Best Renters Insurance in Chicago (2024)
- Lemonade charges the cheapest renters insurance rates in Chicago, which average $9 a month.
- American Family’s rates are higher, but it offers many discounts and coverage options that could make it the best renters insurance company for you.
Cheapest renters insurance companies in Chicago
Allstate and State Farm also offer affordable renters insurance that’s cheaper than the city average rate of $18 a month.
| Company | Monthly rate | Annual rate |
|---|---|---|
| Lemonade | $9 | $108 |
| Allstate | $14 | $168 |
| State Farm | $14 | $168 |
| Progressive | $19 | $228 |
| Farmers | $20 | $240 |
| Assurant | $22 | $264 |
| American Family | $29 | $348 |
Renters insurance in Chicago costs slightly more than it does in Illinois overall. The state average cost of renters insurance is $17.51 a month. Meanwhile, the national average rate matches Chicago’s average of $18 a month.
What you pay for renters insurance depends on factors like:
- Where you live
- Types and amounts of coverage you buy
- Deductible you choose
- Value of your possessions
To get your best rate, compare renters insurance quotes from several companies before you settle on one.
Best renters insurance companies in Chicago
Both companies have great customer satisfaction ratings. Further, Lemonade is the best company for affordable rates, while American Family offers the best discounts and coverage options.
Best for cheap renters insurance rates: Lemonade
Lemonade has a great customer satisfaction rating, too. Its rating of 854 (out of 1,000) from J.D. Power is the second-highest of the companies we surveyed.
Although Lemonade offers affordable renters insurance, it doesn’t offer many discounts or add-on coverages. If either are important to you, get quotes from other companies to make sure Lemonade’s low rates are worth the tradeoff.
Best discounts: American Family
Some of the renters insurance discounts American Family offers:
- Bundling discount for buying more than one policy from American Family
- Loyalty discount for being a customer for more than a year
- Generational discount if you’re 18 to 30 years old and your parents are also AmFam customers
- Discounts for automatic payments, paying in full and electronic statements
Best coverage options: American Family
For an added cost, you can customize your AmFam renters insurance policy to cover things like:
- Equipment breakdown
- Flash floods
- Septic or sewer back-up and sump overflow
- Identity protection
- Credit monitoring
Best for customer satisfaction: American Family
This rating, from J.D. Power, is based on areas like price, policy offerings, the billing process and claims.
Do I need renters insurance in Chicago?
Landlords often require renters insurance to protect themselves from tenants damaging the building or their unit. It also helps protect them against liability claims and needing to cover relocation costs if the property becomes unlivable for various reasons.
We recommend buying renters insurance even if your landlord doesn’t require it, though.
- It protects you from liability claims, too — for example, if you cause damage to the building or if someone is injured while visiting you.
- It also covers your belongings — like clothing, electronics and furniture — from damage or destruction. Your landlord’s insurance won’t cover this.
How much renters insurance should I get?
- To figure out how much personal property coverage you need, make an inventory of your possessions. Include the estimated value of each item.
- For liability coverage, you should get enough to cover your assets. Your assets can include your possessions (like your car), your savings and even things like retirement accounts.
Frequently asked questions
The average cost of renters insurance in Chicago is $18 a month, or $216 a year.
What you ultimately pay for a renters insurance policy in Chicago depends on several factors, including how much personal property and liability coverage you want.
Lemonade has Chicago’s cheapest renters insurance, with rates that average $9 a month, or $108 a year. That’s half the city average rate.
American Family and Lemonade are the best companies for renters insurance in Chicago, based on our research.
Lemonade’s average rate is lower, but American Family offers more discounts and coverage options.
Yes, landlords in Chicago can require you to have renters insurance. They usually include this in their rental or lease agreements.