Best and Cheapest Renters Insurance in Illinois for 2025 (Top 10 Low-Cost Companies)

The leading providers of the best and cheapest renters insurance in Illinois are Geico, USAA, and State Farm, with rates starting at $15 per month, combining affordability with substantial policy benefits.

Geico provides the lowest premiums and up to 25% in multi-policy discounts. USAA includes free flood and earthquake coverage for military families, and State Farm offers customizable add-ons with comprehensive liability protection.

Company	Rank	Monthly Rates	A.M. Best	Best For	Jump to Pros/Cons
	#1	$15	A++	Competitive Rates	Geico
	#2	$16	A++	Military Benefits	USAA
	#3	$17	B	Broad Coverage	State Farm
	#4	$18	A	Flexible Options	Liberty Mutual
	#5	$19	A++	Customizable Policies	Travelers
	#6	$20	A+	Affordable Premiums	Progressive
	#7	$21	A+	Strong Discounts	Nationwide
	#8	$22	A	Loyal Customers	American Family
	#9	$24	A	Reliable Service	Farmers
	#10	$25	A+	Trusted Brand	Allstate

Renters can secure budget-friendly coverage tailored to their needs. Comparing choices guarantees the best bargain on renters insurance in Illinois. Use our free comparison tool today to see what quotes look like for you.

What You Should Know

• Geico offers Illinois’ lowest renters insurance rates, starting at $15 per month with up to 25% bundling discounts
• Renters get affordable coverage with liability, theft, and loss-of-use protection included
• Comparing the best and cheapest renters insurance in Illinois helps find policies with flood or earthquake coverage

#1 – Geico: Top Overall Pick

Pros

• Lowest Premium: Geico provides rental coverage in Illinois for just $15 per month, making it the most economical choice in the region.
• Significant Multi-Policy Discounts in Illinois: Tenants can cut costs by up to 25% by combining housing and car coverage. Check out insurance savings in our complete Geico renters insurance review.
• Superior Financial Security: Geico guarantees Illinois tenants prompt reimbursements and reliable claim handling thanks to its A++ A.M. Best rating.

Cons

• Limited Add-Ons: Geico's renters' insurance in Illinois lacks specialized options like identity theft protection and high-value item coverage.
• Strict Discount Requirements: Bundling savings apply when combined with a Geico auto policy, limiting standalone renters policyholders in Illinois.

#2 – USAA: Best for Military Benefits

Pros

• Military-Exclusive Perks: USAA provides renters insurance in Illinois with free flood and earthquake protection, a rare benefit among competitors.
• Full Replacement Cost Coverage: Unlike many insurers, USAA covers 100% of the replacement value of lost or damaged items with no depreciation in Illinois.
• Elite Financial Strength: USAA holds an A++ A.M. Best rating, guaranteeing financial stability and claim reliability for Illinois military families.

Cons

• Restricted Eligibility: Only active-duty members, veterans, and their families qualify for renters insurance in Illinois with USAA. Learn more in our USAA insurance review.
• Limited Discounts: Unlike competitors, USAA does not offer bundling discounts when combining renters insurance in Illinois with auto policies.

#3 – State Farm: Best for Broad Coverage

Pros

• Strong Liability Protection: Includes $100,000 in personal liability coverage, exceeding Illinois' minimum coverage standards.
• Customizable Add-Ons: Offers scheduled personal property coverage and identity theft restoration services in Illinois.
• Competitive Rates: At $17 per month, State Farm provides affordable renters insurance in Illinois with broad coverage options. See more details on our State Farm renters review.

Cons

• Lower Financial Strength: Holds a B A.M. Best rating, lower than top competitors like Geico and USAA in Illinois.
• Higher Deductibles: State Farm requires higher deductibles for specific claims, increasing out-of-pocket expenses for renters insurance in Illinois.

#4 – Liberty Mutual: Best for Flexible Options

Pros

• Highly Customizable Policies: Renters can add water backup coverage, personal injury protection, and valuable items coverage in Illinois.
• Accident Forgiveness Perk: Premiums remain stable even after a first-time claim on renters insurance in Illinois.
• Financially Secure: Holds an A A.M. Best rating, ensuring claim reliability for renters insurance in Illinois. Discover more about offerings in our Liberty Mutual renters review.

