Renters Insurance

The Best Cheap Renters Insurance Quotes in Chicago

The Best Cheap Renters Insurance Quotes in Chicago

Find Cheap Renters Insurance Quotes in Chicago

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In Chicago, renters insurance costs an average of $185 per year. But our favorite renters insurance company for Chicagoans, Lemonade, offers rates that we found were less than half that price.

The best renters insurance companies in Chicago

A renters insurance policy isn't usually a large expense, but it's still important to make sure you've selected the right one: You should balance finding an affordable option with high-quality customer service and coverage. We looked at six renters insurance companies that offer coverage to Chicago renters, weighing all of these criteria, to pick the best choice for most people; plus, a few additional favorites if our main pick isn't right for you.

Best for most people (and lowest cost): Lemonade

Consider this if you want the best combination of affordability and convenience
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Our favorite overall renters insurance company for most renters in Chicago is Lemonade. The online-only insurance company offers the lowest rates we found for renters insurance in Chicago: just $88 per year for $20,000 of personal property coverage. That's less than half the citywide average we found and the only company that offered coverage for under $100.

Unlike some renters insurance companies, Lemonade also allows you to pay for coverage on a monthly basis, meaning you only need to spend $7.34 at a time to activate renters coverage. Other companies we researched asked for down payments as high as $145.

Lemonade is also a Certified B Corporation. This means that beyond a certain set level, all its profits go directly to charity. When you sign up for a Lemonade policy, you can choose a charity to send any excess profits to.

The biggest drawback to Lemonade is that it's an online-only insurer. To keep costs down, It doesn't have any in-person locations, and most of your interaction with the company will be either through the app or over email. It can even be difficult to get in touch with a Lemonade representative over the phone. If you have a lot of questions about how renters insurance works or want to be able to call or visit someone to make a renters claim, Lemonade may not be the best choice.

Additionally, Lemonade is a fairly new company. It's only been offering renters insurance since 2016 and doesn't have the long-term track record of State Farm.

Best for in-person service, stability and coverage options: State Farm

Consider this if you want in-person service and financial stability, with many coverage options
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While State Farm's rates can't compare with Lemonade's rock-bottom insurance rates, it has a lot going for it. In contrast to Lemonade's online-only experience, State Farm has many agencies throughout Chicago and the entire country. If you need help determining the right coverage levels for your situation or have questions about how your policy works, contact a State Farm agent for more details.

State Farm also has the widest overall array of coverages we found. For example, it offers extra coverage for firearms, valuables and business property. Additionally, State Farm offers car insurance and a number of other policy types, so you may be able to bundle your policies together. While the discount for bundling renters and auto insurance together is not usually very large, it provides the convenience of only having to pay one bill.

State Farm also has strong customer rankings and financial stability. It has a 0.82 rating from the National Association of Insurance Commissioners, meaning it's been the subject of fewer complaints than a typical home insurance company, and it has an A++ financial stability rating from A.M. Best, meaning it has a superior ability to pay out claims regardless of financial climate or widespread disaster.

Best for bedbug coverage: Jetty

Consider this if you are looking a renters insurance company that will cover bedbug infestations
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Jetty is an online-only renters insurance company that offers competitive renters insurance rates, though not quite as low as the other online-only renters insurance company we looked at, Lemonade.

However, the company offers one totally unique coverage we're big fans of: bedbug coverage. If a pest control expert verifies that your apartment is infested, Jetty will automatically pay you $300 to remediate the problem. Every other renters insurance policy excludes treatment from all pests, so this is a unique coverage benefit — and it's included in every Jetty policy.

Note that Illinois law requires landlords to treat bedbug infestations at their expense. However, this extra money can help with supplemental treatments such as dry cleaning clothes or a bedbug heater box. If nothing else, it provides peace of mind that you'll be able to afford prompt treatment.

How much does renters insurance cost in Chicago?

The average cost of renters insurance in Chicago is $185 per year. That's for a policy with $20,000 of personal property coverage, plus $100,000 of liability coverage.

Column chart showing the cost of six renters insurance companies in Chicago

Find Cheap Renters Insurance Quotes in Chicago

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Is renters insurance required in Chicago?

Renters insurance is not legally required for apartment renters in Chicago or elsewhere in the state of Illinois. However, landlords are allowed to require it as a condition of a lease, so you may have to buy a policy in order to move into a new apartment.

Even if it's not required, we strongly recommend that all apartment renters buy renters insurance. The policy costs only a few dollars per month and can save you tens of thousands of dollars if your apartment is broken into, damaged or destroyed.


We collected sample quotes from five leading renters insurance companies that provide coverage in Chicago: Allstate, Effective Coverage, Jetty, Lemonade, Progressive and State Farm. Our sample renter is a 30-year-old man who lives alone in a one-bedroom apartment in the Chinatown neighborhood. We selected the following coverage limits:

  • $20,000 of personal property coverage
  • $100,000 of liability coverage
  • $9,000 of loss-of-use coverage
  • $1,000 of medical payments coverage
  • $500 deductible

Note that some insurers did not allow this exact combination of coverages, so in those cases we selected the policy that most closely matches the above option. Some insurers also included a few extra coverages, such as extra coverage for electronics or bedbugs, by default; we did not factor these into our cost analysis.

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.