How to Compare Renters Insurance Quotes for 2024
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Best Renters Insurance in Chicago (2024)

Published on:
Content was accurate at the time of publication.
Lemonade and American Family offer the best renters insurance in Chicago.

  • 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.

Find the Cheapest Renters Insurance Quotes in Chicago

Lemonade is the cheapest renters insurance company in Chicago, charging an average rate of $9 a month.

Allstate and State Farm also offer affordable renters insurance that’s cheaper than the city average rate of $18 a month.

CompanyMonthly rateAnnual rateLendingTree score
Lemonade logo  Lemonade$9$1083.5 stars
allstate logo  Allstate$14$1683.5 stars
state farm logo  State Farm$14$1684 stars
progressive logo  Progressive$19$2283 stars
farmers logo  Farmers$20$2403.5 stars
assurant logo  Assurant$22$2642.5 stars
american family logo  American Family$29$3483 stars

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.

Lemonade and American Family are the best renters insurance companies in Chicago, based on our research.

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 is the best renters insurance company for Chicagoans looking for the most affordable rate. Its average rate of $9 a month is 36% less than the city’s next-cheapest companies, Allstate and State Farm.

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

American Family has the best selection of renters insurance discounts among the companies we surveyed in Chicago. This is good, as the company also has the city’s highest average rate of $29 a month.

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

American Family also offers the best renters insurance coverage options of the companies we surveyed.

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

American Family earned the highest customer satisfaction rating of 856 (out of 1,000) among the companies we surveyed in Chicago.

This rating, from J.D. Power, is based on areas like price, policy offerings, the billing process and claims.

Find the Cheapest Renters Insurance Quotes in Chicago

Neither state nor city law require you to have renters insurance in Chicago. Landlords can still require renters insurance as part of a rental or lease agreement, though.

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?

You should get enough renters insurance to replace personal belongings like electronics and jewelry if they’re damaged or destroyed. You’ll also want enough coverage to protect your assets if someone files a liability claim against you.
  • 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.

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.

Methodology

LendingTree collected thousands of renters insurance quotes from the largest insurance companies in each state, based on data availability.

We used thousands of renters insurance quotes from across the U.S. for a 30-year-old single woman who has no recent renters insurance claims. Your rates may vary. Coverage limits include:

  • Personal property coverage: $20,000
  • Deductible: $500
  • Personal liability: $100,000
  • Guest medical protection: $1,000
  • Loss of use: $9,000

Our team of insurance experts rated insurance companies based on several categories. These categories include average rates, discounts, coverage options, third-party customer service ratings and app/website experience. We weighted these categories based on what customers value in an insurance company.

For third-party customer service ratings, we included NAIC’s Complaint Index scores. NAIC Complaint Index scores are used to determine how satisfied customers are with their claims.

Overall satisfaction ratings were obtained from J.D. Power’s 2023 U.S. Home Insurance Study. The agency’s scores are based on customer surveys that rate insurance companies on factors like price, policy offerings and claims.