Cheapest Homeowners Insurance in Illinois (2024 Rates)

Homeowners in Illinois have access to a range of cost-effective insurance options. While State Farm is the go-to choice for budget-friendly coverage under $100K, Allstate offers the most affordable rates for homes with $1 million in coverage. Additionally, Nationwide takes the lead for newer homes and those with less-than-ideal credit scores, providing the lowest annual premiums.

State Farm offers the cheapest home insurance in Illinois at $797 per year for $100K in dwelling coverage. Remember that rates can greatly differ based on dwelling coverage. Here are the most affordable options in Illinois:

• Cheapest for $100,000: State Farm at $797 per year
• Cheapest for $250,000: Auto-Owners at $1,219 per year
• Cheapest for $500,000: Auto-Owners at $1,864 per year

Refer to MoneyGeek's table and explore cheap home insurance to see changes in costs depending on coverage.

Seeking cost-effective home insurance in Illinois involves comparing quotes from various insurers. MoneyGeek’s home insurance calculator helps you get quotes in Illinois faster without needing personal details upfront.

The most budget-friendly home insurance for high-value homes is from Auto-Owners, with a rate of $2,812 per year for $750K in dwelling coverage. Remember that dwelling coverage, which insures the structure of your home, significantly impacts insurance costs; it is often higher for high-value homes.

The affordable home insurance options in Illinois are:

• Cheapest for $750,000: Auto-Owners at $2,812 per year
• Cheapest for $1,000,000: Allstate at $3,538 per year

Buying dwelling coverage equal to your home's replacement cost, distinct from property value, is advised. Review MoneyGeek's table to see the cheapest providers for higher dwelling coverage limits.

In Illinois, the least expensive insurance provider for new homes is Nationwide, charging an average of $401 per year for $100K in dwelling coverage. Newer homes in Illinois often cost less to insure, as they typically have fewer risks and damage due to their new materials. Here are the cheapest providers for different dwelling coverages:

• Cheapest for $100,000 dwelling: Nationwide at $401 per year
• Cheapest for $250,000 dwelling: Nationwide at $661 per year
• Cheapest for $500,000 dwelling: Nationwide at $1,169 per year

Refer to the table below for further insights on how rates may vary depending on the dwelling coverage for newly constructed homes.

In Illinois, Nationwide is the cheapest choice for those with poor credit scores, charging an average of $1,648 annually for a $100K dwelling coverage limit. Credit scores heavily influence insurance rates as they give insurers an idea of the risk related to payment defaults. Below are the cheapest providers if you have poor credit:

• Cheapest for $100,000: Nationwide at $1,648 per year
• Cheapest for $250,000: Nationwide at $2,713 per year
• Cheapest for $500,000: Allstate at $4,026 per year

The burden of poor credit is clear when comparing average home insurance costs — $7,009 for poor credit and $1,423 for good credit. Check MoneyGeek’s data table for more cost details.

Auto-Owners ranks as the most affordable option in Illinois for homeowners with one claim in the past five years. It offers the lowest annual premiums across different coverage levels. See how its rates differ below:

• Cheapest for $100,000: Auto-Owners at $839 per year
• Cheapest for $250,000: Auto-Owners at $1,219 per year
• Cheapest for $500,000: Auto-Owners at $1,864 per year

It's important to note that an increase in the number of claims correlates with higher insurance costs. Our data shows the average insurance premium in Illinois jumps from $1,423 for homeowners with no claims to $1,787 for those with two claims, an increase of $364. This suggests that sustaining a clean claim history can save Illinois homeowners a substantial amount on their annual insurance costs.

The type of home construction and roof materials directly impact the cost of home insurance. In Illinois, for a home with a frame construction and a shake-treated roof, State Farm offers the most affordable home insurance premium at an annual rate of $797. Frame construction and shake-treated roofs tend to be more susceptible to damage, thereby leading to higher insurance costs.

Here's a breakdown of Illinois' most affordable home insurance providers based on varying coverage values:

• Cheapest for $100,000: State Farm at $797 per year
• Cheapest for $250,000: Auto-Owners at $1,231 per year
• Cheapest for $500,000: Auto-Owners at $1,882 per year

The impact of your home's construction type and roofing material is undeniable. Superior construction homes with tile roofs cost $1,260 yearly to insure, whereas frame construction homes with shake-treated roofs cost $1,537. The more durable and damage-resistant your home's materials, the more you stand to save. This is especially pertinent in Illinois, where the weather can be particularly extreme, making a sturdy tile roof a smart investment.

Altering your deductible could potentially save you hundreds annually. For a $2,000 deductible in Illinois, the most affordable home insurance company is Nationwide, charging $635 as an annual premium. Contrastingly, the cheapest policy for a $500 deductible is State Farm at $860 yearly. When weighing the different options for deductible levels, the cheapest companies in Illinois are:

• $2,000 deductible: Nationwide at $635 per year
• $1,500 deductible: State Farm at $734 per year
• $1,000 deductible: State Farm at $797 per year
• $500 deductible: State Farm at $860 per year

With home insurance, the deductible is the amount you have to pay before your insurer covers the rest. The average cost difference between a $500 and $2,000 deductible across all companies is about $215 annually.

Secure maximum savings in Illinois with a home and auto bundle policy from State Farm, which has an annual premium of just $1,912. Bundling can result in major discounts, making it a financially savvy choice.

• State Farm $1,912 per year
• Allstate $2,280 per year

More than just savings, a bundle brings the benefit of handling two policies with the same insurer for added convenience. This streamlining enables efficient policy management and direct contact with your provider. Discover these benefits and more with the best Illinois insurance bundle.

Auto-Owners is the most affordable provider in numerous Illinois cities, with rates as low as $675. Varying costs across cities result from factors such as local crime rates, building codes and weather risks.

For example, Auto-Owners offers the lowest annual premium in Naperville at $675 compared to Springfield's highest, at $814. Ultimately, consumers should shop around because insurers calculate rates uniquely for different geographic areas, offering a chance for potential savings.