Illinois Renters Insurance

Whether you are renting a studio apartment in Chicago or leasing a house in Springfield, you can benefit from having Illinois renters insurance. Unfortunately, many renters in Illinois forgo renters insurance because they think it’s too expensive or they don’t realize how important it is until it’s too late. 

In fact, renters insurance is, in most cases, quite affordable. The average cost of renters insurance in Illinois is $167 per year, which is less than the national average of $173. You need renters insurance to protect your personal possessions from threats like fire, theft, vandalism, and severe weather. What’s more, you’ll want to protect yourself from the costs associated with someone being injured inside your rental unit. 

An independent insurance agent can help you find the best IL renters insurance. Independent agents can help you get quotes from multiple insurance companies so that you can make the best choice for your needs and budget. 

Best Renters Insurance Companies in Illinois

Several insurance companies offer highly-rated Illinois renters insurance. The following are some of the best renters insurance companies in Illinois. These companies provide a mix of valuable coverage offerings and competitive pricing. 

• Travelers: Travelers offers highly-rated renters insurance in Illinois. It can meet your additional personal insurance needs with a full line of products, including auto, boat, identity theft, umbrella, and other coverages. Illinois renters insurance from Travelers costs about $168 per year or $14 per month. 
• Nationwide: Founded in 1925, Nationwide is one of the largest insurance and financial services companies globally. The company offers a full personal insurance portfolio, including renters, car, motorcycle, homeowners, life insurance, and more. Illinois renters insurance from Nationwide costs around $192 per year or $16 per month.
• Safeco: Safeco offers affordable coverage in most states across the US, including Illinois. The company is also highly rated by AM Best and the Better Business Bureau. Safeco’s Illinois renters insurance costs around $138 per year, or $12 per month.

An independent insurance agent in your area can help you learn more about these and other renters insurance companies in Illinois. A local agent can help you get competitive quotes for the coverage that fits your insurance needs.

What Does Illinois Renters Insurance Cover? 

Renters insurance can shield you from financial harm in a few different ways. You can expect your Illinois renters policy to provide three types of coverage:

• Contents coverage: Covers the costs to repair or replace your belongings if they are lost or damaged by a covered event. Covered hazards include:
  • Property crimes like burglary and vandalism
  • Fire, whether it originated in your own home or a neighboring unit
  • Severe weather like hurricanes, thunderstorms, windstorms, blizzards, and hail
• Renters liability coverage: Covers your financial obligations if you unintentionally cause someone else to experience injuries, property damage, or financial harm. It can cover you for things like:
  • Injuries caused by your pets or children
  • Accidental injuries sustained by visitors in your house that can be attributed to your negligence
  • Accusations of libel or slander
• Loss of use coverage: Covers your various living expenses if a covered event leaves your home uninhabitable, and you must seek alternative living arrangements while your landlord makes repairs and brings your home back to code. 

When deciding how much contents coverage to purchase, be sure to consider all of your belongings, including electronics, furniture, clothing, jewelry, and kitchenware. Estimate how much it might cost you to fully replace everything if you experience a total loss. 

A local independent insurance agent can help you find renters insurance in Illinois.

Additional Renters Insurance Coverage in Illinois

You may want to add some optional types of coverage to your Illinois renters insurance. Here are three types of additional renters insurance coverage that you might be able to add to your policy, depending on the insurance company that you choose:

• Scheduled personal property coverage: Certain valuable items like jewelry, art, furs, and collectibles may have specific coverage limits included in your renters policy. These limits may not be sufficient to cover the loss of a single item or the total loss of all of your valuable items. If your valuables exceed the coverage limits in your policy, you can add a scheduled personal property endorsement or rider to your policy. It will cover any noted or “scheduled” items for their full appraised value. 
• Medical payments coverage: Pays medical expenses for guests who are injured while at your home, regardless of who is at fault. Goes into effect before liability coverage.
• Water backup coverage: Water can back up through sewers or drains and can seep into your home and cause costly damage. Water and sewer backup coverage is not normally included, but if you keep belongings in a basement or lower level of your building, adding water backup coverage to your renters insurance policy may pay for damage to your belongings in these situations. 

What Renters Insurance Typically Does Not Cover in Illinois

Like most other insurance policies, your renters insurance policy will exclude coverage for certain circumstances and types of claims. Some typical Illinois renters insurance exclusions are: 

• Floods and earthquakes: Renters insurance won’t cover damage caused by flooding or earthquakes. However, you can purchase separate flood insurance and earthquake insurance if you live in an area that is prone to these events. 
• Your roommate’s possessions: Your renters insurance policy covers your own belongings, not your roommate's or anyone else’s belongings (unless it’s your spouse's or your child's) that’s in your apartment. 
• Damage caused by pests: Renters insurance won’t cover damage caused by pests (rodents, bugs) or the cost of an exterminator. 
• Structural damage: Renters insurance is strictly for your personal possessions. It does not cover damage to the physical structure that you live in. Your landlord’s insurance would cover that. 
• Expensive items: Remember, your policy may contain limits for certain types of personal property, like jewelry. If you have valuable items that exceed the limits in your policy, you can purchase a scheduled personal property rider to ensure you are covered. 

It is important to be aware of what your policy does and does not cover so that you do not face any unfortunate surprises later. When you work with an independent insurance agent, your agent can help you review your policy and understand when your coverage doesn’t apply. 

How Much Does Renters Insurance Cost in Illinois?

The average cost of renters insurance in Illinois is similar to the national average.

Remember, for around $14 per month, you can protect yourself from the financial devastation that a fire or a destructive storm could cause. Of course, your home insurance cost will be more or less than the average for Illinois, depending on your personal risk factors. With the help of an independent insurance agent in your area, you can shop around for the best local rates. 

What Factors Impact Renters Insurance Cost in Illinois?

It’s important to know that your insurance premiums are calculated according to your coverage needs and your rental circumstances and risk factors. Here are some of the most important factors that impact renters insurance costs in Illinois:

• Coverage amount: The estimated value of your personal property will help you determine how much coverage you need. If you have a lot of personal property, you’ll pay more for renters insurance than someone with only a small amount of belongings to cover. 
• Deductible: A deductible is the amount of money you’ll pay out of pocket toward the cost of a claim before your coverage kicks in. Higher deductibles help reduce the cost of renters insurance coverage. 
• Your location: The crime rate and weather risks in your city or neighborhood impact your cost for renters insurance. If you live in an area with a high crime rate or that has a higher-than-average risk for severe weather, like tornadoes, you’ll likely pay a little more for your renters insurance than someone who lives in a safer area. 
• Your claims history and credit score: Insurance companies use both of these factors to help them determine how likely you are to file an insurance claim. A history of filing renters claims or a low credit score might indicate you’re more likely to file a claim in the future. 

You’ll also likely have opportunities to lower your Illinois renters insurance costs by qualifying for certain discounts. If, for example, you bundle your renters and auto insurance with the same insurance company, you’d likely qualify for a discount on both policies. 

A local independent insurance agent can help you comparison shop for the best Illinois renters insurance policy. Independent agents can work with many of the best renters insurance companies in the state in order to offer you a variety of high-quality choices. 

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Illinois Renters Insurance Costs by City

Renters insurance costs vary by city, just like they vary from apartment to apartment and state to state. If you live in a city with a high crime rate or a history of natural disasters, you’ll likely pay more for renters insurance than someone who lives in a very safe city. Residents of larger cities often pay more than those who live in rural areas. 

Here are some average renters insurance costs for top cities in Illinois.

Illinois Renters Insurance FAQs