UPDATED: DECEMBER 29, 2022 | 1 MIN READ
Even if you don’t own your home, renters insurance is essential. If disaster strikes, your personal property isn’t protected and won’t be replaced by the landlord’s Illinois home insurance. The purpose of renters insurance is to ensure your property is protected in the event of a wind storm, fire, smoke damage, vandalism, theft, and natural disasters.
The best way to get affordable renters insurance is to compare prices from different insurance companies. We’re going to walk you through the process.
Who Has The Cheapest Renters Insurance Quotes in Illinois?
When choosing a renters insurance policy, the cost of annual premiums is a huge factor. State Farm and Lemonade offer the cheapest renters insurance in Illinois. A yearly premium with State Farm is $89 or $7 monthly.
Lemonade has an annual premium of $60 or $5 monthly. This is based on $20,000 in personal property coverage, and $100,000 in liability coverage with a deductible of $500.
Pros of Lemonade:
- Unused insurance premiums get donated to nonprofit organizations
- Ability to sign up for coverage in minutes
- You’re able to sign up online
- Cheap renters insurance coverage
- You’re able to bundle pet insurance and auto insurance
Cons:
- You’re only allowed to bundle pet and auto insurance
- AI makes it difficult to contact a live rep
- Not the best fit for those who want to work with an agent
- Doesn’t cover the replacement cost of spoiled food due to power outages
Illinois renters insurance costs by city
Depending on the city that you live in, you might get a different renters insurance quote. One variable that determines your insurance rate is the city you live. Naperville is the most affordable city for renters insurance at $146 yearly.
Renters in Aurora, on average, pay $14 per month for insurance, which is 3% more expensive than the state average. Residents in Springfield pay $15 per month, which is 5% higher than the Illinois average.
Renters insurance in IL by coverage tier
The amount of coverage you’re looking for also determines the rates you pay on your renters policy. Common renters insurance tiers are $25,000, and $50,000 property coverage. The cost differential between the two is $43. It’s always best to purchase more insurance if you’re able to afford it.
Bundle auto and renters insurance in Illinois
A great way to get discounts on your renters insurance coverage is to bundle your policy with your Illinois auto insurance. Having all your policies together under the same company gives you peace of mind and money. Bundling your car insurance in Illinois generates an annual savings of $64.
Best-rated renters insurance in Illinois
If customer service is important to you, Amica offers Illinois renters the highest-rated customer service. An insurer that offers friendly customer service, dependable service, and reduces stress when filing a claim.
Best-rated renters insurance in Illinois
One of the best local renters insurance companies is State Farm. On average, policies cost $11 monthly, which is 21% cheaper than the state average. If you have a roommate, State Farm allows renters to share a policy with roommates, which most other insurers don’t offer. Splitting the cost of a renters insurance policy helps to cut costs.
Renters Insurance in Illinois: What You Need to Know
Renters insurance protects your belongings at a low cost. The average rent in Illinois is $1,020. An Illinois rent pays, on average, $10 monthly for a renters policy. That’s about 1% of the monthly rent price.
What renters insurance in the state typically covers
Typical renters insurance coverage options include personal liability insurance, personal property, which offers replacement costs for your items, medical payments, and additional living expenses. Personal property coverage protects you from property damages due to covered events like hail and lightning.
What Renters Insurance Typically Doesn’t Cover
Renters insurance helps protect your property. Understanding what isn’t covered before you purchase renters insurance is essential. It’s best always to read the fine print before you buy a renters policy.
Here are a few things that renters insurance policies don’t cover:
- Flooding: Some insurance policies include water damage due to broken pipes but don’t cover the flooding caused by storms. You have to obtain separate flood insurance.
- Earthquake damage: Most policies don’t cover earthquake damage.
- Structural damage: Renters insurance is only for personal property. The rental structure is covered under your landlord’s home insurance policy.
- Roommate property: If you have a roommate, they’re not covered under your renters policy. They need to acquire their own policy.
- Expensive items: Items such as art or jewelry aren’t covered by standard renters insurance policies. You might need to acquire additional coverage if you have costly valuables.
Can My Landlord Require Renters Insurance If My State Doesn’t?
There are different requirements for renters insurance in Illinois. If your landlord asks you to get renters insurance, you must get it. It’s part of the legal agreement between the landlord and the tenant. It’s best to check with your landlord before you sign the lease. The good news is that renters insurance is relatively inexpensive.
Is renters insurance required in Illinois?
Illinois doesn’t require you to carry renters insurance. It’s generally recommended to ensure that your personal belongings are protected. Your landlord might also require you to have renters insurance before you sign a lease.
Largest renters insurance companies in the state
When shopping for Illinois renters insurance, it’s important to evaluate providers based on their market share. Companies with bigger market shares tend to be more financially stable, which customers want. That allows them to invest more in customer experience.
Top renter insurance companies in the state
Some customers are comfortable with going to smaller companies such as Amica or Lemonade, while others are more comfortable sticking with the larger companies. These are the top renters insurance companies in Illinois:
- American Family
- Farmers
- State Farm
- Allstate
- Country Financial
FAQs
How much is rental insurance in Illinois?
State Farm and Lemonade offer the cheapest renters insurance rates in Illinois. A yearly premium with State Farm is $89 or $7 monthly.
Is renters insurance required in Illinois?
No, renters insurance isn’t required in Illinois. However, your landlord might require it in order to sign a lease.
What does renters insurance cover in Illinois?
Renters insurance coverage in Illinois covers personal property protection, personal liability, loss of use coverage, and even identity theft protection.
How much is renters insurance for an apartment in Illinois?
Renters insurance in Illinois, on average, is $124 yearly, which is $35 cheaper than the national average.
What is the average cost of renters insurance in Illinois?
On average, renters insurance in Illinois is $124 annually.
How to Purchase Renters Insurance in Illinois
Purchasing cheap renters insurance through a reputable home insurance company is simple and easy. Ensuring you have the right coverage to protect your personal belonging is essential.
If you’re ready to get insurance quotes for your home, it’s as simple as comparing rates, as amounts vary by company. Use our helpful tool to find the best renters insurance.
