The Best Cheap Renters Insurance in Chicago
Lemonade has the cheapest renters insurance in Chicago, at an average of $12 per month.
Find Cheap Renters Insurance Quotes in Chicago
Best Cheap Renters Insurance in Chicago
ValuePenguin editors looked at the rates, coverage and customer satisfaction reputation for seven top companies to find the best renters insurance in Chicago. All quotes include $30,000 of personal property coverage, a $500 deductible and $100,000 in liability protection.
Cheapest renters insurance in Chicago
Lemonade has the cheapest renters insurance quotes in Chicago.
The company charges an average of $12 per month for coverage. That's almost half the
Chicago city average.
Cheapest insurance companies
State Farm also has affordable rates at $17 per month, on average. That's about a quarter less than the Chicago city average. State Farm also has a good reputation for customer satisfaction.
Compare Cheap Renters Insurance in Chicago
Cheap renters insurance quotes in Chicago
Company | Monthly cost | ||
|---|---|---|---|
| Lemonade | 4.0 out of 5 | $12 | |
| State Farm | 4.5 out of 5 | $17 | |
| Progressive | 2.5 out of 5 | $22 | |
| Farmers | 3.5 out of 5 | $23 | |
| Assurant | 3.0 out of 5 | $27 | |
Best cheap renters insurance in Chicago: Lemonade
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Cost$12/moThis analysis used home insurance quotes for seven top companies that offer coverage in Chicago, IL. Read our methodology.
Best renters insurance in Chicago for customer service: State Farm
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Cost$17/moThis analysis used home insurance quotes for seven top companies that offer coverage in Chicago, IL. Read our methodology.
Best renters insurance in Chicago for discounts and extra coverage: Progressive
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Cost$22/moThis analysis used home insurance quotes for seven top companies that offer coverage in Chicago, IL. Read our methodology.
What renters insurance do I need in Chicago?
Renters in Chicago need to protect themselves from common hazards like floods, tornados and theft. Keep in mind that your risk level depends on where you live and the type of building you live in.
Renters insurance covers theft that happens inside and outside your apartment or rented home. That means you can file a claim with your renters insurance company if someone steals your purse or wallet in a park or on a train.
Chicago has one of the highest rates of theft among large American cities.
Chicago residents who live in first-floor apartments in flood-prone areas should consider buying separate flood insurance for renters. That's because a normal renters insurance policy won't cover flood damage.
Flooding can happen throughout the Chicagoland area, although you're most at risk if you live close to the shores of Lake Michigan, by the banks of a river or in a low-lying area.
Renters insurance typically covers damage caused by tornados. That includes damage caused by wind, hail and rain.
Chicagoland experiences frequent tornados and powerful storms. As many as 27 tornados hit the Chicago region in a single day in 2024. Tornados are becoming more frequent, which means it's important that you get coverage for this hazard.
Frequently asked questions
Who has the cheapest renters insurance in Chicago, Illinois?
Lemonade has the cheapest renters insurance in Chicago, at an average of $12 per month. State Farm also has affordable rates, at an average of $17 per month.
What's the best renters insurance in Chicago?
Along with affordable rates, State Farm leads in customer service among top renters insurance companies in Chicago, making it the best renters insurance option in the city. Plus, the company offers many coverage extras.
How much is an average renters insurance policy in Chicago?
Renters insurance in Chicago costs $23 per month, on average. That's roughly the same as the Illinois state average.
Methodology
ValuePenguin gathered quotes from seven of the top insurance companies available in Chicago to find the best renters insurance companies. Rates are for a 30-year-old unmarried woman living alone who hasn't filed an insurance claim in the past.
Quotes are for the following coverage limits:
- Personal property: $30,000
- Personal liability: $100,000
- Medical payments: $1,000
- Loss of use: $9,000
- Deductible: $500
ValuePenguin editors used each company's National Association of Insurance Commissioners complaint score and its J.D. Power and ValuePenguin editor's ratings, if available.
About the Author
Former Senior Writer
Talon Abernathy is a former ValuePenguin Senior Writer who specialized in health insurance, Medicare and Medicaid. He also contributed to other insurance verticals including home, renters, auto, motorcycle and flood insurance.
Talon came to ValuePenguin in 2023. Since his arrival, he's helped to expand the site's health insurance-related content offerings. He enjoys helping readers understand the ins and outs of America's all too complicated health insurance landscape.
Before coming to ValuePenguin, Talon worked as a freelance writer. His prior work has touched on a broad range of personal finance-related topics including credit-building strategies, small business incorporation tactics and creative ways to save for retirement.
Insurance tip
In many parts of the country, you can qualify for a free Silver health insurance plan if you meet certain income requirements. Government subsidies in the form of premium tax credits and cost-sharing reductions may mean you'll pay nothing for coverage.
Expertise
- Health insurance
- Medicare and Medicaid
- Flood insurance
- Homeowners insurance
- Renters insurance
- Auto and motorcycle insurance
Referenced by
- The Miami Herald
- Money.com
- MSN
- Nasdaq
- The Sacramento Bee
- Yahoo! Finance
Education
- BA, University of Washington
- Certificate in Copyediting, UC San Diego
Credentials
- Licensed Life & Disability Insurance Agent
- Licensed Property & Casualty Insurance Agent
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
