Cheapest and Best Homeowners Insurance in Illinois as Rated by Customers in 2022
As a homeowner, you don’t want to be stuck wondering if your homeowners insurance company will help you out if you have a claim for damage. From unexpected natural disasters to theft or vandalism, homeowners insurance comes in handy in many cases. In the event you may need to file a claim, don’t you want to feel confident you’ve protected your home with one of the best Illinois homeowners insurance companies?
To help you be more confident in your homeowners insurance company, we have reviews and rankings for hundreds of homeowners insurance companies so you can evaluate and compare the best Illinois home insurance companies. In the table above, you can sort through every homeowners insurance company ranked on Clearsurance. Next to each insurer you’ll find the company’s rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only those companies with at least 25 homeowners insurance reviews are eligible to appear in the rankings of the best Illinois homeowners insurance companies.
If you’re looking for additional information on one of the best homeowners insurance companies in Illinois, you can visit the company’s profile page where you’ll learn about the company, additional coverages and potential discounts offered. You can also read reviews to see what other policyholders have to say about the home insurance company.
On this page:
- Best homeowners insurance rates in Illinois for a $200K dwelling
- Best homeowners insurance rates in Illinois for a $400K dwelling
- Illinois property crime statistics
- Illinois disaster statistics
When searching for homeowners insurance in Illinois, which insurance companies offer the most affordable rates? Compare the average home insurance rates for the five largest companies in Illinois in the table below. Of these insurance providers, State Farm offers the cheapest average home insurance rates for a $200K dwelling.
|Company||Average rates for $200K dwelling|
|American Family Insurance||$1,197|
|Farmers Insurance Group/Illinois Farmers Insurance||$744|
|State Farm Insurance Company||$691|
These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Illinois will differ. Rate data is provided by Quadrant Information Services.
In the table below, you can find average home insurance rates for a $400K dwelling in Illinois. Of the five largest insurers in the state, Allstate has the cheapest homeowners insurance rates in Illinois.
|Company||Average rates for $400K dwelling|
|American Family Insurance||$1,747|
|Farmers Insurance Group/Illinois Farmers Insurance||$1,169|
|State Farm Insurance Company||$1,084|
These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Illinois will differ. Rate data is provided by Quadrant Information Services.
Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in Illinois compare to other states around the country? The FBI published the following statistics on crime in Illinois for 2016:
- Property crime - 262,306
- Burglary - 47,989
- Larceny theft - 194,407
All three statistics for Illinois, when compared to the national average rate per 100,000 inhabitants, rank below the national average.
Weather-related incidents are typically among the costliest homeowners insurance claims. FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the Illinois federally declared disasters since 1953:
- Severe storm - 25
- Flood - 15
- Tornado - 10
- Snow - 7
- Severe ice storm - 2
- Hurricane - 1
How are homeowners insurance rates calculated in Illinois?
Ever wonder why you pay what you do for home insurance? Some things may be obvious, like the age of your home. But other factors that contribute to the price of homeowners insurance in Illinois may not be as obvious. Here’s a list of some of the things homeowners insurance companies consider when quoting you a rate:
- The level of coverage required
- The size of your mortgage
- Your credit score
- The square footage of your home
- The geographic location of your home in Illinois
- The condition of your home
- The age of your home
- The proximity of your home to a fire station
- Your previous claims record
- The amount of your deductible
- Optional add-ons like umbrella insurance
Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.
The cost of homeowners insurance is higher than the national average cost. In fact, Illinois homeowners pay more for coverage than some homeowners in neighbouring states. Illinois weather is usually relatively safe, but there are still some factors to consider.
The most common causes of damage in Illinois include: wind, hail, flooding, theft and burglary. Although Illinois has a lower risk of strong summer storms than other states in the “Tornado Alley,” weather events still represent the common causes of damage in the state. Despite standard homeowners insurance coverages (dwelling coverage, liability coverage, and personal property coverage), there are is additional coverage that homeowners may want to consider in their homeowners policy (flood insurance, water damage coverage, earthquake insurance, identity theft coverage)
How does Clearsurance rates and ranks the best homeowners insurance companies in Illinois?
Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:
- Customer Service
- Claim service
- Likelihood to renew
The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.
Finally, there is also a confidence factor based upon the number of reviews a company has by product. If the total number of reviews is less than 100, then a confidence deduction is applied to the star rating. The maximum impact of this deduction occurs when there are less than 25 reviews. Companies with 100 or more reviews, aged two years or less, receive 100% weighting (no deduction), while companies with 50 to 99 customer reviews receive a weighting of .95%, 25 to 49 reviews receive a weighting of .90% and companies with less than 25 reviews a weighting of .85%.
The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.
Homeowners insurance guide
Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best Illinois homeowners insurance companies. But beyond just picking a company, it’s crucial to have the right coverage and to understand that coverage. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?
At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!