The Best Cheap Renters Insurance in Illinois
State Farm has the cheapest renters insurance in Illinois, at $10 per month on average.
Compare Renters Insurance Quotes in Illinois
Best Cheap Renters Insurance in IL
ValuePenguin editors compared top companies by cost, customer satisfaction, coverage options and discounts.
We determined average rates by collecting hundreds of quotes from eight of the largest renters insurance companies in Illinois across its 25 largest cities.
Cheapest renters insurance companies in Illinois
State Farm has the cheapest renters insurance quotes in Illinois.
It charges an average of $10 per month for $30,000 of coverage to replace the items you own in your house or apartment, called personal property coverage. That's less than half the Illinois state average of $23 per month.
Cheapest insurance companies in IL
Compare Cheap Renters Insurance Quotes in Illinois
Lemonade also has cheap coverage, with an average rate of $11 per month. The company's digital-first approach makes it a fast and convenient choice for renters who need basic coverage.
Cheapest renters insurance companies in Illinois
Company | Monthly cost | ||
|---|---|---|---|
| State Farm | 4.5 out of 5 | $10 | |
| Lemonade | 4.0 out of 5 | $11 | |
| Amica | 4.0 out of 5 | $17 | |
| Progressive | 2.5 out of 5 | $22 | |
| Allstate | 2.5 out of 5 | $23 |
Best renters insurance in Illinois for most people: State Farm
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Cost$10/moThis analysis used home insurance quotes for 25 ZIP codes across the state. Read our methodology.
Best renters insurance in Chicago: Lemonade
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Cost$11/moThis analysis used home insurance quotes for 25 ZIP codes across the state. Read our methodology.
Best renters insurance for customer service in Illinois: Amica
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Cost$17/moThis analysis used home insurance quotes for 25 ZIP codes across the state. Read our methodology.
Illinois renters insurance: Costs by city
Peoria, a midsize city in Central Illinois, has the most expensive renters insurance in Illinois, at $27 per month.
Evanston, an upscale Chicago suburb, has the cheapest quotes, averaging $19 per month.
Where you live in Illinois will influence your monthly rate. Factors that can drive up the price of renters insurance include crime rates, common natural disasters and the cost of labor and materials.
City | Monthly rate | % from average |
|---|---|---|
| Arlington Heights | $22 | -6% |
| Aurora | $23 | 2% |
| Berwyn | $23 | 2% |
| Bloomington | $22 | -4% |
| Bolingbrook | $23 | -1% |
Tips for getting cheap renters insurance in Illinois
Save on Illinois renters insurance by comparing quotes and taking advantage of discounts.
Comparing quotes from different companies is the best way to save on your renters insurance. You could save $451 per year in Illinois by switching from American Family to State Farm.
Most renters insurance companies offer one or more discounts that can lower your monthly rate even further.
Common renters insurance discounts in Illinois
- Renters-auto bundling
- Claims free discount
- Automatic payments/pay in full
- Loyalty
- Switch discount
- Buy online
Common renters insurance risks in IL
Illinois renters may be at risk of flooding, tornadoes and ice storms.
Tornadoes and ice storms
Illinois recorded more tornadoes in 2023 than any other state.
Fortunately, a standard renters insurance policy will cover damage caused by a tornado or ice storm. It's important to remember that your renters insurance policy will not cover the structure of your apartment or rented home. That's the responsibility of your landlord.
Your renters policy will pay to replace your personal property if it's damaged or destroyed by a tornado or storm. Keep in mind that your insurance company may deny your claim if you don't take standard precautions. For example, a typical renters insurance policy won't cover water damage if you leave your window open during a storm.
Flooding
Flooding is common in the northern and western parts of Illinois. From the banks of the Mississippi River to the shore of Lake Michigan, large parts of Illinois are at a high risk for floods.
Renters insurance won't pay for flood damage. Renters insurance generally defines flooding as water that comes from outside the house. Fortunately, flood insurance for renters tends to cost less than flood insurance for homeowners.
You can find your risk level by using the flood map tool available on the Federal Emergency Management Agency (FEMA) website.
Illinois renters insurance trends
Renters insurance prices have gone up 19.4% in Illinois over the last six years.
Depending on the company, Illinois renters insurance rates went up between 6.4% and 78.5% over the last six years.
Renters insurance prices, on average, saw little to no increase between 2020 and 2022, but shot up by 13.3% across 2023 and 2024.
Among the major IL insurers, the biggest increases have been at Chubb(78.5%), Auto-Owners (47.7%) and Erie Insurance (42.4%).
Renters insurance rate change data was compiled using RateWatch from S&P Global, which uses information from the National Association of Insurance Commissioners (NAIC).
Frequently asked questions
Who has the best cheap renters insurance in Illinois?
State Farm has the best cheap renters insurance in Illinois, at $10 per month on average. The company has strong customer service and a variety of extra coverage options.
Who has the best renters insurance in Chicago?
Lemonade has the cheapest renters insurance in Chicago, at $12 per month on average. That's half the Chicago city average of $24 per month.
What is the average cost of renters insurance in Illinois?
Renters insurance costs $23 per month in Illinois, on average, for $30,000 of personal property coverage.
Methodology
ValuePenguin collected more than 180 quotes from across Illinois' 25 most populated ZIP codes for an unmarried 30-year-old woman with no claims history. Coverage limits include:
- $30,000 of personal property coverage
- $9,000 for loss of use
- $500 deductible
- $100,000 of personal liability
- $1,000 of medical payments to guests
Customer service ratings were created using cost data, information from the National Association of Insurance Commissioners (NAIC) complaint index scores and J.D. Power's 2023 renters insurance customer satisfaction study rankings.
These rates should be used for comparative purposes only. Your quotes may differ.
About the Author
Former Senior Writer
Talon Abernathy is a former ValuePenguin Senior Writer who specialized in health insurance, Medicare and Medicaid. He also contributed to other insurance verticals including home, renters, auto, motorcycle and flood insurance.
Talon came to ValuePenguin in 2023. Since his arrival, he's helped to expand the site's health insurance-related content offerings. He enjoys helping readers understand the ins and outs of America's all too complicated health insurance landscape.
Before coming to ValuePenguin, Talon worked as a freelance writer. His prior work has touched on a broad range of personal finance-related topics including credit-building strategies, small business incorporation tactics and creative ways to save for retirement.
Insurance tip
In many parts of the country, you can qualify for a free Silver health insurance plan if you meet certain income requirements. Government subsidies in the form of premium tax credits and cost-sharing reductions may mean you'll pay nothing for coverage.
Expertise
- Health insurance
- Medicare and Medicaid
- Flood insurance
- Homeowners insurance
- Renters insurance
- Auto and motorcycle insurance
Referenced by
- The Miami Herald
- Money.com
- MSN
- Nasdaq
- The Sacramento Bee
- Yahoo! Finance
Education
- BA, University of Washington
- Certificate in Copyediting, UC San Diego
Credentials
- Licensed Life & Disability Insurance Agent
- Licensed Property & Casualty Insurance Agent
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
