Travelers has the cheapest renters insurance in Chicago, at $174 per year, according to our research.
The average Chicago renters insurance policy costs $213 per year, which is slightly less than the national average of $219. For just a few dollars a month, you can protect your clothing, furniture and much more.
Cheapest renters insurance companies in Chicago
Travelers has the cheapest renters insurance rate in Chicago, at $174 a year, according to our study of renters insurance companies that serve this Illinois city. Although renters insurance is relatively cheap, you can still save money by comparing rates from multiple insurers.
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| Allstate | $244 | $20 |
| Farmers | $213 | $18 |
| Travelers | $174 | $15 |
| Nationwide | $190 | $16 |
| Amica | $243 | $20 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Considering that the average cost of renters insurance in Chicago is only $18 a month, it's one of the most affordable types of insurance on the market. Because renters insurance rates start out cheap and rise only slightly as you increase your coverage, we recommend choosing a plan that fully covers all your needs.
Best renters insurance companies in Chicago
Tenants in the Windy City have several options when it comes to selecting a renters insurance company. Each company may offer varying levels of protection at different price points. We recommend getting multiple quotes so you can choose the policy that’s right for you.
There’s no one-size-fits-all policy that fits every renter. Choosing the right policy requires balancing price, customer service and coverage. Luckily, QuoteWizard partners with thousands of agents, making it easy to compare renters insurance quotes at once so you can find the perfect plan.
Best overall: Nationwide
Nationwide offers affordable renters insurance rates and extensive coverage options. The company has an average annual premium of $190, which is the second-cheapest rate in our study.
Nationwide offers credit card coverage and covers damages to additions or improvements that you make to your home. It also offers standard discounts such as a bundling discount and a claims-free discount.
Best rates: Travelers
Travelers has the lowest average home insurance rate in Chicago, at $174 a year, or $15 a month. That's 18% less than the average premium in the city. Along with cheap rates, Travelers offers multiple discounts, which include a bundling discount and a claims-free discount.
Travelers also offers all the standard coverages you would expect to see in a renters insurance policy. However, it offers fewer optional coverages compared to its competitors.
Best renters insurance companies based on customer service
In addition to comparing prices, we suggest evaluating a renters insurance company based on its customer service record. When it’s time to file a claim, you’ll want to be sure you can trust your insurance provider to fulfill its end of the bargain.
The table below shows J.D. Power customer satisfaction ratings for some of the biggest renters insurance providers in Chicago.
| Company | Customer satisfaction rating |
|---|---|
| Lemonade | 870 |
| State Farm | 866 |
| American Family | 838 |
| Nationwide | 834 |
| Allstate | 833 |
| Farmers | 831 |
| Liberty Mutual | 823 |
| Progressive | 816 |
| Travelers | 815 |
| USAA | 893 |
| Source: 2021 J.D. Power U.S. Home Insurance Study, Renters Insurance. | |
According to these ratings, Lemonade and State Farm offer some of the strongest customer service.
Renters insurance quotes in Chicago
Gathering and comparing quotes may be the most important part of the renters insurance selection process. It can be tempting to go with the cheapest company, but it’s essential that you look at the different features each policy offers, too.
When you receive each quote, take a look at its coverage limits. Coverage limits determine the maximum amount your company pays out if you file a claim. If you have $40,000 worth of belongings, but only $8,000 worth of coverage in your quote, your policy won’t do you much good in the long run. If you need more coverage than your quote offers, ask your agent for an adjustment.
Besides buying a cheap renters insurance policy, you can increase your deductible or bundle your renters insurance with another type of insurance to save money on your policy.
Renters insurance coverages
Renters insurance coverages are fairly standard among carriers. Renters insurance includes personal property coverage, which covers the cost to repair or replace your property up to a specified limit from certain perils.
Renters insurance also protects you if you’re sued and found liable for someone else’s property damage or injury. This also includes legal expenses and medical costs if a guest is injured in your rental.
Additionally, renters insurance typically covers extra short-term costs that arise from being unable to stay in your home due to a covered peril, such as a hotel stay or pet boarding fees.
How to save on renters insurance
There are several ways to save on your renters insurance premium. Some people save by bundling their renters insurance with an existing policy, like car insurance. You can ask your agent about cost-saving measures, too, as some companies give discounts for safety features like fire extinguishers or security systems. We also recommend shopping around by getting quotes from several different providers.
Another way to save money on renters insurance is to choose a higher deductible, which can lower your premium. Keep in mind, though, that this means you’ll bear a larger initial responsibility if you file a claim for a covered loss.
Chicago renters insurance laws and regulations
Renters are not required by Chicago law to have renters insurance, but your landlord can require it as part of your lease.
Many tenants assume their landlord’s insurance covers their damaged belongings, but this is rarely the case. Your landlord doesn’t have to pay for your lodgings or replace damaged belongings after a disaster. While landlord insurance covers your home’s physical structure, you need your own policy to be fully protected from liability and damage.
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