Best Renters Insurance in Illinois
- Best Renters Insurance in Illinois
Illinois is a popular state for renters, with a diverse range of urban, suburban, and even scenic areas. Renting in Illinois comes with risks, such as damage to your personal property due to natural disasters, theft, or other unexpected events.
Renters insurance is the best way to protect yourself from the things you can’t control in your life. We created this detailed guide to help you find and secure the best renters insurance in Illinois.
How Much Is Renters Insurance in Illinois?
The average cost of renters insurance in Illinois is about $170 per year or $14 monthly. Rates from select carriers in the state ranged from $12 to $21 per month. Your premiums in Illinois will vary based on several factors about yourself and your property.
Renters insurance is substantially cheaper than homeowners insurance because renters insurance policies include no coverage for the structure of the residence you’re staying in. Tenants don’t own the homes they rent, so they do not need to insure them. Instead, it’s the homeowner’s responsibility.
Nevertheless, the cost of renters insurance in Illinois does vary by company. Look below at the rates of the average renters insurance in Illinois from some top companies.
Illinois Renters Insurance Rates by Company
Avg. Annual Rate
Avg. Monthly Rate
Which Companies Have the Cheapest Renters Insurance in Illinois?
USAA and State Farm had the cheapest renters insurance in Illinois of the companies we analyzed. Most companies had carriers under $20 per month, which is well worth the amount of protection you get with renters insurance.
Travelers was the most costly provider and the only carrier with average rates topping $20 per month. The difference between Travelers and the most affordable insurer on the list, USAA, was $132 per year. That’s money you can save by shopping around and finding the best deal.
Note that USAA won’t always be the cheapest provider. Rates vary based on location, personal factors, and more that we’ll break down later. Companies with cheap renters insurance in Illinois will differ from person to person, which is why comparing quotes is so crucial.
Also, USAA is only available to current or past military members and their families, which restricts availability. You should check with a handful of carriers when looking for renters insurance.
What Does Renters Insurance in Illinois Cover?
Renters insurance covers your personal belongings from several perils, such as theft, fire damage, water damage, and more. A plan will also protect your liability in case of unintentional injury or property damage. Every policy has the following coverages:
Personal Property Coverage
Personal property coverage financially guards your items in and around your property from damage. Covered items typically include furniture, clothes, electronics, bikes, tools, jewelry, and more.
Loss of Use Coverage
Loss of use coverage provides reimbursement for living expenses you incur if you’re forced to move out of your rental after major property damage. Your insurer can cover food, hotels, gas, and more while displaced.
Liability coverage can cover medical bills and legal fees you’re responsible for if someone gets hurt at your place and pursues you for the damages. It can also cover property damage you accidentally cause to someone else.
Medical Payments Coverage
Medical payments to others covers minor injuries someone can suffer at your place, regardless of fault.
How to Get the Best Renters Insurance in Illinois
You’ll need to balance your coverage needs with your budget to get the best renters insurance in Illinois. You may need to modify your coverage limits or purchase endorsements to protect yourself fully. There are several ways you can lower your premiums while maintaining good coverage.
You choose the amount of coverage you want when getting renters insurance quotes. Opting for higher limits will raise your premiums. The best way to determine the amount of personal property coverage you need is with a home inventory.
A home inventory lists your belongings and how much you paid for them. The grand total is the amount of personal property overage you need to be fully covered. Purchasing more than that is unnecessary, and you’d be overpaying for coverage if you did.
You should also choose liability limits above the minimum required amount. Most insurers require at least $100,000 in liability coverage, but you’re much better off choosing at least $300,000 or even $500,000 limits, as medical bills and legal fees can be very, very expensive after an injury.
If you have some wiggle room in your budget, look into purchasing additional coverage for the best renters insurance in Illinois. If you have certain precious items, such as jewelry or art pieces, you may want to get scheduled personal property coverage for them. Standard insurance restricts the protection of high-value items to a specific dollar limit. Scheduling these items can allow you to cover them entirely.
If concerned about water backup, identity theft, home-based businesses, or other specific needs based on your property’s risks, your insurer may offer optional endorsements against more risks for specific protection not usually included.
Factors Affecting the Average Cost of Renters Insurance in Illinois
Renters insurance in Illinois costs about $170 per year. Insurance companies analyze several factors about yourself and your property to determine renters insurance premiums. Companies have slightly different ways of underwriting that produce different results, which is why prices vary from insurer to insurer.
But, the factors all companies look at largely remain the same. Factors that can raise your renters insurance rates:
- Attractive nuisances
- Old construction
- High policy limits
Renters in high-risk locations will pay more for coverage. This area can be prone to earthquakes, theft, or other property damage. Having “attractive nuisances” at your home – features that raise liability risks like pools and trampolines – will also increase your rates. Additionally, renters in older homes or buildings may have higher rates since older places have more wear and tear that can lead to insurance claims.
Factors that can lower your renters insurance rates:
- Safety features
- Good credit score
- Higher deductible
Homes with features like deadbolt locks and security systems get discounts from many insurers. You may also qualify for other discounts based on age, military status, good grades if you’re a student and more. Some companies weigh credit scores, and having a good credit score can help lower your premiums in some cases.
Raising your deductible to increase the amount of money you put up out of pocket in a claim is also a quick and easy way to lower your monthly premiums.
Is Renters Insurance Required in Illinois?
No, renters insurance isn’t required by law in Illinois. However, some landlords require renters insurance as part of lease agreements.
Requiring renters insurance is a way for landlords to protect their interests and ensure that their tenants have a safety net in the event of an unexpected loss. When living in an apartment complex with others, tenants having renters insurance greatly reduces the liability risk of the property owner and all other tenants.
As a result, some landlords and property management companies will require tenants to have renters insurance before allowing them to move in. Some landlords may also want to be an additional interest in your renters policy.
Listing a landlord as an additional interest on your renters insurance grants your landlord the right to know if you cancel your policy before your lease ends. It’s a way for them to verify you’re keeping your coverage. It won’t give them any protection under your plan.
How to Get Renters Insurance Quotes in Illinois
We’ve gone over how vital it is to look at multiple companies when getting renters insurance quotes in Illinois. Let Clovered make your insurance shopping easy. With our online quoting tool, we can help you compare quotes from some of the top renters insurance companies in Illinois.
Since 2018, we’ve helped over 30,000 policyholders in several states with their renters insurance needs. We’d be happy to help you find renters the coverage you need at the price you want.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.