Illinois Homeowners Insurance Quotes (2023)

People in Illinois understand the importance of having insurance coverage better than most. While having coverage is always a good idea, being at risk of 50 tornadoes a year is an especially compelling reason to have adequate coverage.^[1]

On average, homeowners insurance in Illinois costs $180 per month. Nationwide, State Auto, and Safeco offer some of the best insurance policies for Illinois homeowners.

Keep reading for more insight into home insurance in Illinois.

Best home insurance companies in Illinois

Many quality home insurance companies serve homeowners in Illinois, and the “best” insurance company depends on your unique situation and needs. Here’s a closer look at some insurance companies that are best suited for homeowners with different needs.

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Best large insurer: Nationwide

If you’re looking for a large insurer, Nationwide earned a J.D. Power score of 816 out of 1,000 points and offers a variety of discounts that can help you save on your homeowners insurance policy.^[2] Premiums also only average $138 per month, which is well below the state average.

Best insurer for cheap rates: State Auto

If you’re looking to save on home insurance in Illinois, take a look at State Auto, which offers the cheapest monthly premium on average in Illinois, at $102. State Auto also offers more than half a dozen different discounts you may be able to qualify for.

Best for tornado coverage: Safeco

On average, Illinois experiences 50 tornadoes a year, so it’s a good thing that Safeco provides tornado coverage. Monthly rates are significantly more expensive, at $480 — but if you live in an area with a high propensity for tornadoes, you may want to consider this coverage.

Best insurer for high-value homes: Travelers

Travelers offers insurance for high-value homes, with replacement cost coverage starting at $1 million. It’s worth noting that Travelers has a lower J.D. Power score of 794 out of 1,000.^[2]

Customers pay an average of $132 per month for coverage.

Best regional insurance company: Liberty Mutual

Liberty Mutual offers multiple types of insurance policies to Illinois residents, with an average monthly premium of $129. This makes it easy to manage a few, if not all, of your insurance policies in one place. You can also manage all your policies online.

Methodology

Insurify’s team of data scientists analyze millions of home insurance quotes, and weigh publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.

How much is homeowners insurance in Illinois?

Many different factors can affect the cost of your homeowners policy, including your credit history, your home’s location, and even your marital status, among other things.

The type of policy you choose can also influence how much you’ll pay. Here’s a closer look at some of the key components of your policy.

Your policy form

A few popular types of homeowners insurance coverage are available, and the one you choose can affect your premiums. In most cases, the more coverage your policy comes with, the more you’ll spend on your premium.

Here are some of the most common policy types:

• HO-1: The most basic level of coverage is known as HO-1 and covers only 10 perils.

• HO-2: For 16 covered perils, go with HO-2.

• HO-3: An HO-3 policy is fairly robust, as it covers all perils unless they’re explicitly excluded by your policy.

• HO-5: The most expensive form of coverage is an HO-5 policy, and it’s an ideal option for homeowners who own a lot of expensive personal property.

Before you purchase a homeowners insurance policy, it’s important to confirm which perils you have coverage for, as those are the events you can file claims for.

Learn More: Types of Homeowners Insurance: Which One Do You Need?

Your coverage level

Generally, the more coverage you want, the more your policy will cost. This is why it can be helpful to occasionally re-evaluate how much coverage you need, as well as the types of coverage.

For example, if you just bought an expensive engagement ring, you may need to add additional coverage. But if you just sold all your grandmother’s antiques that used to be in your home, then you may need a lot less coverage.

Your deductible

Your deductible is the amount of money you’ll spend after filing a claim before coverage kicks in. The higher your deductible is, the lower your monthly premium will be. It’s tempting to choose a really high deductible to keep monthly costs low, but make sure you never choose a deductible higher than you can afford if you need to file a claim.

How location affects home insurance rates in Illinois

Your ZIP code can affect how much you’ll spend on homeowners insurance. This is because your home’s location affects how much risk you pose in regards to filing claims, common weather events like tornadoes, and crime rates. Even living by a fire station can affect how much you’ll spend on homeowners insurance.

This table shows how location can affect home insurance rates in certain cities for Illinois homeowners:

What are the cheapest home insurance companies in Illinois?

The average cost of homeowners insurance in Illinois is $180, which is much higher than the three most affordable insurers in that state — State Auto ($102), Grange ($110), and Kemper Preferred ($119).

Remember, the more coverage you need, the more your monthly premium is likely to cost, but the following table gives you a good idea of what you’ll spend on average based on the provider.

