What You Should Know
- The average cost for renters insurance in Chicago is around $185 per year
- Companies that operate fully online, like Lemonade, are sometimes able to offer significantly low rates for renters insurance
- You should make sure the renters insurance you purchase will cover the materials you have in your rental
If you are renting a home or an apartment in Chicago, Illinois, it's a good idea to purchase a renters insurance policy. Renters insurance will help make sure all of your items are covered if something unexpected happens.
But not all renters insurance companies in Chicago are the same, so you will want to make sure you understand renters insurance and what it does and does not cover.
Before you commit to purchasing a renters insurance policy, you will need to do some research to figure out what you need in terms of coverage and which company offers the best coverage at the most affordable price.
How much is renters insurance in Chicago?
It's hard to say exactly how much you will pay for renters insurance in Chicago until you shop around to get quotes from different companies. The average cost for renters insurance in Chicago is around $185 a year.
Most policies at that price will cover up to $20,000 of personal property coverage and around $100,000 in liability coverage.
When you shop around for renters insurance, in Chicago or anywhere else, don't be surprised if you find that one company offers rates much higher than $185 annually while another offers rates around $100 per year.
Can you find cheap renters insurance in Chicago?
While the average cost of renters insurance in Chicago is close to $200 a year, it is possible to find coverage at half that price, or even less.
Companies like Lemonade are able to offer exceptionally cheap renters insurance rates. Because Lemonade operates fully online, the company can cut expenses in order to allow policyholders to find lower-than-average rates for certain insurance products.
If you do find cheap rates with Lemonade or another insurance company, you will want to check the fine print of your policy to make sure you have the amount of coverage you need for the property you're renting.
Two of the best ways to cut down on costs for insurance coverage are to choose a higher deductible or lower your overall coverage amount. But you will want to assess how much your property is worth and make sure you carry enough coverage to replace your items if you ever need to.
Who offers the best renters insurance in Chicago?
It's impossible to know who will offer you the best renters insurance policy in Chicago until you shop around online to compare rates. Chicago renters insurance can get pretty expensive. For example, if you are renting a large property and need to cover more than $20,000 worth of materials, you may end up paying more in monthly or annual insurance rates.
According to customer reviews, some of the most popular renters insurance companies in Chicago include:
- State Farm
All of the companies listed above have something to offer when it comes to renters insurance. If you are concerned primarily with cost, you may find that a company like Lemonade is your best bet. But if you know you want in-person service and 24/7 assistance, a company like State Farm might work better.
Jetty is one company that is fairly new on the scene. Based in New York, Jetty offers renters insurance coverage with rates that are comparable to Lemonade though not always as low.
The unique thing about Jetty is that it is the only company that offers renters insurance coverage to cover bed bug infestations. If you live in a large apartment building, this might be a very helpful addition to a renters insurance policy.
How can I get renters insurance in Chicago?
It's not difficult to find renters insurance in Chicago. But with so many options, you may be wondering how to go about purchasing the perfect policy. One of the best things you can do when you're looking for renters insurance is to shop around online.
You always have the option of calling individual insurance companies and asking for more information about their policies, but shopping online for a renters insurance quote is one way to save time and money simultaneously.
When you get an online quote, it's a good idea to use a quote tool that will compare multiple companies rather than going to each company one-by-one to get a quote.
Once you've found a quote you like, you should reach out to the insurance company you're considering and ask for specifics about the policy. You can also ask any questions you have and see if there's any way to lower your monthly or annual rates.
Can I get discounts on renters insurance?
One of the best ways to lower your insurance rates is to ask about any available discounts. When it comes to renters insurance, some of the most common discounts available include:
- Non-smoker discount
- Senior citizen discount
- Claims-free discount
- Multi-policy discount
- Paid-in-full discount
- Paperless discount
- Specific safety discounts
If you think you may be eligible for one of the discounts listed above, or if you're curious whether an insurance company offers additional discounts on renters insurance, you can speak to an agent with the insurance company.
Before you commit to purchasing a policy, be sure to read the fine print to make sure the policy offers enough coverage in case all of your possessions are stolen or destroyed. And make sure to check if there's anything the renters insurance will not cover.