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CheapRenters InsuranceIllinoisThe Best and Cheapest Renters Insurance Companies in Illinois for 2023: Rankings, Reviews and Rates
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To help you find the best renters insurance companies in Illinois, MoneyGeek used a comprehensive rating system based on affordability, customer service ratings and financial stability scores.
CheapRenters InsuranceIllinoisThe Cheapest Renters Insurance in Illinois
Cheap Renters Insurance Companies in Illinois
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.
Personal Property Coverage:
$20,000
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Best Renters Insurance Companies in Illinois
The best renters insurance company in Illinois is Lemonade, with MoneyGeek ratings of 95.
MoneyGeek ranked the best renters insurance in Illinois based on affordability, customer service ratings from J.D. Power and financial stability scores from AM Best. These rating factors were used to find companies with the best balance of quality coverage and cost in Illinois.
This balance is important because it ensures that the tenant gets quality coverage and will receive timely and fair claims processing.
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Lemonade
Score:95
Lemonade is the best renters insurance in Illinois overall. It ranks second for customer satisfaction and first for affordability. This provider offers the unique coverage of landlord property damage.
More About Lemonade
Available in 32 states, Lemonade offers six add-on coverages and three discount options, which is less than the industry average. If you want your policy to cover any damage to your landlord’s property, you can include landlord property damage coverage. Lemonade also offers tenants optional equipment damage coverage to cover the cost of damaged equipment like AC systems or other appliances.
You can even take advantage of discounts such as protective systems discounts for safety devices installed in your home and annual payment discounts to make your policy more affordable. Plus, Lemonade has a convenient online platform and mobile app, which makes getting personalized quotes and managing your account easy.
Read MoneyGeek's Lemonade renters Insurance Review2
USAA
Score:94
USAA ranks first in Illinois for customer satisfaction and financial stability. Overall, it is the second-best renters insurance provider in the state. This provider also offers moving and storage coverage. However, you can only qualify for USAA policies if you have a military background.
More About USAA
USAA is available nationwide and has seven add-on coverages and four discount options, which are equal to and less than the industry average, respectively. This insurer offers tenants moving and storage coverage, which protects you if your property gets lost or damaged while being moved or stored. You can also safeguard yourself from identity fraud by including identity theft coverage in your renters insurance policy.
USAA offers policyholders a robust online user experience with online options for getting a personalized quote and managing your account. The provider also has a mobile app that allows you to access your account easily via phone.
Read MoneyGeek's USAA renters Insurance Review3
State Farm
Score:93
State Farm is the third-best company for renters insurance in Illinois. This provider ranks second for both customer satisfaction and affordability and ties in first for financial stability. State Farm offers policyholders up to three optional coverages, which include personal injury coverage.
More About State Farm
State Farm is available in all states and offers three optional coverages as well as two discount options. This is less than the industry average. The insurer provides comprehensive coverage with options to include personal injury liability coverage in your State Farm renters policy. This coverage protects you from personal claims but is subject to some exclusions. This insurer also has optional earthquake and additional business property coverage available as separate policies for those who want additional coverage against earthquakes or renters who want to protect their business.
State Farm’s online account management tools and mobile app simplify the user experience for policyholders. You can even get personalized quotes online if you want to apply for a State Farm policy.
Read MoneyGeek's State Farm renters Insurance Review4
Nationwide
Score:79
Nationwide scored high in financial stability and customer satisfaction. However, it ranked low in affordability. The provider offers theft extension coverage, which is unique among other insurers.
More About Nationwide
Nationwide, which is available in 44 states, offers 11 optional coverages and four discount options. This is higher and lower than the national average, respectively. Policyholders can access unique coverage options such as theft extension coverage, which covers personal property that is stored in your vehicle or watercraft in case of loss or damage. Policyholders can also purchase scheduled personal property coverage as an add-on to cover high-value items like jewelry and antiques.
Nationwide offers protective device discounts for installing safety devices or security systems in your home. Plus, you can get a personalized quote online within minutes. Policyholders can even file claims, manage their accounts and make payments online or use the Nationwide mobile app.
Read MoneyGeek's Nationwide renters Insurance Review5
American Family
Score:76
American Family ranks third in customer satisfaction among renters insurance companies in Illinois and also scores highly in financial stability. But, it scored lower in terms of affordability. This provider offers comprehensive rental insurance with optional coverages such as scheduled property coverage.
More About American Family
American Family is available in 19 states and provides two add-on coverages and seven discount options. This is less than and greater than the industry averages, respectively. The scheduled property coverage offered by American Family can be useful if you have high-value items like jewelry or antiques that you want covered in your renters policy. If you have a pet, you can also add pet damage liability coverage to your policy in case your pet causes harm to someone on your property.
