How Much is Renters Insurance in Chicago?
The average Chicago renters insurance policy costs $14 per month, or $167 a year. This is slightly less than the national average rate of $180 per year. For just a few bucks a month, you can protect your clothing, furniture, musical instruments and much more.
| Coverage amount | Average cost per month | Average cost per year |
|---|---|---|
| <$13,999 | $11 | $127 |
| $14,000 | $13 | $151 |
| $20,000 | $13 | $152 |
| $26,000 | $14 | $170 |
| $32,000 | $14 | $170 |
| $38,000 | $15 | $175 |
| $44,000 | $15 | $181 |
| $50,000 | $17 | $201 |
| $75,000 | $21 | $250 |
| >$100,000 | $31 | $368 |
| Chicago average | $14 | $167 |
| Source: National Association of Insurance Commissioners (2019) | ||
Considering the average cost of renters insurance in Chicago is only $14 a month, it's one of the most affordable types of insurance on the market. You may be surprised by how inexpensive it can be, even for high-coverage plans. Because renters insurance rates start out cheap and increase only slightly as you increase your coverage, we recommend choosing a plan that fully covers all your needs.
For example, our data show that you may be able to purchase $14,000 worth of coverage for only $13 a month. While this low rate is enticing, it’s possible you could find a plan that triples your coverage up to $44,000 for $15 per month! That $2 increase could go a long way in case of emergency.
Many people aren’t aware of the benefits of having renters insurance, or they assume it’s too expensive. While about one third of Illinoisans rent their homes, only 37% of those tenants have renters insurance. With the average renter owning between $20,000 and $30,000 worth of belongings, that’s a lot of property left unprotected.
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.
In addition to comparing prices, we suggest evaluating a 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 company to fulfill its end of the bargain. Here’s how the experts rate Chicago’s most popular companies:
</tr
| Company | 2019 J.D. Power overall satisfaction | 2019 NAIC Complaint Index (lower is better) |
|---|---|---|
| State Farm | 5/5 | 0.35 |
| Allstate | 2/5 | 0.47 |
| COUNTRY Financial | — | 0.18 |
| Farmers | 2/5 | 0.34 |
| American Family | 5/5 | 0.37 |
| Liberty Mutual | 2/5 | 0.65 |
| USAA | 5/5 | 0.25 |
| MetLife | — | 0.15 |
| Chubb | — | 0.31 |
| Erie | 3/5 | 0.26 |
According to these ratings, MetLife, USAA and State Farm offer some of the strongest customer service in Chicago. In addition to customer service ratings, you may also want to consider whether each company has a local office, as well as whether you’ll be connected with a dedicated agent.
There’s no one-size-fits-all policy that fits every renter. Choosing the right policy requires balancing price, customer service quality 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.
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 renters insurance company, but it’s essential that you look at the different features each policy offers.
When you receive each quote, take a look at its coverage limits. Coverage limits determine the maximum amount your company could pay out if you file a claim. If you have $40,000 worth of stuff, but only $8,000 worth of coverage in your quote, your policy won’t do much good in the long run. If you need more coverage than your quote offers, ask your agent for an adjustment.
What does renters insurance cover?
Renters insurance covers things like theft, injury, vandalism, fire, some weather events and more.
Most policies offer a standardized package of four different coverage types that are intended to safeguard you, your finances and your stuff. The four coverage types are:
- Personal property coverage protects your belongings from damage and disaster. We recommend choosing a plan with at least $20,000 worth of coverage, but you may be able to adjust this number up to as much as $100,000 if needed.
- Loss of use coverage may cover any additional short-term costs that arise from being unable to stay in your home, such as a hotel stay or pet boarding fees.
- Personal liability coverage can protect your assets in the event that you’re sued and found liable for someone else’s property damage or injury. $100,000 is a standard limit for this coverage.
- Medical payments to others coverage is intended to help pay for medical treatment if a guest becomes injured on your property. Because it covers medical costs regardless of who is at fault, it typically has a much lower coverage limit between $2,000 to $5,000.
What’s not covered by renters insurance?
Renters insurance plans sometimes come with restrictions. In some cases, valuable items such as electronics and jewelry have low coverage limits, typically around $1,500. If you’re worried about being underinsured, you may be able to cover expensive items by adding a rider (also known as a floater) to your policy.
There are also some types of events that are not protected by renters insurance. Floods and earthquakes are not covered by standard renters insurance and may require separate insurance policies. Likewise, damage from pests is often not included in standard plans.
Lastly, your renters insurance policy is for your stuff and your stuff alone. Unfortunately, your roommates will have to get their own policies.
How to save on your renters insurance quote
There are several tricks that could reduce your monthly premium. Some people save by bundling their renters insurance with an existing policy, like car insurance. You can also ask your agent about cost-saving measures, as some companies give discounts for safety features like fire extinguishers or security systems.
Other types of savings tend to come in exchange for less protection. However, they could still be worth checking out depending on your financial situation. For example, a higher deductible may lower your premium in exchange for you bearing a larger initial responsibility when it comes to claiming a covered loss.
Chicago renters insurance laws and regulations
Chicago has fairly good tenant protection laws. For instance, if your house gets damaged in a fire, you have the legal right to move immediately with few questions asked. Still, your landlord doesn’t have to pay for your lodgings or replace damaged belongings after a disaster.
Many tenants assume that their landlord’s insurance covers their damaged belongings, but this is rarely the case. While landlord insurance covers your home’s physical structure, you need your own policy to be truly protected from liability and damage.
Neither the city of Chicago nor the state of Illinois require tenants to purchase insurance. However, you may be required to prove you have it as a condition of your lease. Even if it’s not required, the right renters insurance policy can offer peace of mind at a very low monthly cost.
QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.