Cons

• Above-Average Rates: Monthly premiums start at $18, higher than Geico and USAA for renters insurance in Illinois.
• Limited Military Discounts: Unlike USAA, Liberty Mutual does not offer exclusive savings for Illinois military renters.

#5 – Travelers: Best for Customizable Policies

Pros

• Strong Add-On Features: Renters can add identity fraud protection and green home discounts for renters insurance in Illinois.
• Top-Tier Financial Rating: Holds an A++ A.M. Best rating, ensuring claims are paid out reliably in Illinois. Access comprehensive insights into our Travelers renters insurance review.
• Policy Bundling Discounts: Offers up to 20% off when combining renters insurance in Illinois with auto or umbrella coverage.

Cons

• Higher Base Premiums: Starting at $19 per month, Travelers is more expensive than Geico and USAA for renters insurance in Illinois.
• Fewer Long-Term Perks: Lacks loyalty discounts for long-term renters in Illinois.

#6 – Progressive: Best for Affordable Premiums

Pros

• Low Monthly Rates: Offers renters insurance in Illinois for $20/month, keeping costs below state averages. Our Progressive insurance review reveals details.
• Multiple Discount Opportunities: Provides multi-policy (5%), protective device (10%), and paperless billing (7%) discounts in Illinois.
• 24/7 Claims Assistance: Renters benefit from round-the-clock customer support, ranking above 4.2 stars in Illinois surveys.

Cons

• Limited High-Value Item Coverage: Standard policies cap jewelry and electronics coverage at $1,500, requiring extra coverage in Illinois.
• Higher Rate Increases After Claims: Renters who file multiple claims quickly may see steeper premium hikes than other providers.

#7 – Nationwide: Best for Strong Discounts

Pros

• Comprehensive Discount Programs: Renters can save with multi-policy (10%), claims-free (15%), and gated-community (5%) discounts in Illinois.
• Optional Natural Disaster Protection: Allows earthquake and flood coverage add-ons, unlike most renters insurance in Illinois.
• Stable Financial Backing: Holds an A+ A.M. Best rating, ensuring claims are honored in Illinois. Delve into our evaluation of our Nationwide insurance review.

Cons

• High Deductibles for Certain Claims: Some policies require $1,000+ deductibles, raising out-of-pocket expenses for Illinois renters.
• Bundling Required for Best Rates: Standalone renters insurance in Illinois doesn’t qualify for Nationwide’s maximum discounts.

#8 – American Family: Best for Loyal Customers

Pros

• Loyalty Discounts: Long-term policyholders qualify for lower rates after three years, reducing Illinois renters' costs.
• Extended Loss of Use Coverage: Covers up to 12 months of temporary housing costs in Illinois.
• Customizable Add-Ons: Offers identity theft protection ($25,000), scheduled personal property, and pet liability coverage in Illinois.

Cons

• Higher Base Premiums: Monthly rates start at $22, higher than Geico ($15) and USAA ($16) in Illinois.
• Limited Statewide Availability: Coverage is unavailable in all Illinois counties. Discover insights in our American Family insurance review.

#9 – Farmers: Best for Reliable Service

Pros

• Enhanced Coverage Options: Standard and Premier plans offer full replacement cost coverage in Illinois.
• Fastest Claim Processing: Farmers settles most claims within 48-72 hours for renters in Illinois.
• Strong Financial Stability: Holds an A A.M. Best rating, ensuring policyholder security in Illinois. To find out more, explore our Farmers insurance review.

Cons

• Higher Monthly Costs: Renters insurance in Illinois starts at $24/month, 50% more expensive than Geico.
• Fewer Discounts: Unlike Nationwide, Farmers lacks a security system or auto-bundling discounts in Illinois.

