Best and Cheapest Renters Insurance in Illinois (2024)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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:

1. 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.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

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

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.

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.