Insured Chicagoans: Northside's Health Coverage

The number of insured people near the north side of Chicago is unclear, however, there are a plethora of insurance companies in the area. Some of the cheapest home insurance companies in Chicago include Allstate, USAA, and Hastings Mutual. The average cost of home insurance in Chicago is $2,130 per year, or $178 a month, for a policy with $300,000 in dwelling coverage. This is around 15% cheaper than the average annual cost of $1,720 for homeowners insurance in Illinois, and about 21% higher than the national average.

Home insurance costs in Chicago

Factors Affecting Home Insurance Costs in Chicago

The cost of home insurance in Chicago depends on various factors, including:

• Coverage amount: The amount of dwelling coverage is one of the largest factors influencing the cost of home insurance. The higher the coverage amount, the higher the premium.
• Credit history: A checkered credit history can lead to higher home insurance premiums.
• Claims history: Filing an insurance claim within the past three years can result in higher premiums when obtaining a new policy.
• Home age: Older homes are generally more expensive to insure due to the increased risk of damage and higher repair costs.
• Deductible: Choosing a higher deductible can lower insurance premiums, but it also means paying more out of pocket when filing a claim.

Recommended Insurance Companies in Chicago

While specific recommendations depend on individual needs, some of the best-rated insurance companies in Chicago include:

• Amica: Offers flexible coverage options and a comprehensive array of discounts.
• State Farm: Provides a wide range of policy options, high customer service marks, and financial stability.
• American Family: Offers industry-best coverage options, high customer service ratings, and affordable rates.
• Erie: Offers guaranteed replacement cost coverage, excellent customer service, and affordable rates.
• Allstate: Provides customizable policies, high-quality coverage options, and numerous discounts.
• USAA: Specializes in military-focused coverage, including coverage for military gear and uniforms.
• Chubb: Ideal for high-value homes, offering extended replacement cost coverage and superior financial strength.

The best home insurance companies in Chicago

Home insurance costs in Chicago average between $1,400 and $2,100 annually, but can vary depending on coverage amount, credit history, previous claims, dwelling age, and the deductible. The best home insurance companies in Chicago are considered to be Amica, State Farm, and Allstate, which scored the highest in a US News analysis. Here is some more information about these companies and their competitors:

Amica

Amica is considered the best homeowners insurance company in Chicago by US News, with a score of 4.1 out of 5. Amica offers Chicago homeowners a flexible lineup of coverage options, as well as a comprehensive array of discount opportunities. Amica also offers dividend policies that could return up to 20% of your premium and provides a discount for bundling with an auto, life, or umbrella policy.

State Farm

State Farm offers many options for additional coverage, including identity restoration, valuable items, and water backup. There are also options for increasing coverage limits on personal belongings, dwellings, personal injury liability, and business property. State Farm includes bundling, security system, and impact-resistant roof installation discounts.

Allstate

Allstate offers lower annual rates than its competitors and provides discounts for switching to Allstate, recently purchasing a home, setting up automatic payments, and bundling with another Allstate insurance policy. Allstate also offers a Green Improvement Coverage add-on, which replaces items with more energy-efficient products.

Other Options

Other home insurance companies in Chicago include:

• USAA: Only available to military members, veterans, and their families. USAA includes identity theft protection and replacement cost coverage in its standard homeowners policy.
• Nationwide: Provides protection against credit card fraud and coverage for bringing your home up to current building codes after a covered loss.
• Erie Insurance Company: Includes coverage for the full value of lost or damaged items and provides options for water backup, service line, identity protection, and personal liability coverage.
• Lemonade: Functions entirely online and offers a Give Back Program that allows customers to donate their excess premiums to the charity of their choice.
• Chubb: Includes standard coverage for water damage from backed-up drains.
• Liberty Mutual Company: Offers Inflation Protection, which can adjust coverage limits to keep up with inflation at the time of the policy’s renewal.
• Travelers: Includes add-ons such as water backup, personal belongings replacement cost, valuable items, and identity fraud.

The cheapest home insurance companies in Chicago

Home insurance in Chicago is more expensive than the national average, with the average cost being $2,702 per year for a policy with $300,000 in dwelling coverage. However, there are several companies that offer competitive rates, including:

Allstate

Allstate is one of the cheapest home insurance companies in Chicago, with an average annual premium of $1,243. They offer a wide range of add-ons, such as water backup coverage, sports equipment coverage, and identity theft restoration. They also have a highly-rated mobile app that makes it easy to manage your policy and claims.

USAA

USAA is another affordable option, with an average annual premium of $1,613 for a policy with $500,000 in dwelling coverage. They offer specialized coverage options for military personnel and their families, including coverage for military gear and uniforms without a deductible. USAA also receives high marks for customer satisfaction and has superior financial strength ratings.