#10 – Allstate: Best for Trusted Brand

Pros

• High Liability Limits: Provides up to $300,000 in liability coverage for renters insurance in Illinois.
• Claim-Free Savings: Renters with no past claims receive a 20% discount in Illinois. For additional details, explore our Allstate insurance review.
• Strong Financial Rating: Holds an A+ A.M. Best rating, ensuring timely claim payments in Illinois.

Cons

• Most Expensive Option: Renters insurance in Illinois starts at $25 per month, the highest on this list.
• Limited Renters Perks: No loyalty discounts for long-term policyholders in Illinois.

Comparing Renters Insurance Rates in Illinois

Depending on the provider, policy choices, and discounts, Illinois renters insurance can cost anywhere from $15 to $25 per month. While Geico offers the most affordable rate at $15 per month, it primarily provides basic coverage with standard personal property limits.

In contrast, Allstate, the most expensive at $25 per month, includes comprehensive insurance coverage with higher liability limits up to $300,000 and additional living expenses coverage.

Insurance Company	Monthly Rates
	$25
	$22
	$24
	$15
	$18
	$20
	$19
	$17
	$21
	$16

USAA stands out at $16 per month for offering free flood and earthquake protection, a rare inclusion in renters' policies. At $17 per month, State Farm renters insurance in Illinois includes identity theft protection and scheduled personal property coverage for high-value goods. At the same time, Liberty Mutual charges $18 monthly for identical coverage.

Progressive at $19 and Nationwide at $20 per month provide multi-policy discounts of up to 15%, lowering overall costs for renters with auto insurance. Travelers at $21, American Family at $22, Farmers at $24, and Allstate at $25 justify their higher premiums by offering customizable add-ons, such as pet liability coverage and extended loss-of-use benefits. Renters should compare coverage options and available discounts to determine the best policy for their needs.

Top Renters Insurance Discounts in Illinois

Discounts can drastically lower the cost of renters' insurance, which has variable premiums. Commonly referred to as renters insurance, a conventional HO-4 insurance policy covers liabilities, personal property, and supplementary living expenses in the event of covered losses. Nationwide is the best option for renters with auto or other insurance because it offers the most bundling discount (20%). Policyholders with no recent claims are rewarded with the best claims-free savings of 15% from State Farm and USAA.

Insurance Company	Bundling	Claims-Free	Security Systems	Loyalty	AutoPay
	15%	10%	5%	10%	5%
	10%	12%	7%	8%	5%
	18%	10%	8%	7%	4%
	10%	5%	5%	5%	3%
	12%	10%	10%	7%	4%
	20%	10%	7%	10%	5%
	12%	8%	5%	6%	4%
	17%	15%	10%	8%	5%
	13%	10%	10%	7%	4%
	10%	15%	10%	10%	5%

Security system discounts of 10% are available with Liberty Mutual, Travelers, and State Farm, helping renters who install burglar alarms or smart security devices. Allstate is an excellent option for anyone with a spotless insurance record because it offers a significant 15% bundling discount and 10% off for renters who have never filed a claim. With 10% loyalty discounts, USAA and Nationwide are the industry leaders in rewarding loyal clients.

Geico's discounts are smaller, with just 5% off for claims-free renters, making it better suited for budget-conscious renters who already have Geico auto insurance. Using automatic payments, renters can save 5% with Allstate, American Family, and Nationwide. Taking advantage of these discounts helps lower premiums and maximize savings while keeping essential coverage.

Essential Coverage Options for Renters Insurance in Illinois

Renters insurance in Illinois covers personal property, liability, and living expenses if your place becomes uninhabitable. While most providers offer these basics, coverage for replacement costs, identity theft protection, and earthquake damage can vary.

If you want full protection, State Farm, USAA, and Allstate are solid picks since they offer replacement cost coverage. This means you get paid the current market value for lost items, not just their depreciated worth. State Farm renters insurance in Illinois also includes optional identity theft protection with coverage up to $50,000, an excellent option for those worried about fraud.

