10 Best Renters Insurance in Chicago in 2023 – Reviews & Top Picks
While renters insurance isn’t required in Illinois, most landlords in Chicago will require their tenants to get renters insurance. Having a renters insurance policy will protect you and the property from theft, fires, and other unexpected accidents.
Most insurance companies offer similar coverage in their renters insurance plans. So, price and customer service are often primary factors that customers examine while comparing plans. Our reviews of renters insurance plans available in Chicago will help you get a better picture of what kinds of coverage and prices you can expect today.
A Glance at Our Top Picks (2023 Update)
|Best Overall||Lemonade Renters Insurance||
|Best Value||State Farm Renters Insurance||
|Nationwide Renters Insurance||
|Travelers Renters Insurance||
|Amica Renters Insurance||
The 10 Best Renters Insurance in Chicago
1. Lemonade Renters Insurance – Best Overall
Lemonade offers the best renters insurance for Chicago residents. It has a straightforward base plan that covers much of what renters in the city would need, including theft, fires, and vandalism. Bike owners will also receive coverage under crime and vandalism for stolen bikes.
You can receive between $10,000 to $250,000 for personal property coverage and between $3,000 to $200,000 for loss of use coverage. The base plan also has reasonable coverage limits for personal liability and medical payments. Lemonade has live insurance policies, so you can change your coverage at any time.
Lemonade delivers excellent customer service and has a very intuitive app that makes submitting claims an extremely user-friendly experience. It also has some of the cheapest rates you’ll find in Chicago. However, Lemonade renters insurance isn’t available in all 50 states. So, if you plan on moving out of state, you’ll have to make sure Lemonade provides coverage in that state.
- Covers accidents relevant to urban dwellings
- Excellent customer service
- Relatively cheap rates
- Has live insurance policies
- Coverage not available in all 50 states
2. State Farm Renters Insurance – Best Value
State Farm is another company that has fairly cheap rates and provides substantial coverage. State Farm will offer coverage for up to $30,000 for personal properties and $100,000 for liability coverage. It will also help pay for up to $10,000 for additional living expenses and $1,000 for medical expenses.
As a fairly large and reputable company, State Farm has reliable customer service. It has relatively few customer complaints and isn’t known to give customers trouble when they submit claims. They also process claims fairly quickly.
State Farm offers extended coverage for additional fees. You can choose to expand your coverage to other items, like waterbed liability, identity theft, and sewer or drain backup. You can experience up to 17% in discounts, but the discount opportunities are fairly limited.
- Relatively affordable premiums
- Excellent customer service
- Fast claims processing
- Useful additional coverage options
- Limited discount opportunities
3. Nationwide Renters Insurance
Nationwide is a large insurance company that offers competitive coverage and rates for renters insurance. Its basic package includes credit card fraud with the usual items covered under renters insurance. Nationwide plans can include coverage for water backup, personal items stolen from vehicles, and payment for loss and damage of high-value items, for an additional price.
You can take advantage of a few discount opportunities. Nationwide also offers additional savings for each claims-free year.
Despite being a large company, Nationwide has inconsistent reviews for customer service, and its app is a bit lackluster compared to its competitors. So, you’re less likely to have an autonomous experience with submitting claims and receiving payments.
- Basic package includes fraudulent credit card charges
- Several useful riders are available
- Offers discounts for claims-free years
- Inconsistent customer service
4. Travelers Renters Insurance
Travelers excels in customer service by providing a user-friendly claims experience and great discount opportunities, like multi-policy discounts, protective device discounts, and loss-free discounts.
Travelers offers about $100,000 for personal liability coverage, and you can receive more at an additional cost. Its maximum amount is $300,000. You can also purchase a separate policy to include flood coverage.
The company has competitive coverage, but the premiums are usually on the more expensive side. However, Travelers has a good track record and relatively low customer complaints.
- User-friendly claims process
- Multiple discount opportunities
- Potential to receive flood coverage
- Relatively expensive premiums
5. Amica Renters Insurance
Amica is a reputable company that has few customer complaints and an easy-to-use app and website to enroll in plans and submit claims. While Amica has good coverage and excellent customer service, it does tend to have more expensive premiums in Chicago. However, it does work to make renters insurance affordable and has deductibles that are as low as $100. It also offers several savings opportunities, and you can get up to 15% in discounts if you bundle renters insurance with auto insurance.
Amica has avenues for additional savings for renters that plan on enrolling in homeowners insurance. If you’re willing to pay higher premiums and meet additional requirements, you may also be eligible to receive unlimited coverage for personal property and up to $1,000,000 for personal liability.
- Excellent customer service and experience
- Provides savings for renters planning to become homeowners
- Potential for unlimited personal property coverage
- Relatively expensive premiums
6. Allstate Renters Insurance
You can find fairly affordable premiums with Allstate renters insurance plans, especially if you bundle them with auto insurance. It also offers discounts for renters who are 55 years old and over.