Hastings Mutual

Hastings Mutual is the third cheapest option for home insurance in Chicago, according to Bankrate. However, specific annual premium information was not available. They may be a good option for those seeking customizable policies, as they offer a wide range of coverage options.

Erie Insurance

Erie Insurance offers the cheapest homeowners insurance rates in Chicago, according to QuoteWizard, with an average annual premium of $1,410. They have excellent customer satisfaction ratings and are the fourth-best company on the NAIC Complaint Index ratings. Erie also offers a range of add-ons, such as short-term rental coverage, equipment breakdown coverage, and water backup protection.

American Family

American Family is one of the best home insurance companies in Chicago, according to Policygenius, with affordable rates and 11 available discounts. They have a wide range of coverage options and high customer service ratings. The average annual cost of American Family home insurance in Chicago is $160 per month, which is slightly above the city's average.

State Farm

State Farm is one of the best home insurance companies in Chicago, according to Policygenius, with high customer service marks and industry-best financial stability ratings. They offer extended replacement cost coverage and a variety of policy add-ons. The average cost of State Farm home insurance in Chicago is $134 per month, which is below the city's average.

When looking for the cheapest home insurance in Chicago, it is important to compare quotes from multiple providers, as rates can vary significantly depending on factors such as coverage amount, credit history, and home age. Additionally, consider taking advantage of discounts offered by insurance companies, such as bundling home and auto policies or installing security systems.

How much is home insurance in Chicago?

The cost of home insurance in Chicago depends on several factors, including the value of your home and belongings, the cost of the materials used to build your home, and the location of your home. The average cost of home insurance in Chicago is $2,702 per year for a policy with $300,000 in dwelling coverage, which is higher than the Illinois state average of $2,189 per year. However, this may vary depending on factors such as claims history, home age, and size.

The Zebra reports that the average cost of homeowners insurance in Chicago is $1,620 per year, with Allstate offering the most affordable coverage at just $1,243 per year. MoneyGeek, on the other hand, reports that the average cost of homeowners insurance in Chicago is $2,945 per year, with Allstate again being the cheapest option at $1,613 per year. It's important to note that these averages are based on different coverage amounts and other factors.

When choosing a home insurance company in Chicago, it's essential to consider not only the price but also the company's customer service and financial stability. Allstate, USAA, and Chubb are some of the companies that offer competitive rates and reliable coverage. Additionally, factors such as credit score and deductible amount can significantly impact the cost of home insurance in Chicago. Improving your credit score and choosing a higher deductible can help reduce your premiums.

In summary, the cost of home insurance in Chicago varies depending on various factors, but it tends to be higher than the state and national averages. Comparing quotes from multiple providers and considering different coverage options and discounts can help you find the most affordable and suitable policy for your needs.

How to get cheaper home insurance in Chicago

Home insurance in Chicago can be expensive, with an average cost of $2,702 for $300,000 in dwelling coverage. This is above the national average, which is $2,230 for the same amount of coverage. However, there are several ways to get cheaper home insurance in Chicago.

Compare Quotes from Multiple Providers

Home insurance rates can vary significantly from one provider to another, so it's important to shop around and compare quotes from multiple companies. This will help you find the most affordable rates for the coverage you need.

Choose a Higher Deductible

The deductible is the amount you have to pay out of pocket before your insurance company covers the rest. Opting for a higher deductible can lower your annual premium. Just make sure that you choose a deductible that you can reasonably afford if you need to file a claim.

Take Advantage of Discounts

Many home insurance companies offer discounts that can help lower your premium. For example, you may be able to get a discount by bundling your home and auto insurance policies with the same company. Other common discounts include those for security systems, fire alarms, or membership in certain organizations.

Consider Your Coverage Limits

Your coverage limits will also impact your premium. While you want to make sure you have enough coverage to protect your home and belongings, choosing higher coverage limits will result in higher premiums. Carefully consider your needs and adjust your coverage limits accordingly.

Improve Your Credit Score

Your credit history can also impact your home insurance rates. Homeowners with poor credit scores are often considered higher-risk and may be charged higher premiums. Improving your credit score over time can help reduce your insurance costs.

Choose a Specialized Provider

If you are a member of the military or a veteran, you may be able to get cheaper home insurance through a specialized provider like USAA, which offers affordable rates and specialized coverage options for service members and their families.

Consider a Higher-Risk Policy

If you're having trouble finding affordable coverage, you may want to look into the Illinois FAIR Plan. This program provides insurance coverage for qualified individuals and homes that may not be able to obtain traditional insurance.

Frequently asked questions