5 Best Renters Insurance Companies in Maryland
Here are the top renters insurance providers in Illinois:
For this article’s coverage information, our team pulled quotes for an 820-square-foot apartment in Naperville, Illinois. Your pricing, deductible, and available coverage may vary depending on your home’s size, type, location, applicable discounts, and your chosen plan and endorsements.
What Is the Average Cost of Renters Insurance in Illinois?
According to the Insurance Information Institute (III), Illinois’s average renters insurance rate is $157 annually or $13.08 monthly. Illinois ranked 32nd for the most expensive renters insurance in the country. Here are factors that affect average renters insurance costs:
- Crime: Some cities have higher theft and vandalism rates than others. Providers typically charge more if you live in an area with a high crime rate and vice versa.
- Severe weather conditions: Illinois is prone to experiencing damaging winds, flash floods, thunderstorms, and tornadoes. Your renters policy may cost more if you live in an area where severe weather conditions occur frequently.
- Your credit history: Some providers consider your credit history before assigning your rate. On average, those with a lower credit score pay more for renters insurance than those with a higher score.
- Your personal belongings: Your renters insurance premium depends on how much coverage you need for your valuables. Before signing up, calculate how much your personal property is worth so you only pay for what you need.
What Does Renters Insurance Cover?
Renters insurance plans typically offer four main coverage types: liability, loss of use, medical payments to others, and personal property.
- Liability: Liability coverage covers incidents such as damaging someone else’s property, bodily harm that occurs to someone due to your actions, and legal fees if someone sues you for damages.
- Loss of use: Loss of use covers the associated expenses if your home becomes uninhabitable. For example, hotel rooms, rental cars, meals, and laundry expenses fall under loss of use.
- Medical payments to others: This covers the medical expenses of someone who injured themself in your home. Note that your policy will cover up to its coverage limit.
- Personal property: Personal property coverage covers valuables inside your home or vehicle. Some providers won’t cover valuable belongings, such as fine art, unless you pay for the endorsement.
What Risks Do Renters in Illinois Face the Most?
According to the Federal Emergency Management Agency (FEMA), Illinois faces severe storms, straight-line winds, and tornadoes. If you live in an area susceptible to severe weather, consider purchasing a policy that covers the severe weather conditions mentioned above. Some providers may cover these conditions as endorsements.
Our Conclusion
Whether you live in downtown Chicago or the suburbs of Aurora, having renters insurance coverage protects your belongings from the unexpected. The Quartz Advisor Reviews Team recommends Lemonade for its easy sign-up process and fully customizable coverage. We like State Farm for its high-value belongings coverage and Liberty Mutual for its various discounts.
We recommend pulling quotes from at least three providers to compare policy coverage, costs, exclusions, and limitations before making a final decision.
