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.
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 | $12 | |
| State Farm | $17 | |
| Progressive | $22 | |
| Farmers | $23 | |
| Assurant | $27 | |
Best cheap renters insurance in Chicago: Lemonade
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Editor's rating
- Cost: $12/mo
Lemonade has the cheapest rates in Chicago and easy-to-use online tools for getting quotes and filing claims.
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Cheap rates
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Fast online quotes
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Many coverage add-ons
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Few discounts
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Mixed customer service reputation
Lemonade offers the cheapest renters coverage in Chicago, at an average of $12 per month. That's about half the city average.
In addition to its low rates, Lemonade stands out for its fast and simple online quote process. The company's digital-first approach to business means you can get a quote or file a claim in minutes.
That may be part of the reason why Lemonade scores high on customer satisfaction, according to a recent J.D. Power study. However, the company also gets more complaints than an average company its size.
It's possible that most Lemonade customers are happy with the company's generally fast service, but its AI-driven processes may cause problems for customers with more complicated claims.
Lemonade lets you personalize your coverage with eight different add-on options.
Lemonade renters insurance extras
- Water backup
- Replacement cost coverage
- Valuable items
- Extended liability
- Equipment breakdown
- Mold protection
- Pet protection
Best renters insurance in Chicago for customer service: State Farm
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Editor's rating
- Cost: $17/mo
State Farm has the best combination of good customer service and cheap rates among top renters insurance companies in Chicago.
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Good customer service
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Affordable coverage
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Many coverage extras
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Few discounts
State Farm offers strong customer service and cheap rates for Chicago renters. The company scores above average on customer satisfaction, according to a recent J.D. Power study. State Farm also gets roughly the same amount of complaints as an average company its size.
State Farm has the second cheapest quotes among top renters insurance companies in Chicago, at $17 per month, on average. That's about a quarter cheaper than the Chicago city average.
You can lower your monthly rate further by taking advantage of one or both of State Farm's renters insurance discounts. State Farm lets you save when you bundle your renters and auto insurance and when you install a qualifying home protection device, such as a burglar or fire alarm.
Best renters insurance in Chicago for discounts and extra coverage: Progressive
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Editor's rating
- Cost: $22/mo
Progressive offers many coverage add-ons and discounts.
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Affordable rates
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Many discounts and coverage extras
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Poor reputation for customer satisfaction
Progressive lets you personalize your renters insurance policy with many coverage extras. These include:
- Earthquake coverage
- Identity theft
- Valuable items
- Extended liability
- Equipment breakdown
- Mold protection
- Flood insurance
All Progressive renters policies will pay the full cost to replace the items you own. That's a big benefit because many companies will only cover the cost to replace what you own minus wear and tear unless you pay extra.
Progressive charges an average of $22 per month for renters insurance in Chicago. That's slightly cheaper than the city average of $23 per month.
Keep in mind that you can lower your monthly rate further by taking advantage of one or more of Progressive's many discounts, such as renters-auto bundling, early shopper and electronic document delivery.
A major downside to Progressive is its reputation for poor customer service. The company scored last for customer satisfaction on a recent J.D. Power study that looked at more than a dozen large renters insurance companies. Progressive also gets more complaints than an average company its size.
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.
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.