider in Illinois is State Farm, with an annual premium of $69, which is approximately $6 per month. For military members, veterans, and eligible family members, USAA offers a competitive rate with an annual premium of $129.
The best renters insurance provider in Illinois is State Farm, with a MoneyGeek score of 91 and an annual premium of $69, which is approximately $6 per month. For military members, veterans, and eligible family members, USAA is the best option with an annual premium of $129.
The average cost of renters insurance in Illinois is $144 annually, which is about $12 per month. The range of annual premiums from the best providers is $69 to $69 per year, depending on the provider.
Renters insurance is not required by law in Illinois. However, your landlord may require you to purchase a policy. Evaluating your needs and circumstances can help you decide whether buying a policy is right for you. Some reasons to get renters insurance include financial protection against common perils and liability costs of third-party injuries.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He 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.