One of the most central states in the union and home to Chicago, millions of people make their home in Illinois and many of those people currently live in apartments of all shapes and sizes. Yet whether it comes in the form of a fire, crime, or something else, disaster can strike and leave you in a financial hole. This is where renters insurance can protect you, and we recommend it to practically all apartment-dwellers. To help this along, we investigated the cheapest providers in the state for you.
Here are the five cheapest renters insurance providers operating in Illinois:
The Five Cheapest Quotes:
Illinois is a pretty diverse state when it comes to living situations, and renters insurance prices can reflect that. For this reason, we ask you not to take the listed rates as absolute but a general impression of what you can expect to see.
The number listed next to each provider is the average annual rate for a standard policy.
1) State Farm: $137
State Farm is the cheapest provider on our list and one you should consider if you want the simplest option, whether due to an apartment complex requirement or you don’t see yourself needing anything remotely special. A company that serves the entire country, the masses trust State Farm, so you too will be able to trust in their structure.
However, you will also want to know that its benefit is just as much its disadvantage. State Farm isn’t particularly special, just very inexpensive and effective at what it does. You might also run into customer service issues and subpar water and business property coverage.
You can expect the following working with State Farm:
- All excellent loss of use coverage plan built into most plans that will handle any transition you need to undergo.
- An excellent amount of expensive items coverage.
- A strong level of coverage for what you’ll be paying.
2) Liberty Mutual: $154
An all-around excellent provider that also happens to be quite inexpensive in Illinois, Liberty Mutual is the second least expensive option for more Illinois residents, and we couldn’t be happier about that. A provider with few real gaps or weaknesses in their plans, anyone looking for a solid plan they won’t have to investigate too heavily before moving on will want to look at them first.
There is a downside, but it mostly revolves around bundling. We don’t recommend doing so in most cases, given complaints about their auto insurance when there are other, better bundling options available.
You can expect the following working with Liberty Mutual:
- Excellent mobile and online user interfaces, making most insurance processes much easier.
- Additional coverage options such as water and sewage backup damage, jewelry, electronics, identity theft coverage, and high-value items coverage.
- Partnerships with many organizations and employers. This can easily lead to you getting a great discount.
3) Farmers: $186
Another fantastic choice for Illinois, Farmers has perhaps the best on-average customer service experience among the companies listed here and given that it’s not much more expensive than the previous two options, that experience might be worth the extra cost to you.
The main problems we have to report with Farmers is a few paperwork-related and bureaucratic slip-ups that some customers were unhappy about. Good customer service can only do so much if there are issues with the underlying systems of the company.
You can expect the following working with Farmers:
- Customization options such as personal article floaters, identity theft protection, pet damage insurance, and enhanced liability coverage.
- Further customization based on what risks you feel are most concerning for your apartment.
- Helpful and friendly claims and onboarding teams.
4) Nationwide: $239
A more options and customization-rich choice for Illinois renters is Nationwide, another company with a wide reach and strong infrastructure. With them, you’ll be able to customize your coverage, even when it comes to specific categories of items. You will also have some benefits such as your coverage going beyond your doorway to protect items in hallways or outside of your apartment.
You might pay a bit more of a rate with Nationwide, but in most cases, the customization and benefits are worth it. We’ll leave that decision for you to make, however, and would also advise you to be careful when checking their default expensive items coverage, as it can be a bit low for some people’s tastes.
You can expect the following working with Nationwide:
- Plenty of discount and bundle opportunities if you find their rate to be a bit much.
- Annual assessments of your policy so you can always be working with the best plan.
- Very well-trained agents and customer service support specialists.
5) GEICO: $336
Rounding out the list is the more expensive GEICO, which despite its average rate might be the best option for you if you’re planning on bundling your car insurance with your renters insurance. When it comes to their renters insurance, they don’t necessarily underwrite the policies themselves, which means should you file a claim you might be working with another insurance provider. If you’re thinking of going with GEICO, you should investigate this thread further.
Other factors which may make you shy away from GEICO include some reported negative customer service experiences and difficulties by some getting flood insurance. All of these negative aspects noted, you can still rely on them to provide you with a quality policy for a reasonable price.
You can expect the following working with GEICO:
- Discounts for installing security or fire prevention devices or having multiple policies.
- A clear line of communication and clarity regarding just what coverages you have.
- Extreme ease-of-use when it comes to filing a claim or paying your bill.
There are plenty of options to work within Illinois, and your situation may be vastly different from someone else, whether they live 100 miles away or right next door. That’s why its of paramount importance to do some additional research and find the option that’s best for you, especially when renters insurance is especially cheap here. We know that you can find the security and peace of mind you’re looking for, and we hope you get the perfect fit soon.