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Best cheap home insurance in Chicago in 2024
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The best home insurance companies in Chicago
Home insurance in Chicago can be pricey, with an average cost of $2,934 for $300,000 in dwelling coverage. This is above the national average, which is $2,304 for the same amount of coverage. If you’re looking for cheap home insurance rates, you’ve come to the right place. Bankrate’s insurance editorial team, which includes licensed property and casualty agents with decades of combined experience, took a close look at home insurance in Chicago, Illinois to find the best carriers.
We reviewed average rates, third-party reviews and more to determine the best cheap homeowners insurance in the Windy City. Based on our analysis, the top companies include USAA, Chubb, Allstate, State Farm and American Family.
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why USAA made our list: USAA is often one of the most affordable homeowners insurance providers for those who qualify, thanks to its superior financial strength, excellent customer satisfaction rating and extensive coverage options. USAA consistently earns high marks in the J.D. Power U.S. Home Insurance Study, reflecting its commitment to customer service. USAA’s home insurance policies can also be tailored with optional add-ons like home-sharing coverage, earthquake coverage and flood insurance.
Why USAA is best for military-focused coverage: USAA may be the top choice for military personnel and their families in Chicago due to its specialized coverage options catering to their needs. For example, USAA offers coverage for military gear and uniforms without a deductible, ensuring service members can protect their valuable equipment.
| Bankrate Score | 4.7 |
| J.D. Power | 737/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Chubb made our list: Chubb could be a great option for homeowners with high-value properties in Chicago. The company's Masterpiece home insurance policy includes extended replacement cost coverage, which could justify its higher-than-average premiums. Additionally, Chubb's superior A++ financial strength rating from AM Best and low complaint index from the National Association of Insurance Commissioners (NAIC) indicate strong customer satisfaction and reliability.
Why Chubb is best for high-value homes: Chubb offers a risk consulting program, where a consultant can visit your home to identify potential risks and suggest preventive measures. This level of personalized service and comprehensive coverage could be ideal for homeowners with significant assets to protect.
| Bankrate Score | 4.3 |
| J.D. Power | 688/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Allstate made our list: Allstate is a versatile choice for homeowners in Chicago who value the ability to tailor their home insurance policies to fit their specific needs. Allstate offers a wide range of add-ons such as water backup coverage, sports equipment coverage and electronic data recovery. The company’s near-nationwide availability and robust mobile app further enhance its appeal, allowing for easy policy and claims management.
Why Allstate is best for customizable policies: Allstate might be the best option for homeowners seeking flexible coverage options in Chicago. For instance, those participating in home-sharing can benefit from the HostAdvantage program, which offers extra protection for personal belongings damaged or stolen by renters.
| Bankrate Score | 4.2 |
| J.D. Power | 631/1,000 |
| AM Best Rating | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why State Farm made our list: State Farm could be a leading choice for homeowners insurance in Chicago, offering high customer satisfaction, strong financial stability and extensive availability. As the largest home insurance provider in the country, State Farm consistently ranks above average in customer and claims satisfaction, according to J.D. Power. Unique features like the Premier Service Program and the partnership with Ting, which offers a free device to monitor electrical systems for fire hazards, enhance the value of State Farm's policies.
Why State Farm is best for policy management: State Farm could be ideal for Chicago homeowners who appreciate easy policy management. With an extensive network of 19,000 agents, policyholders can speak to an agent in person or over the phone for personalized service. For those who would rather manage their policy and file claims online, the company’s online and mobile digital tools are highly regarded, per J.D. Power.
| Bankrate Score | 4.2 |
| J.D. Power | 643/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why American Family made our list: American Family, commonly known as AmFam, is a well-established insurer known for its extensive coverage options and competitive pricing. Although it did not make Bankrate’s list of best homeowners insurance companies overall, its diverse range of policy add-ons and affordable premiums earned it a solid Bankrate Score. With a long history dating back to 1927 and strong customer satisfaction ratings, American Family is a reliable option for Chicago homeowners seeking tailored coverage solutions.
Why American Family is best for local expertise: American Family might be the best choice for homeowners in Chicago who prefer working with a local agent and value personalized service. The company offers a variety of coverage options, such as hidden water damage protection, equipment breakdown coverage and matching siding protection, which can be particularly beneficial for homeowners with specific needs. Additionally, American Family's 24/7 claims and policy support ensure that help is always available when needed. The company's strong presence in the Midwest, including Illinois, provides a sense of local expertise and understanding of regional risks.
| Bankrate Score | 4.2 |
| J.D. Power | 638/1,000 |
| AM Best Rating | A |
Bankrate's trusted insurance industry expertise
Read our full methodologyBankrate's insurance editorial team gathers the most up-to-date rates from Quadrant Information Services by ZIP code to provide users with an accurate and reliable analysis. Our selections for the best home insurance companies are based on multiple factors, including customer satisfaction rankings, third-party financial strength ratings, discount availability, coverage options and average rate data. To ensure our information remains current, we refresh the average rates you see on this page each month.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The cheapest home insurance companies in Chicago
Finding the cheapest home insurance in Chicago involves considering several factors, such as the specific risks associated with the city, including severe weather and crime rates. In Chicago, home insurance is 22 percent more than the Illinois state average. Because of this, homeowners should compare quotes from multiple providers to identify the most affordable rates from companies that offer the coverage they need.
