Renters insurance doesn't cost much, but it can provide essential financial protection if you ever experience a loss. We collected renters insurance prices across the state of Illinois to find the best, most affordable option.
Compare Cheap Renters Insurance in Illinois
The average cost of renters insurance in Illinois is $14 per month, or $168 per year.
The best price for renters insurance in Illinois is $10 per month. However, we don't recommend buying on price alone — coverage options and customer service are equally important.
Best renters insurance for most people: State Farm
- Most affordable rates in Illinois
- Excellent customer service
- Middle-of-the-road coverage options
We recommend State Farm as the best renters insurance option for most people in Illinois. It has the best overall mix of affordable rates, strong customer service and good coverage options.
State Farm has the best prices of any company we looked at, with an average rate of just $10 per month. That's 27% less than the statewide average, though only $2 less per month than the second cheapest option.
Customer service at State Farm is positive, too. It's well rated by the National Association of Insurance Commissioners, with a complaint index of just 0.38. That means it's received just 38% as many complaints as a typical insurer, when controlling for size. And it's J.D. Power's top choice for renters insurance, too.
The main drawback to State Farm is its mediocre coverage options. While the company does have a few useful extras like valuables coverage and extended liability, it's missing other important features such as replacement cost coverage. If you have particular coverage needs from your insurer, take a look at our second-place pick, Travelers.
Best coverage options: Travelers
- Great coverage options
- Average rates and customer service
- Policy must be purchased on an annual basis
For Illinois renters who have a lot of coverage needs beyond the basics, we recommend Travelers. It had the widest range of coverage options among insurers we looked at, though its prices and customer service were merely average.
We were very impressed with the selection of coverages available at Travelers. Besides having the most options of any Illinois insurer, it also had a few choices we didn't see anywhere else: for example, only Travelers offered mechanical breakdown coverage, which pays to repair machinery like a dryer or furnace if it malfunctions.
Unfortunately, rates and service from Travelers are merely average. The typical cost we found was $14 per month, which was equal to the average across all insurers. And Travelers has an NAIC complaint ratio of 0.50. While that means it's received just 50% as many complaints as the average company nationwide, it's meaningfully more than State Farm.
Additionally, Travelers only allows you to buy renters insurance policies in annual installments. That means instead of paying $14 every month, you pay $168 all at once — which may be a burden for some people. You can get a partial refund if you decide to cancel your policy midyear, but it's a hassle to do so.
Runner-up for affordable rates: Liberty Mutual
- Affordable rates
- Low minimum coverages
- Poor customer service
- Few coverage options
For renters focused on affordable rates who are unable to get a good price at State Farm, we recommend Liberty Mutual. It has the second best price of any insurer we found and a much lower minimum coverage than State Farm.
Prices at Liberty Mutual are on the affordable side — just $12 per month for $30,000 of property coverage. That's just $2 less per month than our top pick, and 13% cheaper than the average.
However, renters who don't have a lot of property and are looking to reduce their bill even more can do so at Liberty Mutual by reducing their coverage limits. Liberty Mutual's minimum property coverage limit is just $5,000; State Farm's is $10,000. However, we only recommend reducing your limits so long as all your property is still covered — the few dollars a month you'll save aren't worth the risk of not being fully protected.
We only recommend considering Liberty Mutual if State Farm doesn't offer you an affordable quote, because Liberty's customer service is not as well reviewed. It has a 0.66 complaint index from the NAIC. This means it's received 66% as many complaints as a typical insurer nationwide; however, that's the worst score we found among the companies we looked at in Illinois.
How we chose the best renters insurance companies in Illinois
When reviewing the best renters insurance companies for Illinois residents, we consider three main factors: affordability, coverage options and customer service.
- Affordability: Does the insurer have affordable rates compared to other companies?
- Coverage options: Does the insurer offer a broad range of useful coverage options?
- Customer service: Are customers generally satisfied with the customer service they receive?
Affordability: Finding cheap renters insurance in Illinois
The average cost of renters insurance in Illinois is fairly low — just $14 per month. However, some renters insurance companies are cheaper than others. The cheapest company we found, State Farm, charged just $10 per month: That's 42% less than the most expensive choice we found.
See below for the cheapest renters insurance companies in Illinois.
Compare Cheap Renters Insurance in Illinois
% Difference from average
Our selected levels of coverage were:
- Personal property coverage: $30,000
- Liability coverage: $100,000
- Medical payments coverage: $1,000
- Deductible: $500
- Loss of use: $0
Coverage options: Comparing renters insurance policies and benefits
Every renter's insurance needs are different. That's why, when reviewing insurance companies, we prefer insurers that offer a broad range of optional coverages that allow renters to adjust their policies to fit what they need.
Here are a few particularly useful optional coverages to look for when selecting a renters insurance company.
- Replacement cost coverage: Pays for the full cost to replace a damaged or stolen item, without factoring in depreciation.
- Valuable items coverage: Boosts coverage to pay for the full value of expensive property like jewelry or high-end electronics, which usually have limited coverage in typical renters insurance.
- Equipment breakdown coverage: Pays for the cost to repair household equipment like furnaces and washing machines if they break down.
- Personal property coverage: Pays to repair or replace your property if it is damaged, stolen or destroyed due to a covered peril.
- Additional living expenses: Pays for a hotel room or other temporary lodging if your home is uninhabitable due to a fire.
- Liability coverage: Pays for damages to others that you are responsible for, such as if a guest slips and falls on your property.
- Medical payments coverage: Pays for the care of injuries that others receive while on your property, without determining who is at fault. Pays out before liability coverage goes into effect.
Customer service: Evaluating insurer quality in service and claims
Great customer service is essential when choosing a renters insurance company. A company with dependable, friendly customer service will make the process of buying your policy much easier and reduce the stress of having to file a claim.
To evaluate the customer service of renters insurance companies in Illinois, we consider three main sources of information: the National Association of Insurance Commissioners (NAIC) complaint index, J.D. Power's renters insurance satisfaction survey ratings, and AM Best's Financial Strength Rating (FSR).
NAIC complaint index
J.D. Power rating
AM Best FSR
- NAIC complaint index: This score compares the number of complaints an insurer has received with its size. A lower number indicates fewer complaints, suggesting customers are happier with the service. The national average is 1.00.
- J.D. Power rankings: This score is based on a national survey of renters insurance customers about how satisfied they are with their renters insurance provider. Scores are based out of 1,000, and the national average is 835.
- AM Best FSR: This letter grade described the overall financial health of an insurance company. Grades range from A++ to D, and a better grade means the company has a better ability to meet claim demand even after a natural disaster or during an economic downturn.
Illinois renters insurance: Costs by city
Renters insurance costs can vary based on where you live. For example, residents of high-crime areas may pay more due to theft. However, the cost of renters insurance doesn't change much by city in Illinois. We found only a $3 per month difference between the most and least expensive cities. See the table below to see how your city compares.
% difference from state average
The cost of renters insurance varies much more around the country. To compare the cost of renters insurance around the U.S., take a look at our national survey of renters insurance costs.
To evaluate the best renters insurance companies in Illinois, we collected quotes from five top companies in 25 major cities around the state. Our sample renter profile is a single man who lives alone and hasn't made any renters insurance claims. He's protected himself with $30,000 of personal property coverage with a $500 deductible, plus $500,000 of liability protection.