How much homeowners insurance do you need in Illinois?

No state or federal laws require homeowners insurance, but mortgage lenders usually require homeowners who need to take out a mortgage to have homeowners insurance. And even if you own your home outright, it’s still a really good idea to buy coverage to protect against the unexpected.

When you go to buy a homeowners insurance policy, it’s best to know how much coverage you need so you don’t accidentally overspend or end up overinsured.

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What home insurance coverages should you buy in Illinois?

If you own a home in Illinois, you’ll want to make sure you have four basic types of homeowners insurance coverage to protect your home, your belongings, and your finances.

• Personal property: This type of coverage protects the belongings inside your home from damages or theft. It can even provide protection if you lose a valuable belonging.

• Other structures: This protects structures on your property that aren’t directly attached to your house, such as fences and sheds.

• Dwelling protection: If the structure of your home needs to be fixed after a covered peril, this coverage will pay to repair or rebuild.

• Liability protection: Your homeowners insurance can protect you in the event that someone sues you due to either a bodily injury happening on your property or because you or one of your family members causes property damage.

• Loss of use: If you can’t remain in your home while repairs are being made and you need to live in a hotel, this coverage can help with the costs associated with not being able to stay in your home temporarily.

What optional home insurance coverages should you buy in Illinois?

According to Mark Friedlander, director of corporate communications at the Insurance Information Institute, you need the following types of optional coverage if you buy a home in Illinois:

• Flood insurance: “To provide essential financial protection for you and your family, we recommend considering the purchase of flood insurance,” Friedlander says. “Ninety percent of U.S. natural disasters involve flooding, and you don’t need to live in a designated floodplain to suffer a major loss.” You can purchase flood insurance through private insurers or the National Flood Insurance Program.

• Water backup coverage: “We also recommend adding water backup coverage as an endorsement, as this is a common loss occurrence for homeowners throughout the Land of Lincoln,” Friedlander shares. He explains that water backup insurance (sometimes called “water and sewer backup”) provides coverage for damage to your property caused by a clogged sewer line, failed sump pump, and backed-up drains. It also typically covers mold damage to your home caused by a water or sewer backup incident. However, it doesn’t cover flood damage from a major rain event or overflowing river or lake. You’d need a separate flood insurance policy for that. You can usually purchase an endorsement or add-on for this type of coverage through your home insurance provider.

How much home insurance coverage should you have in Illinois?

Homeowners have varying insurance needs, and how much coverage you need depends on your unique risk tolerance and how much it would cost to repair or replace your home and belongings if a disaster were to occur.

It’s important when shopping for insurance to not just look for the cheapest price but to shop around and get quotes from several insurers to see which can provide you with the most coverage for the best price.

What are some of the biggest risks when owning a home in Illinois?

Some of the biggest risks of homeownership in Illinois include:

• Tornadoes: Illinois experiences 50 tornadoes a year on average. Many home insurance policies cover tornado damage, but Illinois homeowners should double-check before signing up for a policy if they need coverage.^[3]

• Fire: Standard homeowners insurance policies cover fire damage, which is good news for Illinois residents, as 3.6% of emergency service calls are due to fire.

• Hail: Hail may seem small, but it can cause major damage. So it’s a good thing that standard homeowners insurance policies cover hail.

How can you save money on homeowners insurance in Illinois?

Want to save some money each month on your insurance premium? Here are some tips to help.

Bundle 

You can save anywhere from 5% to 15% on your homeowners insurance premiums if your provider offers a bundling discount for holding multiple policies. It’s usually pretty easy to find a company that offers both home and auto policies, as well as a bundling discount.

Choose a higher deductible

When you choose your deductible, you’ll often have the option to choose a higher deductible in exchange for a lower premium. Be careful if you do this, as you don’t want to choose a deductible that’s so high you can’t afford to pay it when the time comes to file a claim.

Ask about discounts

Alongside any bundling discounts, see what other discounts your home insurance provider may offer. For example, some insurance providers offer discounts to retired seniors.

Comparison shop

Spend some time comparison shopping before you choose a policy. Price is important, but what you’re really looking for is a policy that meets your coverage needs as affordably as possible.

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Average home replacement cost in Illinois

You need enough insurance coverage to be able to fully rebuild your home if need be. This amount is known as the replacement cost of your home and involves using the same types of building materials that your home was originally built with during construction.

The following table shares the average rebuild cost of homes in a handful of Illinois cities:

Illinois home insurance FAQs