Below, Bankrate identified some of the most competitive average rates for various dwelling coverage amounts.
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|
|
|
|---|---|---|
|
$77
|
$930
|
|
|
Hastings Mutual
|
$112
|
$1,349
|
|
$139
|
$1,671
|
|
|
$176
|
$2,117
|
|
|
|
|
|---|---|---|
|
$84
|
$930
|
|
|
Hastings Mutual
|
$127
|
$1,349
|
|
$152
|
$1,671
|
|
|
$194
|
$2,117
|
|
|
|
|
|---|---|---|
|
$96
|
$1,152
|
|
|
Hastings Mutual
|
$157
|
$1,883
|
|
$175
|
$2,094
|
|
|
$228
|
$2,733
|
|
|
|
|
|---|---|---|
|
$122
|
$1,467
|
|
|
$230
|
$2,765
|
|
|
Hastings Mutual
|
$246
|
$2,950
|
|
$268
|
$3,211
|
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
How much is home insurance in Chicago, Illinois?
The average cost of home insurance in Chicago is $2,934 per year for a policy with $300,000 in dwelling coverage. This cost is higher than the Illinois state average, which is $2,407 per year. Home insurance premiums can vary based on factors like claims history and home age and size, among other things, meaning your individual premium could be lower or higher than these averages. Comparing quotes from multiple providers can help you find the cheapest rates for your specific situation.
Chicago rates by credit tier
Credit history can significantly impact home insurance in Chicago, IL. Homeowners with poor credit scores are categorized as higher risk, which often leads to higher premiums. Conversely, those with good or excellent credit typically enjoy lower rates. For instance, the average cost of Chicago homeowners insurance for those with poor credit is 150 percent more than homeowners with good credit. Improving your credit over time can be a useful strategy to help reduce your Chicago home insurance costs.
The table below shows how average home insurance rates in Chicago can vary based on different credit tiers.
|
|
|
|
|
|
|---|---|---|---|---|
|
$1,771
|
$1,025
|
$930
|
$866
|
|
|
Hastings Mutual
|
$2,653
|
$1,434
|
$1,349
|
$966
|
|
$4,130
|
$1,937
|
$1,671
|
$1,244
|
|
|
$4,000
|
$2,351
|
$2,117
|
$1,646
|
|
|
$3,884
|
$2,674
|
$2,469
|
$2,008
|
Chicago rates by home age
In Chicago, the age of your home can significantly impact your home insurance premiums. Older homes, particularly those with aging roofs and outdated materials, might cost more to insure due to the increased risk of damage and the higher cost of repairs or replacements. Homes built with older materials that are harder to source can drive up repair costs after a covered claim. Below, we’ve collected average rates from some insurance companies in Chicago to show how premiums can vary based on the age of the home.
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|
|
|
|
|
|
|---|---|---|---|---|---|
|
$1,328
|
$1,349
|
$1,308
|
$1,235
|
$697
|
|
|
Hastings Mutual
|
$1,527
|
$1,527
|
$1,527
|
$1,522
|
$1,229
|
|
$1,929
|
$1,929
|
$1,929
|
$1,902
|
$1,357
|
|
|
$3,365
|
$3,505
|
$3,538
|
$2,742
|
$1,568
|
|
|
$2,205
|
$2,108
|
$2,086
|
$2,328
|
$2,533
|
Chicago rates by deductible amount
The cost of home insurance in Chicago can vary significantly based on the deductible amount you choose. Generally, selecting a higher deductible means paying more out of pocket if you file a claim, but it can also lead to a lower annual premium. Opting for a higher deductible might be a good strategy to reduce your overall insurance costs. However, it requires finding a balance that best suits your financial situation. The table below illustrates how average home insurance rates in Chicago can change based on different deductible amounts.
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|
|
|
|
|---|---|---|---|
|
$828
|
$828
|
$669
|
|
|
Hastings Mutual
|
$1,349
|
$1,349
|
$1,273
|
|
$1,592
|
$1,572
|
$1,373
|
|
|
$2,099
|
$2,082
|
$2,003
|
|
|
$2,316
|
$2,183
|
$1,640
|
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $30,000
- Coverage C, Personal Property: $150,000
- Coverage D, Loss of Use: $60,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000, $1,500, $2,000 or $5,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.
Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: 1959, 1982, 1992, 2010, 2015 (base) and 2020.
Bankrate Score
Our 2024 Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