Allstate’s basic renters insurance plan covers the usual items and isn’t very outstanding in any way. However, it offers different coverage items for additional costs, including identity theft restoration, scheduled personal property coverage, and flood insurance.
Despite being a large company with many years of experience, Allstate doesn’t have the best customer service and response rates. Customers are also not very impressed by its renters insurance plans unless they top them with additional coverage.
- Offers discounts for renters 55 years and older
- Offers flood insurance
- Can experience significant savings by bundling
- Mediocre customer service
- Mediocre base plan
7. Farmers Renters Insurance
Farmers renters insurance may be a little more expensive, but it offers many different discount opportunities. For example, you can experience savings with multi-policies, home security systems, and claims-free years. You can get discounts for being a non-smoker or in a certain profession, like a doctor, nurse, teacher, police officer, or firefighter. You may also find premiums to be a little cheaper than national averages for plans that have personal property coverage amounts between $15,000 and $50,000.
In addition to standard coverage items, Farmers plans can help pay for replacement costs, identity theft, and refrigerated food coverage.
- Multiple savings opportunities and discounts
- Cheaper premiums for lower personal property coverage
- Decent selection of additional coverage items
- Has relatively expensive premiums
8. USAA Renters Insurance
USAA is an excellent option, but since it’s only limited to military members and families, we can’t put it higher up on our list. USAA has affordable rates and excellent customer service. If you’re eligible for a USAA membership, you can experience additional discount opportunities.
Along with providing coverage for fires and theft, USAA will also help pay for repairs related to flooding. While earthquakes usually don’t occur in Chicago, you won’t have to expect to pay extra for earthquake coverage. USAA will also cover your personal items with overseas insurance if you get deployed or move abroad.
- Excellent customer service
- Multiple discount opportunities
- Includes overseas insurance
- Only available for USAA members
9. American Family Renters Insurance
American Family is a Wisconsin-based company that provides renters insurance to just 19 states. Illinois is one of the states where American Family’s renters insurance is available, but if you plan to move out of state, you’re likely to lose your coverage.
You may be eligible for different additional coverage options depending on where you live. Some coverage options include jewelry, identity fraud, and equipment breakdown. You can also have pets included under a renters insurance plan. However, coverage operates differently from pet insurance, and pets would only receive coverage from a disaster covered by your policy.
American Family’s rates are usually lower than the national average. You can experience additional discounts by bundling, signing up for autopay or paperless billing, and paying annual premiums.
- Good selection of additional coverage options
- Premiums are typically lower than national average rates
- Multiple discount opportunities
- Only available in 19 states
10. Liberty Mutual Renters Insurance
Liberty Mutual is a decent option for Chicago renters. It has good customer satisfaction ratings along with one of the easiest application processes. It has several discounts available, including multi-policy discounts, claims-free discounts, and autopay discounts. Liberty Mutual will also offer savings for people who are switching over from different companies and have had claims-free years with them.
Liberty Mutual’s basic plan provides coverage for all standard items, and it doesn’t have anything extra that makes it outstanding from its competitors. It also only has a handful of additional coverage options. So, unless you take advantage of multiple savings opportunities, you won’t really experience significant benefits with Liberty Mutual.
- Good customer experience ratings
- Easy application process
- Multiple savings opportunities
- Not a lot of additional coverage options
Buyer’s Guide: Choosing the Best Renters Insurance in Chicago
What to Look for in Renters Insurance in Chicago
Renters insurance coverage doesn’t differ too much from company to company. However, you may find differences in additional coverage and customer service experiences. Here are the basics of renters insurance in Chicago.
- Personal property
- Loss of use
- Medical payments
Personal property coverage helps pay for the loss of your own items. This can be clothing, electronics, furniture, and other personal items that got damaged or vandalized in your home. Keep in mind that renters insurance won’t cover any roommates’ items or personal property damaged by your own pets.
Loss of use refers to expenses you pay for while you’re living outside of your home as it goes through repairs. You can submit claims for things like hotel stays, restaurant food, and laundry services.
Liability helps pay for expenses when you’re responsible for damaging someone else’s property or causing injuries. Some renters insurance plans will help pay for expenses for pets that have damaged someone else’s property or caused an injury.
Medical payments help pay for someone else’s medical bills for any injuries that took place in your home.
Customer Service & Reputation
It’s important to find a company that has a strong customer service arm. Some insurance companies will require you to speak with an agent, and it’s important to talk with a trustworthy person to find a plan that best suits your needs. You don’t want to end up getting an expensive plan with a high coverage limit that you’ll never come close to reaching. A good agent will help you find an accurate estimate of your coverage limits and provide information on any additional coverage items that may be relevant to your life.