American Family offers policyholders loyalty and autopay discounts. These discounts can make your policy even more affordable. The insurer also provides an easy user experience with convenient online and mobile app account management options.
Read MoneyGeek's American Family renters Insurance ReviewMONEYGEEK EXPERT TIP
When choosing the best renters insurance in Illinois, sometimes paying more for better coverage can save you money in the long run. Cheaper options may be more affordable in terms of premiums, but they may not offer sufficient protection when your property is lost or damaged.
Largest Renters Insurance Companies in Illinois
When shopping for renters insurance in Illinois, it is important to evaluate providers based on their market share. Companies with bigger market shares tend to be more financially stable, which means they can invest more in customer experience and deliver better user experience in most cases.
Company | Market Share | |
|---|---|---|
1. | State Farm | 32.8% |
2. | Allstate | 12.0% |
3. | Country Financial | 8.4% |
4. | American Family | 5.9% |
5. | Farmers | 5.5% |
Average Cost of Renters Insurance in Illinois
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renters insurance is equal to the average.
The average cost of renters insurance in Illinois is $124 per year, which is $35 cheaper compared to the national average rate of $159 per year.
These averages are based on policies with a $500 deductible, $20,000 in property coverage and $100,000 in liability limits.
The rates you pay for renters insurance in Illinois will also depend on the amount of personal property to be covered. If you want to calculate how much renters insurance you need based on your personal property, you can use the calculator below to get an estimate.
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Total:
MONEYGEEK EXPERT TIP
To find cheap renters insurance in Illinois, you 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 vs. getting a policy from the most expensive company, Farmers.
What Factors Impact Renters Insurance Cost in Illinois
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.
Location
ZIP codes play an important role in calculating insurance premiums. This is because different neighborhoods have different crime rates and weather patterns.
Coverage Amount
Your level of coverage will impact your premium. The more coverage you have, the higher your rate. To help figure out the coverage you will need, do a home inventory before requesting quotes.
Deductible
Renters insurance requires policyholders to have a deductible. This is how much money you pay before your insurance provider starts making payouts for a claim. You’ll pay a lower monthly premium if you have a higher deductible and vice versa.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
If you choose an ACV policy, your insurance carrier will make payouts based on the fact that your belongings lose value over time. While this means you’ll receive less money if you file a claim, your premium will likely be lower. Opting for an RCV policy means your insurance provider will pay the cost for a new item that is similar in terms of kind and quality to your covered valuables. This means higher payouts on claims but also results in higher rates.
Credit Score
Insurance providers in Illinois may also determine your premium based on your credit score. Individuals with higher credit scores may get cheaper rates because they are less likely to file a claim.
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Renters Insurance in Illinois: What You Need to Know
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 Renters Insurance Typically Covers in Illinois
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.
What Renters Insurance Typically Does Not Cover in Illinois
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.
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.
- EventDescription
Flooding
Illinois insurance providers may include water damage due to broken pipes, but they may not offer coverage for flooding caused by natural disasters. If you think the neighborhood where you live is prone to flooding, you may want to buy flood insurance through the National Flood Insurance Program (NFIP).
Earthquake Damage
Most renters insurance policies in Illinois do not cover earthquake damage. Some carriers may offer it through an additional rider.
Structural Damage
Renters insurance is only applicable to personal property and assets. Any damages to the structure of your rental is your landlord’s responsibility.
Roommate Property
Your renters insurance will not cover your roommate’s belongings. They will have to purchase their own policy to protect their assets.
Expensive Items
Items like jewelry and other valuables are not usually covered by standard renters insurance policies. To protect your valuables, you may need to request additional coverage.
MONEYGEEK EXPERT TIP
If you need more information about renters insurance regulations and requirements, the Illinois Department of Insurance has resources that you can use. You can also file a complaint with the department regarding your insurance.
- Consumer Assistance Hotline Toll-free: 866-445-5364
- Email: DOI.Complaints@illinois.gov
- Location: 122 S. Michigan Ave., 19th Floor, Chicago, IL 60603
- Office Hours: Monday through Friday, 8:30 a.m. to 5 p.m.
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FAQs About Renters Insurance in Illinois
If you are looking for the best renters insurance in Illinois, you can find out more about rates, coverage options and providers using our frequently asked questions section.
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Renters Insurance in Illinois Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from seven 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.
About Mark Fitzpatrick
sources
- Illinois Department of Insurance. "Contact Us." Accessed March 30, 2022.
- Lemonade. "Renters Insurance." Accessed May 5, 2022.
- State Farm. "Renters Insurance." Accessed May 5, 2022.