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The Cheapest Illinois Renters Insurance Companies 2020
If you’re a renter in Illinois, you’ll find renters insurance to be affordable with the average policy costing you $187 annually. With this in mind, here are a few things you want to consider before buying a policy. The first is how much financial coverage you want for your items. It helps to ballpark the value of your stuff so you know how much protection you need.
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You’ll also want to examine the provider to ensure you’re receiving the fairest deal from a reputable company. Factors to examine include:
- How good is the carrier at resolving customer complaints?
- What do the credit rating agencies say about the provider’s ability or lack thereof to pay out claims to policyholders?
- Affordability: Does the company offer competitive rates with other providers in the area?
- Specific features: Does the carrier offer loss of use coverage? Can you combine personal liability with other coverages (such as umbrella insurance) to have more protection in certain events?
Taking these things into account can help you determine the right coverages for you.
Best Rental Insurance Companies in Illinois
Here’s a look at some of the best Illinois renters insurance companies in the state:
- Farmers Insurance: Farmers Insurance is an affordable option. It has a B+ rating with AM Best, showing they have the financial strength to deliver on its promises to policyholders.
- Geico/Lemonade: Geico’s partnership with Lemonde is an excellent option if you’re searching for an easy way to buy renters insurance. It’s incredibly affordable. Our quote was $9.17 monthly for a policy that comes with $20,000 of personal property coverage.
- State Farm: We chose State Farm because of its dependable service. The carrier earned a five out of five rating in the J.D. Power & Associates customer service satisfaction survey, placing State Farm at the top of the list for renters insurance providers. Furthermore, it has affordable rates and discounts when you bundle other policies with State Farm.
- USAA: If you are in the military or have family members that are, USAA is the best choice available. It earns top marks for customer service, and it has affordable rates. This combination makes USAA an excellent option few other carriers can match.
With these factors in mind, here’s how these renters insurance companies measure up to each other in financial strength and customer satisfaction.
| SimpleScore | J.D. Power Rating | AM Best Rating | BBB Rating | |
|---|---|---|---|---|
| Farmers | 3.4 | 2/5 | A | A+ |
| Geico | 3.3 | N/A | A++ | N/A |
| State Farm | 4.2 | 5/5 | A++ | A |
| USAA | 3.8 | 5/5 | A++ | B+ |
Which renters insurance company is best for you varies depending upon your needs. Here are some options to consider depending on those requirements.
The Best Illinois Renters Insurance for Those on a Budget: Geico
Renters insurance tends to be less expensive than other kinds of insurance anyway, but the partnership with Geico and Lemonade provides exceptional rates. When we did a quote for $20,000 of personal property coverage, Geico quoted us at a little over $9 monthly. Given other states like Georgia charge as much as $15-20 for basic coverage, this is an excellent deal.
The Best Illinois Renters Insurance for College Students: Geico
The whole process takes a few minutes. You go online, fill out a quote and buy your policy. For college students, this eliminates a lot of headaches of having to talk to or visit an agent. Lemonade’s mobile app is outstanding, making it even easier to manage your policy on the go.
The Best Illinois Renters Insurance for Seniors: State Farm
State Farm delivers some of the best customer service available. If you’re unfamiliar with buying renters insurance, you can visit a local office to speak with an agent or call one. State Farm is also among the least expensive providers available, so you’ll receive excellent service and affordability.
Frequently Asked Questions
How much renters insurance you need depends on the value of your items. Do you have collectibles, artwork or high-end jewelry? If you do, chances are you’ll need more coverage in case you have to replace those items. Alternatively, if you don’t have many valuable items outside of a computer or clothes, you can go with a lower personal property amount. Ask your landlord to see if they have any coverage requirements before you decide how much to get.
State Farm offers some of the best customer service while Lemonade can cover your items for less than $10 per month. If you’re in the military, it’s hard to beat the combination of service and price USAA delivers. What is best for you might not be the best for someone else, so gather quotes and look at coverage options to decide which insurance company you want to use.
In the unfortunate event your apartment becomes uninhabitable due to flooding, loss of use coverage kicks in by providing financial assistance for temporary living expenses (such as hotels, motels, Airbnb or even a new apartment,) moving costs, kennel fees for pets and money for additional food expenses. Check with your provider to see if they offer this and to determine what your benefit is.
All providers allow you to call them to file a claim. Some also offer this option through a website or mobile app. No matter what, follow the instructions closely so there are no delays. Report a claim immediately after the damage occurs.