Insurance Company	Personal Property	Liability	Loss of Use	Replacement Cost	Identity Theft	Terminal Earthquake
	✅	✅	✅	✅	✅	✅
	✅	✅	✅	✅	✅	✅
	✅	✅	✅	❌	✅	❌
	✅	✅	✅	❌	✅	❌
	✅	✅	✅	✅	✅	✅
	✅	✅	✅	✅	✅	✅
	✅	✅	✅	✅	❌	✅
	✅	✅	✅	✅	✅	✅
	✅	✅	✅	✅	✅	✅
	✅	✅	✅	✅	✅	✅

However, Geico and Farmers do not cover earthquake protection or replacement costs, which could result in coverage gaps. Because they provide earthquake coverage, Liberty Mutual, Nationwide, and Travelers are superior options in high-risk regions.

State Farm, USAA, and Liberty Mutual have the most well-rounded policies if you're looking for a balance between affordability and protection. But if budget is your main concern, Geico or Farmers could work—just be aware of what's not covered. Comparing plans helps you get the best deal without sacrificing essential coverage.

See More: What is earthquake insurance, and do I need it?

Breaking Down the Costs of Common Insurance Claims

Renters insurance covers a variety of unexpected incidents, but theft, water damage, fire, vandalism, and liability claims are the most frequent. Renters insurance covers theft, which leads to 25% of claims, with an average loss of $2,500, protecting renters from losses due to burglary or stolen belongings.

Claim Type	Portion of Claims	Cost per Claim
Theft	25%	$2,500
Water Damage	20%	$3,200
Fire/Smoke	18%	$5,000
Vandalism	15%	$1,800
Liability Claims	12%	$4,000

Water damage follows at 20%, costing around $3,200 per claim, often resulting from plumbing issues, leaks, or appliance malfunctions. Although less common at 18%, fire and smoke damage is the most expensive, averaging $5,000 per incident, often requiring renters to replace significant belongings.

Vandalism is responsible for 15% of claims and results in an average loss of $1,800, including property destruction, graffiti, and shattered glass. Comprehensive coverage is required, and getting the best renters insurance in Illinois guarantees protection from unforeseen losses. Liability claims, which comprise 12% of claims with an average cost of $4,000, often cover medical expenses or legal fees, reinforcing the need for a reliable renters insurance policy in Illinois.

Comparing Rent Prices Across Chicago’s Districts

In Chicago, the average cost of rent is $19 per month. The cost of renting a Chicago apartment can vary based on your location within the city as well as the size of your apartment.

Chicago is home to the famous Chicago-style deep-dish pizza and jazz music, as well as famous architectural sites, such as The Bean and one of America’s tallest buildings, the Willis Tower. With a population of more than 2.7 million, The Windy City is a popular place to live and work. The average rent in Chicago is $19, but prices vary by neighborhood. River North averages $16 monthly, while Homan Square is more affordable at $15.

Another factor that affects the cost of rent in Chicago is the type of apartment. Studio apartments cost an average of $18 per month, and one-bedroom apartments cost an average of $20. On the other hand, three-bedroom apartments in Chicago cost an average of $20.

Another critical factor for renters in Chicago is ensuring their belongings are protected with renters insurance in Chicago, as a landlord’s policy won’t cover personal items in case of theft, fire, or damage. To find the best protection at the lowest price, compare the best renters insurance companies and rates in Chicago today.

Illinois College Students and Renters Insurance

Illinois has plentiful higher education opportunities, with more than 300 colleges and trade schools, more than 100 being four-year colleges and universities. With that many schools, Illinois has many college students living in dorms or renting apartments. There are a few key things for students renting housing to consider to protect their personal belongings, and renters insurance simplified for millennials makes it easier to find the right coverage.

Their parents' home insurance usually insures college students living in dorms on campus. However, this only applies to on-campus housing. Since their parent's policy won't cover their possessions, Illinois students renting off-campus residences should consider getting renters insurance coverage. They risk financial loss from theft, fire, or property damage if they don't have renters insurance.

The average renter's insurance in Illinois is relatively affordable, offering protection against liability, loss-of-use expenses, and personal property damage. College students will most likely have roommates in the apartment they rent. It's not advised that students share renters insurance policies with roommates.