You can start to submit claims and receive reimbursements once you meet your deductible. These days, claims can be processed completely online. Most insurance companies have apps or features on their website that enable you to submit claims electronically. However, other companies will accept claims forms submitted by email or postal mail.
Once you submit a claim, your insurance company will review it. If the claim falls within the limits of your renters insurance plan, the company will reimburse your expenses until you meet your coverage limits. The entire claims process can take between a few days to over a month. So, it’s important to submit your claims correctly and look for companies with an efficient claims processing system.
Price of Policy
A variety of factors will affect the prices of your policies. Your location, age, and credit score can impact the cost of renters insurance. Typically, large cities with higher living costs have more expensive premiums. So, don’t be surprised if you find renters insurance to be relatively expensive in Chicago.
You can also adjust your premium by changing your deductible amount and coverage limits. Higher deductibles and lower coverage limits typically make premiums slightly cheaper. Some insurance companies offer unlimited coverage, which means that they won’t stop reimbursing you once you pay your deductible. These types of plans are usually significantly more expensive.
When it comes to configuring your plan, you can often choose your deductible and coverage limits. However, some companies will first take down some basic information and present you with a limited selection of plan options that you can choose from.
Some insurance companies will include additional coverage items to their base plan, like credit card fraud coverage. Other insurance companies will provide add-ons or riders. Riders expand your coverage with an additional cost added to your premium. Riders can help pay for flood damage, equipment for at-home businesses, pet-related damage, and earthquakes.
You can also usually get a scheduled property rider, which helps cover specific items not included in the personal property coverage in a basic plan. These items usually include jewelry, watches, and clothes.
What is the average premium for renters insurance in Chicago?
The average monthly premium for renters insurance in Chicago is $16, which is $193 annually. You can find cheaper rates if you enroll in basic plans with more limited coverage. Some companies offer different discounts and savings opportunities. In general, paying an annual premium is cheaper than monthly premiums. Signing up for autopay can also cut down prices slightly. Many insurance companies will also give discounts if you bundle your renters insurance with another insurance plan.
Is renters insurance required in Chicago buildings?
No, renters insurance isn’t required in all Chicago buildings. However, it’s common for landlords and property management companies to require renters insurance. So, it’s best to expect to pay for renters insurance if you’re planning to rent an apartment unit in Chicago.
Can landlords force me to get renters insurance?
Landlords cannot make you get renters insurance unless it’s listed in the lease agreement. So, you may be able to dispute your landlord if they want you to get renters insurance before your lease is up. Keep in mind that landlords can add a renters insurance requirement in lease renewals. So, it’s still possible for you to start paying renters insurance in an apartment that you’re already living in.
What the Users Say
Most customers have positive experiences with Lemonade’s renters insurance. It has a simple application process, and you can get a quote in less than 2 minutes. If you approve of your quote, you can quickly get enrolled. So, you can submit proof of insurance to your landlord fairly quickly.
Lemonade has a really great phone app that you can use to submit claims. Simple claims can even get approved almost immediately, and there are some cases where you’ll receive your reimbursement within 1-2 business days.
Which Renters Insurance Provider Is Best for You?
Lemonade is a great place to start. It offers basic coverage at some of the most affordable prices and has a handful of additional coverage options. It also has excellent customer service and a fast and easy claims process.
If you’re looking for more complex or robust coverage, Lemonade may not provide enough coverage. Both State Farm and Nationwide have more additional coverage options. While State Farm is usually more affordable than Nationwide, it doesn’t have as many discount options. On the other hand, Nationwide has more discount and savings options, but its premiums can get expensive.
Renters insurance is commonly required in Chicago. Lemonade renters insurance is often an excellent and affordable choice for most Chicago renters. However, if you’re looking for more robust or specific coverage options, you’ll want to look for companies that have a wider selection of riders, like State Farm or Nationwide.
Regardless of renters insurance being required or not by your landlord, it’s always helpful to consider purchasing a plan. It’ll give you peace of mind and help you feel more prepared for any costs you may face from unexpected accidents and disasters.
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Featured Image Credit: Artem Podrez, Pexels
- 1 A Glance at Our Top Picks (2023 Update)
- 2 The 10 Best Renters Insurance in Chicago
- 2.1 1. Lemonade Renters Insurance – Best Overall
- 2.2 2. State Farm Renters Insurance – Best Value
- 2.3 3. Nationwide Renters Insurance
- 2.4 4. Travelers Renters Insurance
- 2.5 5. Amica Renters Insurance
- 2.6 6. Allstate Renters Insurance
- 2.7 7. Farmers Renters Insurance
- 2.8 8. USAA Renters Insurance
- 2.9 9. American Family Renters Insurance
- 2.10 10. Liberty Mutual Renters Insurance
- 3 Buyer’s Guide: Choosing the Best Renters Insurance in Chicago
- 4 FAQ
- 5 What the Users Say
- 6 Which Renters Insurance Provider Is Best for You?
- 7 Conclusion