Best renters insurance in Chicago according to customers


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UPDATED: 2021-06-16T18:32:34.011Z
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As an apartment renter in Chicago, you should be sure to obtain renters insurance, even if your landlord has their own insurance. Renters insurance policies protect you and your belongings in the case of theft or a disaster, while your landlord's insurance only protects the structure of the building itself and what they have provided for you. Renters insurance is easy to purchase for a Chicago apartment, with the ability to get quotes from most companies online in just a few minutes. Policies like these include personal property coverage to help keep your property safe in the event of theft or damage and some even cover medical expenses, additional living expenses/temporary living expenses in some covered events, water damage, or have liability coverage. There are even discounts to help you lower your renter's insurance costs.

It is important to know as much as you can about your renter's insurance company before taking out a policy with them. Talking to a local, experienced insurance agent can help answer any questions you may have. Some questions to consider asking include, "What is the average cost for your renter's insurance coverage?" "Does my policy cover things such as water damage and bodily injury?" and "What are my coverage options and my coverage limit?"

To help you find the best renters insurance in Chicago, you can find the 10 best renters insurance companies in Illinois along with rates from six of the top 10 companies.

On this page you’ll find:

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What are the best renters insurance companies in Chicago?

The top 10 renters insurance companies in Chicago are listed in the table below. The ranking of these companies is based exclusively on customer reviews submitted to Clearsurance as of June 2019. customers rate their insurance companies based on their overall experience with the company, the insurer's customer service, and the policyholder's likeliness to renew and recommend their renters insurance to a friend.

In order to qualify for this top 10 list, insurance companies need at least 25 renters insurance reviews and must sell affordable renters insurance in Illinois.

Ranking Best Chicago renters insurance # of reviews Company rating
1 Lemonade 223 4.78
2 USAA* 399 4.77
3 Geico 732 4.22
4 State Farm 1,363 4.22
5 Nationwide 164 4.13
6 Allstate 816 4.12
7 Erie Insurance 104 4.10
8 Liberty Mutual 221 4.09
9 Farmers Insurance Group 203 4.08
10 Travelers 98 4.43

*USAA is only available to active and former military members and their families.

1. Lemonade

Lemonade is rated as the best renters insurance company in Chicago. This company leverages artificial intelligence to provide a quote for you in just minutes. Through the Lemonade app, you can also file claims, and they process many of the claims nearly instantly.

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2. USAA

The next best renters insurance company, according to consumers, is USAA. USAA is only available to current and previous members of the military and their families, offering multiple types of insurance, including renters coverage and auto policies. Consumers favor USAA's fair prices and customer service, according to customer reviews on Clearsurance.

3. Geico

Geico is one of the top renter's insurance options for apartment renters. Geico offers renters insurance policies through an agency program of other licensed insurance carriers. If you bundle your Geico car and renters insurance, you'll be eligible for a discounted price.

4. State Farm

State Farm ranks fourth on the list of best renters insurance in Chicago. It's the most reviewed renters insurance company nationally. You can get a renters insurance quote on State Farm's website where you'll be connected with a local agent.

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5. Nationwide

Nationwide is another company that's well rated by its customers for renters insurance. To save money on a Nationwide renters insurance policy, the company offers a multi-policy discount, protective device discount, and claims-free discount.

6. Allstate

At No. 6 on the list of best renters insurance companies in Chicago is Allstate. You can purchase Allstate renters insurance online or through a local agent. Allstate also offers a bundle with car and renters insurance, which can save you money on both policies.

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7. Erie Insurance

Erie Insurance is ranked 4.10 out of 5 stars, placing seventh on the list of the best renters insurance in Chicago. With Erie Insurance, you get your own personal representative to assist you in setting up and personalizing your renter's insurance policy.

8. Liberty Mutual

Liberty Mutual is ranked No. 8 on the list of best renters insurance in Chicago. If you have auto insurance through Liberty Mutual, you can bundle your renter's insurance along with it to receive a discounted price.

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9. Farmers

Farmers has a consumer rating of 4.08 out of 5 stars for renters insurance. If you purchase a policy for your Chicago apartment, you can earn discounts if you have multiple insurance policies with Farmers.

10. Travelers

Another highly-rated renter insurance company in Chicago is Travelers. Travelers have a renters insurance score of 4.01 out of 5. If you bundle your Travelers car insurance policy with your renter's insurance, you can save up to 5 percent on your auto insurance policy.

How much does renters insurance cost in Chicago?

The cost of renters insurance in Chicago varies from person to person and the company, but the average rate among the six companies we got rates from is $16.60 per month. In the table below, you can see the average quote from six of the top renter's insurance in Chicago.

Insurance company Monthly cost with a $500 deductible
Lemonade $8.17
State Farm $15.17
Allstate $16.00
Geico* $16.92
Travelers $18.00
Farmers Insurance Group $25.31

To retrieve these quotes, we used a profile of a 25-year-old single male renting an apartment in Chicago with no roommates or pets with a policy beginning in June 2019. The policies include $20,000 in personal property coverage ($30,000 for Travelers because that is the minimum required by the company), $100,000 in personal liability, and $1,000 in medical payments to others. The policies have a $500 deductible. Your rates may vary depending on your characteristics and coverage. We were unable to retrieve quotes from USAA, Nationwide, Liberty Mutual, and Erie Insurance.

You should always remember to ask your insurance agent about what discounts you may be eligible for while you're getting a quote or going over your insurance terms with them.

*Geico sells renters insurance through other licensed insurance companies. The Geico quote listed is for coverage from Assurant Group.

How much does rent cost in Chicago?

The average monthly cost of rent in Chicago is $1,893, a 5 percent increase compared to the previous year. The cost of your rent will likely depend on the size of your apartment, with studio apartments having the cheapest average rent.

Renters insurance is a good investment to consider when renting an apartment in Chicago as it can help you recover from an unexpected mishap. By paying less than a dollar a day, you can ensure all of your belongings are protected. To see the most up-to-date list of the best renters insurance companies in Chicago, you can view our best Illinois renters insurance page.

Recap: What is the best renters insurance coverage in Chicago?

  • Lemonade: Cheapest renters insurance in Chicago
  • USAA: Best renters insurance for military members in Chicago
  • Geico: Best renters insurance rates in Chicago

It is important to know all that you can before taking out a renters insurance policy. Learn about the insurance company and the protection that their policies offer before making a final decision. Know and understand your policy limits and ask about what additional coverages you can add to your protection.

While we all want the most affordable renters’ insurance, it is important not to sacrifice the quality of your protection just to save some money. Talk to a local insurance agent about what insurance company is right for you, and what coverages they offer.

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