rising home values and chicago’s vulnerability to extreme weather, such as heavy snowfall, high winds and flash flooding, can mean higher homeowners insurance premiums. The average cost of home insurance in Chicago is $1,708 per year for $250,000 of homeowners coverage. By comparison, the average home insurance premium in Illinois is $1,376 per year for the same level of coverage.
Your home is likely to be one of the most important investments you’ll ever make, and the financial protection that a homeowners insurance policy can provide is often essential. Bankrate’s mission is to help new and existing homeowners navigate coverage options to find the best and cheapest Chicago homeowners insurance. Using criteria including Quadrant Information Services 2022 rates, customer ratings and carrier offers, Bankrate found four companies that offer some of the best homeowners insurance in Chicago.
the best home insurance companies in chicago
The following table lists the best homeowners insurance companies in Chicago. these providers are noted for below-average rates, generous discounts, comprehensive coverage options, good j.d. drive customer satisfaction rates and strong financial stability.
*usaa does not qualify for official ranking with j.d. proxy due to eligibility restrictions
state farm is the nation’s largest homeowners insurance company, with 18% of the total market share. state farm is a popular choice for homeowners insurance in chicago due to its affordable rates and availability. The average Chicago homeowner pays just $1,215 a year for a policy with $250,000 in homeowners coverage.
In addition, State Farm offers discounts that can help lower your premium, especially when it comes to policy packages. customers who insure their home and vehicle with state farm save up to $1,127 per year. state farm also has discounts for having a home security system and an impact resistant roof. however, state farm scored the lowest of the rated companies on this list in j.d. the power is us home insurance study.
See also: How do i know if my insurance is aca
more information: state agricultural insurance review
hastings mutual is a regional insurance provider offering basic home insurance coverage. Despite the limited coverage options, Hastings Mutual has very affordable policies, with an average premium of $1,244 per year for $250,000 in homeowners coverage. In addition to low rates, Hastings Mutual also offers additional savings opportunities, including discounts for new homes, homes with fire and burglar alarms, homeowners age 50 and older, and a credit for having more than one type of policy with the company.
american family homeowners insurance premiums can be more expensive, but homeowners in chicago have access to good coverage options and discounts. american family offers all the standard coverages, plus coverage options for siding protection, credit theft coverage, equipment breakdown coverage, and flood insurance. You can also use the coverage calculator to determine how much coverage is right for you.
In terms of discounts, American Family offers savings for bundling your policies, signing up for auto pay, paying your premium in full, insuring a new home, insuring a newly renovated home, and being a loyal customer. american family also has a decreasing deductible program.
more information: american family insurance review
usaa is known for offering exceptional customer service, affordable rates and quality standards, and optional coverages such as replacement cost and flood insurance. The problem is that USAA only sells homeowners insurance to active duty and retired military personnel, as well as eligible family members.
usaa homeowners insurance coverage is strong. almost all policies come with identity theft coverage, contents replacement cost coverage, and military uniform coverage. earthquake insurance and shared housing coverage are also available as endorsements. usaa also offers discounts for bundling policies, being claims free, and installing a home security system.
more information: usa insurance review. uu.
home insurance coverage options in chicago
homeowners insurance in illinois is not required by law, nor is it required in chicago. however, if you have a mortgage, your lender will most likely require you to purchase coverage before your loan is approved.
Even without a home loan, getting homeowners insurance in Chicago is a smart investment. Here are some other coverage options Chicago homeowners should consider:
- Flood Insurance: Because Chicago is located on Lake Michigan, many homes in the city are at risk of flooding. Flood insurance will help protect your home and personal belongings in the event of a flood. You should have enough flood insurance to cover the rebuilding value of your home and the value of your personal items.
- Scheduled Personal Property Coverage: Property insurance covers valuable items, but coverage limits tend to be low. If you keep expensive items in your home, such as collectibles, fine art, jewelry, or electronics, purchasing scheduled personal property coverage will increase your coverage limit for certain valuables. select scheduled personal property coverage limits based on the value of the items you need to protect.
- Identity Theft Coverage: The Insurance Information Institutes (Triple-I) reported that more than 1.4 million Americans were victims of identity theft in 2021. Many insurance companies Home insurance companies sell identity theft and fraud coverage, which will pay for identity restoration services, such as credit monitoring. Most insurance companies offer a fixed amount of identity theft coverage. it is recommended to consider the value of your personal assets if you can choose a specific coverage limit.
- No Claims Discount: Homeowners who have no prior insurance claims on their record in recent years may generally qualify for a premium discount.
- Multi-Policy Discount: Multi-policy discounts, which typically involve buying a home and auto insurance policy from the same company, can be significant.
- Full payment discount: If your annual premium is paid in one lump sum, many insurance companies will lower your rate.
- Security system discount: Homes with a security system generally have a lower risk of theft, which means you can get discounted homeowners insurance.
what is the best home insurance company?
how much does home insurance cost in chicago?
how much home insurance do i need in chicago?
bankrate uses quadrant information services to analyze current 2022 rates for all zip codes and carriers in all 50 states and washington, d.c. rates are weighted based on the population density of each geographic region. Rates quoted are based on male and female homeowners age 40+ with clean claims history, good credit, and the following coverage limits:
- coverage a, home: $250,000
- coverage b, other structures: $25,000
- coverage c, personal property: $125,000
- coverage d, loss of use: $50,000
- coverage and liability: $300,000
- coverage f, medical payments: $1,000
Homeowners also have a $1,000 deductible and a separate wind and hail deductible (if applicable).
These are sample rates and should be used for comparison purposes only. their quotes will be different.
home insurance discounts in chicago
Many insurance companies in Chicago offer discounts, which can help you get a lower homeowners insurance quote. If you’re looking for affordable home insurance in Chicago, look for providers that offer multiple discounts that you’re eligible for and can apply to your policy. Here are some discounts that can help you get cheap home insurance in Chicago: