The Best Homeowners Insurance In Illinois For 2024

State Farm provides the best homeowners insurance in Illinois, offering an average annual rate of $1,334.

min read
Updated: 12 March 2024
Written by
Bob Phillips
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If you’re looking for home insurance in Connecticut, we’ve collected useful information to help you make an informed choice.

After thorough research, I’ve determined that State Farm is the top home insurance company in Connecticut.

Best Homeowners Insurance Companies In Illinois, 2024

Best Home Insurance, Illinois 2024

Compare The Best Homeowners Insurance Companies In Illinois

Overall Rating Best For A.M Best Rating J.D Power Rating Online Experience Get A Quote
State Farm
4.9

Best Overall

A++

829

9/10

Instant Quote
Chubb
4.8

Cheap Rates

A+

809

9/10

Instant Quote
Nationwide
4.6

Coverage Options

A+

815

8/10

Instant Quote
Allstate
4.7

Discounts

A++

816

9/10

Instant Quote
Farmers
4.4

Policy Perks

A

792

9/10

Instant Quote
Scroll to see comparisons

Our Methodology

If you're conducting research on homeowner insurance, there are a few basic things you'll need to know about the companies you're interested in. Things like customer satisfaction, rates, financial condition...this information and more should play a big part in your decision of which is the best insurer for you.

In the course of our research into this subject, we look to established, unbiased sources such J.D. Power and AM Best for data. We also check out online customer reviews and ratings, plus other stats from several places. AM Best rates the financial strength of a company and J.D. Power rates customer satisfaction.

58

Quotes Analyzed

17

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

The Best Homeowners Insurance Companies In Illinois


Best Overall

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

State Farm was our top choice for home insurance in Illinois due to its strong financial stability, AM Best’s highest rating (A++), and high customer satisfaction score of 829/1000 from J.D. Power.

State Farm offers various special features, including protection against Identity Theft and credit card fraud. They also assist homeowners who must rebuild their homes to comply with strict HOA codes.

While you can start the process online, State Farm requires you to meet with an agent to purchase a policy. Once you’re a policyholder, you can manage your account online through the website or app, offering convenience and time-saving benefits.

 

Benefits & Drawbacks

Benefits
  • A variety of coverage options are available
  • Numerous local offices and agents in Illinois
  • Highest AM Best rating of A++ for its strong, stable financial status
Drawbacks
  • You are unable to purchase a policy through an independent agent

Best For Cheapest Coverage

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims
8/10 Coverage Level

Why We Like Them

Chubb is recognized for its affordability among insurance providers for high-end homes, with rates around $2,205.00 annually in Illinois, slightly above the state’s average of $1,443.00. Despite this, Chubb remains competitive with other insurers, particularly for luxury homes.

Customers and industry experts appreciate Chubb’s high-quality customer service, a crucial aspect for policyholder satisfaction. Apart from its competitive rates for upscale homes, Chubb offers beneficial options for many homeowners. In the event of severe weather or another covered loss, Chubb allows policyholders the choice to receive a cash settlement instead of rebuilding.

Chubb also provides various features like high-tech property inspections, personalized claims, and property management services for second homes. The insurer offers add-ons to its standard home insurance policy, including coverage for water backup, equipment breakdown, and replacement of home and personal belongings.

Additionally, policyholders receive additional coverage for the extended replacement cost of their home, even if its value has depreciated.

Benefits & Drawbacks

Benefits
  • Coverage tailored for high end homes
  • Many features and special options offered
  • Some of the most affordable rates in Illinois
Drawbacks
  • No schedule of personal property
  • Unable to obtain rate quotes online

Best Coverage Options

Overall Rating
4.6

Key Statistics

8/10 Affordability
6/10 Customer Reviews
9/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is highly rated by AM Best for its strong financial stability. While its customer satisfaction ratings are slightly below average, Nationwide remains a respected name in the industry with a solid reputation. With numerous local offices and agents in Illinois, Nationwide offers convenient and prompt customer service.

For those who value options in their insurance coverage, Nationwide provides a wide range of choices. Some of these options, such as coverage for credit card fraud and identity theft, are not commonly offered by many other companies.

If you face the challenge of rebuilding your home within an HOA’s strict guidelines following a loss, Nationwide offers legal assistance to navigate compliance issues. Additionally, Nationwide provides additional coverage for labor and materials needed to rebuild to code.

Nationwide also offers the Better Roof Replacement option, providing additional coverage for the installation of a new roof due to a covered loss. Their Brand New Belongings option reimburses policyholders for the loss or damage of belongings, adjusted for depreciation.

Simply purchase replacements, submit the receipts to Nationwide, and receive reimbursement for the difference between the cost of replacements and their depreciated value.

Benefits & Drawbacks

Benefits
  • Highest rating from AM Best for financial health
  • Plenty of coverage options offered
  • Numerous local offices and agents within the state
Drawbacks
  • Short-term rentals like Airbnb aren't covered
  • Higher than usual negative reviews online from customers

Best For Discounts

Overall Rating
4.7

Key Statistics

8/10 Affordability
7/10 Customer Reviews
8/10 Claims
8/10 Coverage Level

Why We Like Them

Discounts are an important aspect of home insurance as they allow policyholders to save money on their premiums. Allstate, for example, offers 11 discounts to its policyholders, which is more than the national average of 7. These discounts can significantly reduce premiums and make Allstate an attractive option for those looking to save money.

Allstate is well-regarded in the insurance industry and among customers for its strong financial foundation and quality customer service. Many insurance analysts, myself included, consider Allstate to be a top-tier company.

The discounts offered by Allstate include:

  • Bundle: Up to a 25% discount for bundling multiple types of insurance, such as auto and home
  • Responsible Payment: A discount for making premium payments on time and maintaining a good payment history
  • Protective Device: Discount for installing fire and theft protective devices
  • New Home: Discount for purchasing a new home
  • Loyalty: 10% discount upon policy renewal
  • Claims Forgiveness: Rates won’t increase after filing a claim
  • Claims Free: 5% discount upon policy renewal for being claim-free for twelve months or more
  • Automatic Payment: 5% discount for enrolling in auto-pay
  • New Home Buyer: Discount for buying a newly constructed home
  • Early Payment: 10% discount for purchasing a new policy within seven days of renewing an existing policy
  • Deductible Reward: $100 off your deductible when purchasing a policy with Allstate

In addition to these discounts, Allstate also offers optional coverage for identity theft, credit card fraud protection, and coverage for outdoor property like landscaping and riding lawn mowers.

Benefits & Drawbacks

Benefits
  • Financially strong and solid
  • Many local offices with agents in Illinois
  • 11 discounts compared to the US industry average of 7
Drawbacks
  • More than the average number of complaints from policyholders

Best For Policy Perks

Overall Rating
4.4

Key Statistics

9/10 Affordability
6/10 Customer Reviews
7/10 Claims
9/10 Coverage Level

Why We Like Them

Farmers home insurance receives praise from customers for its policy perks and online services. The positive feedback about the online experience might be attributed to Farmers’ clear explanations of these perks and their benefits, which can help customers save money on premiums. These perks could influence your decision when selecting an insurer.

One of Farmers’ notable perks is the Replacement Cost Guarantee, which covers the entire cost of repairing or rebuilding your home due to a covered loss, regardless of the amount. Other perks include discounts for being claim-free for a minimum of 3 years, claim forgiveness after 5 years without claims, a $50 reduction in your deductible each year, and up to a 34% discount for bundling your insurance coverage with Farmers.

Despite receiving a high rating of 9.3/10 from J.D. Power, Farmers’ customer satisfaction ratings could be higher.

Benefits & Drawbacks

Benefits
  • A standard feature in all policies is the Guaranteed Replacement Cost
  • Numerous local agents and offices in Illinois
  • More than twelve discounts available
Drawbacks
  • Satisfaction ratings from policyholders are lower than the US average

Average Cost Of Home Insurance In Illinois

Insurer Annual Rate
State Farm $1,334
Allstate $1,238
USAA $1,240
Chubb $1,470
Illinois Average Rate $1,715
Travelers $6,613
Farmers $2,046
Nationwide $1,430

Cheapest Cities For Homeowners Insurance In Illinois

City Annual Rate
Elgin $1,463
Bloomington $1,479
Decatur $1,565
Peoria $1,590
Arlington Heights $1,711

Most Expensive Cities For Homeowners Insurance In Illinois

City Highest Rate
Skokie $1,515
Cicero $1,608
Waukegan $1,610
Chicago $2,115

Home Insurance Premiums By Deductible In Illinois

Deductible Average Annual Rate
$500 $1,364
$1,000 $1,239
$1,500 $1,182
$2,000 $1,107
$5,000 $928

Home Insurance Prices By Coverage Level In Illinois

Coverage Level Average Annual Rate
$100,000 Dwelling $789
$200,000 Dwelling $1,054
$250,000 Dwelling $1,235
$400,000 Dwelling $1,771

The Most Affordable Areas For Homeowners Insurance In Illinois

Premiums in Illinois range from Elgin at $1,468.00 in zip code 60120, to $2,115.00 in Chicago, zip code  60602. The lowest rates according to zip codes are:

ZIP Code City Lowest Rate
60120 Elgin $1,463
61704 Bloomington $1,479
62521 Decatur $1,565
61633 Peoria $1,590

How To Find The Best Home Insurance Company For You

If you’re in the market for home insurance and looking for information, you’ll find everything you need online. Start by visiting websites of various homeowners insurance companies to compare coverage and rates. Your home is likely your most valuable asset, so protecting it from loss is crucial.

Here are 5 steps to help you choose the best home insurance company:

  1. Learn about home insurance in Illinois by researching online. Take notes on important details for reference.
  2. Narrow down your choices to 3 companies and calculate the coverage you need.
  3. Get quotes from each of the 3 companies.
  4. Compare rates, financial health, customer reviews, coverage options, and discounts.
  5. Choose one company and submit an application for coverage.

Most insurers allow online quotes, but some require meeting with an agent for a quote.

How To Get A Home Insurance Quote Online In Illinois

Getting a home insurance quote online in Illinois is generally easy, but some companies may not offer online quotes, requiring you to meet with an agent instead. Here’s a simple guide to getting a quote and applying for coverage:

  1. Research and narrow down your choices to three companies. Check their customer ratings, reviews, and financial strength ratings from AM Best and J.D. Power.
  2. Fill out an online form with details about your home, belongings, and other relevant information.
  3. Submit the form and receive quotes from the three companies.
  4. Compare the quotes and choose the best option for you.
  5. Submit an application for coverage to your chosen company.

For companies that don’t offer online quotes, you’ll need to meet with an insurance agent to get a quote and apply for coverage.

Things That Impact Cost Of Your Home Insurance Policy In Illinois

Several factors influence the cost of your home insurance policy in Illinois:

  1. Claim history: If you have filed claims in the past, your rates are likely to be higher.
  2. Location: Homes in areas prone to severe weather like snowstorms, floods, or tornadoes often have higher insurance rates.
  3. Deductibles and coverage amount: A lower deductible typically results in a higher premium. Similarly, insuring a more valuable home requires higher coverage, leading to higher premiums.
  4. Age of the home: Older homes, especially those 30 years or older, can cost significantly more to insure due to compliance with current building codes.
  5. Proximity to flood zones: Homes near flood-prone areas or locations with heavy flooding may also have higher insurance rates.

Home Insurance Discounts In Illinois

When discussing your home insurance coverage with an agent, it’s important to inquire about available discounts that can reduce your premiums. Here are some common discounts you might be eligible for in Illinois:

  1. Responsible Payment: Receive a discount for consistently paying your premiums on time.
  2. Claims Free: Stay claim-free for a year or more to qualify for a potential 25% discount.
  3. Bundle: Insure both your vehicle and home with the same insurer to possibly save up to 25% on your premium.
  4. New Home: Purchasing a new home could make you eligible for a discount.
  5. Early Payment: Purchase a new policy within 7 days of the renewal of your old policy to potentially receive a discount.
  6. Automatic Payment: Enroll in automatic premium payments from your bank account to possibly qualify for a discount.

FAQs

Is home insurance more expensive in Illinois?

No. The yearly cost for homeowner insurance in Illinois is $1,715, lower than the national average of $1,820

How much per month is a million-dollar home insurance policy in Illinois?

Your homeowners insurance rates in Illinois depend on several factors. Two of the least expensive home insurance rates are Chubb at $1,240 and Allstate, with its yearly premium of $1,238.

What is the average monthly cost of home insurance in Illinois?

Rates are calculated on factors such as the worth of your home, value of its contents, personal valuables, location of your home, amount of your deductible, the age of your home, and other things. A home appraised at $300,000 In Illinois will average about $300 in monthly premiums.

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