Renters insurance is a type of property protection you can invest in to safeguard yourself against losses from theft, fire and other common hazards. As a renter in the Prairie State, you have access to dozens of coverage options — which can make choosing the right renters insurance policy in Illinois overwhelming.

We at the Guides Team have researched renters insurance companies nationwide to recommend the top providers in Illinois. Read on to learn more about each insurance company, how much you’re likely to pay and what you can expect your policy to cover.

The cheapest option for renters insurance in Illinois is Allstate, which costs on average $144 per year. This is 8% cheaper than the annual state average of $157.

*Pricing is based on data from Quadrant Information Services or sample quotes we pulled for a one-bedroom apartment with a single occupant and standard coverages in Springfield, Ill. Your cost may vary depending on your location, coverage and personal property needs. 

After in-depth research, we found the following providers to be Illinois’s best renters insurance options:

• AM Best rating: NR
• J.D. Power score: 853

Lemonade is known for its quick claims process, fast reimbursements and easy online applications. This can be a major perk for renters who have limited home emergency funds and need to be reimbursed quickly.

Lemonade offers affordable renters insurance, providing sufficient plans at a fraction of the cost of other companies, which is ideal for college students or renters on a budget. The company also offers policy discounts for safety items like home smoke alarms and sprinklers.

Costs and Coverage Options

Based on our sample quote for a one-bedroom apartment with a single occupant in Springfield, Ill., Lemonade renters insurance costs $7.09 to $18.97 per month, depending on your coverage selections. The lower end of this range reflects the lowest possible coverage limits, while the higher end is closer to Lemonade’s standard selections.

The company also offers the following discounts and endorsements:

• Discounts: Multi-policy bundling, annual payment plan and fire prevention devices
• Endorsements: Water backup damage, landlord property damage, high-value property and spouse or significant other coverage

Get your quote: Fill out a Lemonade quote form.

To learn more: Lemonade renters insurance review

• AM Best rating: A 
• J.D. Power score: 823

Liberty Mutual renters insurance has a coverage limit of up to $25,000, making it a great choice for renters who are just starting out in a small apartment. Liberty Mutual’s policies are affordable and cover situations like temporary evictions. The company also offers a range of discounts, which you can use to save even more on monthly premiums.

Additionally, you can add earthquake and replacement cost coverage to protect your valuables, which reimburses you the cost to replace items if your belongings are destroyed.

Costs and Coverage Options

Since Liberty Mutual requires sensitive information like your Social Security number to obtain a quote, we were unable to pull sample rates from the company’s website. Learn more about the company’s offered discounts and policy add-ons:

• Discounts: Multipolicy, early shopper (if you buy a policy before your current plan expires), claims-free (if don’t file a claim for 5+ years) and online purchase
• Endorsements: Jewelry protection, replacement cost and earthquake protection

To learn more: Liberty Mutual insurance review

• AM Best rating: A+
• J.D. Power score: 841

In addition to standard renters insurance coverage, Allstate offers a variety of policy add-ons, including extended coverage for valuables, identity theft restoration and protection for business-related items. Many other renters insurance companies do not offer these options, making Allstate a good choice if you are a renter with unique insurance needs.

Costs and Coverage Options

Based on our sample quote for a one-bedroom apartment with a single occupant in Springfield, Ill., Allstate renters insurance costs $12 to $18 per month, depending on the coverage amounts you select.

Allstate also offers the below discounts and endorsements:

• Discounts: Multi-policy bundling, claims-free discount, senior discount (55 and older), automatic payment enrollment and safe home (having fire alarms, sprinklers, etc.)
• Endorsements: Additional coverage for high-value property, business property and identity theft restoration

To learn more: Allstate renters insurance review

• AM Best rating: A+
• J.D. Power score: 842

American Family (AmFam) made our list because of its user-friendly and accessible online resources. You can easily add coverage, change your policy or submit a claim online or through the company’s free mobile app, MyAmFam. Plus, all of the company’s renter policies include identity theft protection.

As a general note, AmFam renters insurance policies are only available to service members and their families.

Costs and Coverage Options

Based on our sample quote for a one-bedroom apartment with a single occupant in Springfield, Ill., AmFam renters insurance costs $22 to $50 per month based on the coverage you select.

You can also choose from the following discounts (if eligible) and endorsements:

• Discounts: Multi-policy bundling, claims-free discount, customer loyalty, automatic payment enrollment and generational discounts (if your parents are insured with AmFam)
• Endorsements: Travel protection, pet insurance and home business coverage

To learn more: American Family renters insurance review

• AM Best rating: A
• J.D. Power score: 884

Farmers made our list because of its customizable coverage options. The company’s renters insurance plans cover your belongings, loss of use, personal liability and medical payments if someone sustains an injury on your property. You can customize each coverage option to personalize your plan to your unique needs.