Tips to Lower Your Renters Insurance Costs in Illinois

While renters insurance is generally affordable, there are ways to cut costs even further without sacrificing coverage. Here are the top five ways to save on your renters' insurance premium and keep more money in your pocket.

• Install Safety Features: Adding smoke detectors, burglar alarms, and deadbolts reduces risk, which can qualify you for security-related discounts.
• Raise Your Deductible: Your monthly premium will go down if you choose a higher deductible, but be sure you can pay for the claims out of pocket.
• Ask for Discounts: Many insurers offer multi-policy, claims-free, and loyalty discounts, so always check for eligible savings.
• Bundle Your Policies: Combining renters and auto insurance with the same provider can cut costs by up to 25%.
• Pay in Full: Paying your annual premium ahead rather than monthly can result in lower total costs and potential savings.

Speak with an insurance professional to obtain the best pricing and tailor your renters' insurance in Illinois.

Customer-Driven Insurance Rankings Explained

Our rating and ranking methodology at Clearsurance is solely based on actual customer evaluations and data-driven analysis since we value openness. Our program assesses important variables that policyholders have reported, such as:

• Pricing: Affordability and overall value compared to competitors.
• Customer Service: Responsiveness, support quality, and ease of communication.
• Claims Handling: Speed, fairness, and satisfaction with claim resolutions.
• Renewal Likelihood: How often customers choose to renew their policies.

Additionally, our algorithm weighs positive versus negative feedback to measure overall customer sentiment about each insurer. To ensure accuracy, we also apply a confidence factor based on the number of reviews per company. Companies with fewer than 100 reviews receive a weighted adjustment to prevent small sample sizes from skewing results.

The biggest adjustment occurs for companies with fewer than 25 reviews, while those with 100+ reviews under two years old receive full 100% weighting. Clearsurance rankings are entirely customer-driven, giving consumers unbiased insights into the best insurance providers based on real experiences. For more insights and comparisons, check out our most popular renters insurance posts to see how different providers stack up.

Choosing renters insurance can be overwhelming, so it helps to hear from real people who’ve used it. Over on Reddit, users shared their experience with one of the top-rated renters insurance providers:

Comment
byu/compassionate31 from discussion
inApartmentliving

This first-hand feedback makes it easier to see what renters think about different insurance companies. Whether it’s claims handling, pricing, or customer service, real reviews like this can help you find the best coverage without all the guesswork.

Crime Rates and Renters Insurance Protection in Illinois

A typical renters insurance coverage includes 16 named perils, such as theft, vandalism, and intentional harm. Is renters insurance required? While not mandated by law, some landlords may require it as part of a lease agreement. In terms of crime patterns, how does Illinois compare to the rest of the country? The FBI released the following Illinois crime statistics:

• Property Crime: 1,965
• Burglary: 291
• Larceny Theft: 1,446

All three statistics for Illinois, when compared to the national average rate per 100,000 inhabitants, rank below the national average.

Finding the Best Renters Insurance Policy in Illinois

A clear understanding of what is and isn't covered by renters insurance might help avoid unforeseen financial obligations. Examine the coverage features of a policy before buying it from one of the top Illinois renters insurance providers.

Most policies include liability protection, covering medical expenses and legal fees if a non-resident is injured in your rental, typically offering at least $100,000 in coverage. Additionally, if an incident—such as a fire or structural damage—renders your apartment uninhabitable, many policies provide loss-of-use coverage, covering temporary housing costs until repairs are completed.

Coverage for natural disasters varies, and standard renters insurance may not include flood or earthquake protection. In Illinois, where severe storms and water damage are common, renters should ask their insurer if additional endorsements are needed to cover flooding, sewer backups, or wind damage. Without this extra protection, tenants may have to pay for damages out of pocket.

For comprehensive policy comparisons, coverage options, and money-saving advice, be sure to read our practical guide to understanding renters insurance. It will help you make an informed selection and be protected in an emergency. Find the best deal by comparing renters insurance quotes with our free comparison tool right here.