Renters insurance in Illinois averaged about $151 a year in 2022, roughly $13 a month and below the national average of $171, according to NAIC data reported by the Insurance Information Institute. Illinois doesn’t require renters insurance by law, but many landlords, especially in Chicago apartment buildings, require it in the lease.
How much is renters insurance in Illinois?
| Area | Average yearly premium (2022) |
|---|---|
| Illinois | $151 |
| Indiana | $168 |
| Wisconsin | $141 |
| Missouri | $173 |
| Iowa | $144 |
| U.S. average | $171 |
Illinois ranked 37th of 51 (the 50 states plus D.C.) for renters insurance cost in that data. Prices in Chicago can run higher than in the rest of the state because of higher property crime and denser buildings, but your quote depends on your specific address, coverage and deductible. See every state’s average.
Is renters insurance required in Illinois?
No Illinois law requires tenants to carry renters insurance. A landlord can make it a lease requirement, often with a minimum liability limit such as $100,000 and a request to be listed as an “interested party.” If your lease requires it, not having it can be treated as a lease violation. More on landlord requirements.
Risks Chicago and Illinois renters should think about
Theft, including bikes and packages
Renters insurance covers theft of your belongings from your apartment and usually away from home, too, such as a bike stolen from a rack or a laptop taken from your car. Packages stolen after delivery may or may not be covered and are often below your deductible anyway. Check how your policy handles high-value bikes; an expensive one may need to be scheduled separately.
Frozen and burst pipes
Illinois winters make burst pipes a real risk. Sudden water damage from a burst pipe is generally covered for your belongings. Damage to the building itself is your landlord’s responsibility. How water damage coverage works.
Basement and garden units: sewer backup and flooding
Heavy rain in the Chicago area can overwhelm sewers and push water up through basement drains. Standard renters policies usually exclude sewer and drain backup unless you add a water backup endorsement, and they exclude flood from rising surface water. If you live in a garden or basement unit, ask about water backup coverage and consider contents-only flood insurance.
Fire in multi-unit buildings
In a three-flat or large building, a fire in someone else’s unit can damage your belongings with smoke and water and force you out. Your personal property coverage replaces your things, and loss-of-use coverage pays for somewhere to stay while repairs are made.
Liability in shared buildings
Leave the bath running and the water goes straight into your downstairs neighbor’s ceiling. Liability coverage handles claims like this. More on liability coverage.
How to get the best renters insurance price in Illinois
- Get at least three quotes for the same coverage.
- Bundle with your auto policy if you have a car.
- Choose replacement cost coverage, then use your deductible to manage price.
- Ask about discounts for smoke detectors, deadbolts, sprinklers or a doorman building.
- Add a water backup endorsement if you’re in a basement or garden unit; it’s usually inexpensive compared with the risk.
Source for average premiums: NAIC data via the Insurance Information Institute.
New to this? Start with What is renters insurance?
This site offers general information, not insurance or legal advice. Coverage, prices and rules vary by insurer, policy and state, so always read your own policy and ask your insurer or agent about your situation.