Although credit monitoring is the only add-on available, Farmers lets you bundle pet insurance and sign up for umbrella liability insurance, which includes auto coverage. Some Farmers plans may also include additional living expenses like refrigerated food coverage to pay for spoiled food loss of up to $500.

Costs and Coverage Options

A Farmers renters insurance policy in Illinois costs $13.50 per month or $162 annually, based on data from Quadrant Information Services. Keep in mind that your price may vary depending on your policy customizations.

Farmers also has the following discounts and endorsements:

• Discounts: Non-smoking discount, multi-policy bundling, safe home, loyalty discount and an employee discount for first responders in uniform (firefighters, doctors, nurses, etc.)
• Endorsements: Identity theft protection

To learn more: Farmers insurance review

No state or federal legal requirements require you to have renters insurance in Illinois. However, especially in large cities like Chicago, many landlords may require you to buy renters insurance as a term of being approved for your lease. For more information, Illinois Legal Aid Online provides additional information on your legal rights as a renter’s insurance policyholder and renter living in the Prairie State.

Renters insurance rates in Illinois are determined by several factors, including the following.

• Location: The location of the rental property can affect the cost of renters insurance. Areas with higher crime rates or a greater risk of natural disasters may have higher premiums.
• Coverage limits: The amount of coverage you choose can impact your premium. The more coverage you need, the higher your premium will be.
• Deductible: The deductible is the amount you will pay out-of-pocket before your insurance coverage kicks in. A higher deductible can result in a lower premium, but you’ll pay more if you need to file a claim for a covered loss.
• Credit score: Your credit score can impact your renters insurance premium. A lower credit score may result in a higher premium, while a higher credit score may result in a lower premium.
• Claims history: Your claims history can also impact your renters insurance rate. If you’ve filed a claim in the past, you may be considered a higher risk and could be charged a higher premium.
• Pet ownership: If you own pets, you may need additional coverage to protect against any damage they might cause. This can increase your premium.

Overall, it’s essential to shop around and compare quotes from different insurance providers to find the best renters insurance rate for your needs and budget. If you already have a policy, we recommend getting a quote before your current policy ends so you have plenty of time to compare coverage options.

Let’s look at the three most common causes that renters fill out insurance claims in the state of Illinois.

Theft and Vandalism

Insurance companies group theft and vandalism together because they usually happen in tandem. Damage to or loss of personal property is the number one claim that renters submit to their insurance companies. Your reimbursement will depend on whether you have an actual cost value (ACV) or replacement cost value (RCV) plan. With ACV coverage, insurance companies will reimburse you for the depreciated value of items damaged or stolen. RCV plans (which are more expensive) reimburse you for the current market value of your items.

Fire

Some events simply cannot be predicted, and that includes house fires. While fires happen all the time and can be small enough to contain within a rental property, that doesn’t mean the apartment and your belongings will remain unscathed. If you experience a fire while living in a rental property, you will likely need repairs and replacements. Luckily, renters insurance can provide this coverage.

In addition to fire in your rental unit, renters insurance can cover relocation expenses if your neighbor’s property catches fire and causes damage to surrounding units. It will also cover water damage related to sprinkler systems, pipes and other sources.

Body Injury

All the renters insurance plans we discussed in this guide include medical coverage for visitors to a renter’s property. So if someone visits your rental unit and an accident happens, renters insurance can cover anything from slip-and-falls (the most common injury) to dog bites or even cooking burns.

If you are a renter in Illinois, renters insurance is a great way to protect your belongings and those who visit your home. However, choosing the best renters insurance provider is not a one-size-fits-all decision. Renters insurance can offer peace of mind in the event of an accident or emergency so you want to ensure the policy you choose fits the coverage you need. Read over policy documents carefully before purchasing to review any coverage exclusions, and talk to an insurance agent if you have any questions.

For example, a recent college graduate with few assets would do best with Lemonade, but those who possess high-value items and are loyal to their insurance company for many years may prefer Farmers. The choice is up to you, but we recommend comparing quotes from at least three providers on this list before purchasing a renters insurance policy in Illinois.

Get renters insurance quotes right away by entering your ZIP code in the form.

Through in-depth research of the industry, we determined the following factors and weights to rate each company by:

• Overall cost: 15/100
• Add-ons and discount options: 20/100
• Standard coverage: 17.5/100
• State availability: 5/100
• Support availability: 20/100
• Connectivity: 12.5/100
• Authority: 10/100

We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice.

Sarah Horvath is one of the home service industry’s most accomplished writers. Her specialties include writing about home warranties, insurance, home improvement and household finances. You can find her writing published through distributors like HouseMethod, Architectural Digest, Good Housekeeping and more. When not writing, she enjoys spending time in her home in Orlando with her fiance and parrot.

Tori Addison is an editor with over five years of experience in the digital marketing industry. Her includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.