Jane Dotson
The cost of homeowners insurance in Illinois varies depending on the value and age of the home, the coverage selected, and other factors such as the homeowner's credit score. On average, homeowners insurance in Illinois costs $2,174 per year for $300,000 in dwelling coverage, which is close to the national average of $2,466 per year. However, rates can differ significantly depending on the location within Illinois. For example, the average cost of homeowners insurance in Chicago is $2,750 per year, while in Aurora, it is approximately $2,275 per year. Homeowners insurance rates in Illinois have also been increasing, with a 24% average premium increase in 2023 compared to the previous year, and Illinois homeowners insurance prices jumped 50% in three years, the second highest in the country.
| Characteristics | Values |
|---|---|
| Average cost of homeowners insurance in Illinois | $2,060 per year according to NerdWallet; $2,174 per year for $300,000 in dwelling coverage according to Bankrate; $2,743 per year according to LendingTree |
| Average cost of homeowners insurance in Chicago, Illinois | $2,750 per year or about $229 per month |
| Average cost of flood insurance in Illinois | $87 a month or $1,039 per year |
| Cheapest homeowners insurance company in Illinois | Allstate, according to Policygenius; Nationwide, according to LendingTree |
| Average rate of homeowners insurance in Illinois for those with poor credit | $4,765 per year, according to NerdWallet |
| Average rate of USAA homeowners insurance in Illinois | $2,013 per year |
| Average rate of Erie homeowners insurance in Illinois | $2,075 per year |
| Average rate of Allstate homeowners insurance in Illinois | $2,225 per year |
| City in Illinois with the lowest average rate for home insurance | Naperville, at $2,337 per year |
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Average cost
The average cost of homeowners insurance in Illinois is $2,174 per year for $300,000 in dwelling coverage, or about $181 per month. This is close to the national average of $2,466 per year. However, the rate may vary depending on the value and age of your home, the coverage you select, your claims history, and other factors. For example, the average cost of homeowners insurance in Chicago is $2,750 per year, while in Aurora, it costs about $2,275 per year.
The cost of homeowners insurance in Illinois has been increasing. People who renewed their coverage in 2023 saw an average premium increase of 24% compared to the previous year. Rates in Illinois are expected to continue rising due to the state's vulnerability to natural disasters, such as tornadoes, hurricanes, and wildfires, as well as higher rebuilding costs due to inflation.
The cheapest homeowners insurance company in Illinois is Allstate, which offers coverage for an average of $1,059 per year, 38% cheaper than the statewide average. However, it's important to note that rates can vary significantly depending on individual circumstances and the company providing the insurance.
Homeowners insurance in Illinois typically does not cover flood damage, so if your home is at risk, you may need to purchase separate flood insurance. The average cost of flood insurance in Illinois is $1,039 per year, with coverage prices ranging from $447 per year in Cairo to $2,197 per year in Millington.
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Cost by city
The cost of homeowners insurance in Illinois varies depending on the city and other factors such as credit rating, coverage choices, home details, and the chosen insurance provider.
In Chicago, the average cost of homeowners insurance is $2,750 per year or about $229 per month. However, one resident of the city reported paying around $5,000 per year for their home insurance. Another Chicago resident with a house worth $150k mentioned that the replacement cost to rebuild it was estimated at $350k, which may have contributed to the higher insurance quote.
In Aurora, homeowners insurance costs about $2,275 per year or $190 per month on average. MoneyGeek's analysis found a slightly lower average of $1,905 per year for this city.
For residents of Mchenry County, the quoted prices are around $5,000 per year. A resident of the county with a $340k house pays $1,380 per year for their insurance.
In St. Clair County, a resident with a 3500 sqft living space reported an annual premium of $1,550.
Other reported insurance costs in Illinois include $2,000 in Will County, $2,800 in Cook County, $900 in Madison, and $710 in Marshall County.
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$14.37 $24.99
$16.49 $29.95
$11.89 $14.55
Cost by county
The cost of homeowners insurance in Illinois varies by county, with location being the biggest factor affecting rates. Premiums in the state range from $1,579 to $13,428 per year, with an average of $2,060 to $2,886 annually.
In Mchenry County, quotes tend to be around $5,000 per year, although one resident of a $340,000 house in the county reports paying $1,380. In St. Clair County, insurance for a new construction home with 3,500 square feet of living space is $1,550 per year. In McLean County, premiums range from $1,000 to $2,1000 per year. In Cook County, insurance costs have increased from $1,900 in 2021-2022 to $2,800. In Will County, insurance is approximately $2,000 per year. In Marshall County, the annual premium is $710.
The cost of homeowners insurance in Illinois is influenced by several factors, including the age and value of the home, the coverage selected, the claims history, and the credit score of the homeowner. The type of roof and construction materials can also impact the premium, with durable materials like tile roofs resulting in lower insurance costs. Additionally, the location of the property within the state affects the premium due to varying crime rates and weather-related risks across Illinois.
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Cost by insurer
The cost of home insurance in Illinois depends on several factors, including location, coverage choices, home details, and the chosen insurer.
According to Insure.com, the average cost of homeowners insurance in Illinois is $3,044 per year, or $254 per month, for coverage limits of $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible. Increasing the dwelling coverage limit to $400,000 will result in a higher annual premium of $3,672.
Allstate is mentioned as providing the most affordable home insurance in Illinois, with an average annual premium of $1,720. In contrast, Travelers' rates are considered considerably higher than the state average.
Homeowners insurance rates can vary significantly across different cities in Illinois. For example, the average cost of homeowners insurance in Chicago is $2,750 per year, while in Aurora, it costs approximately $2,275 annually.
The cost of insurance is also influenced by an individual's credit score. In Illinois, those with poor credit pay an average of $4,765 per year for homeowners insurance, while those with good credit pay around half of that amount. Similarly, MoneyGeek reports that homeowners insurance premiums in Illinois can range from $1,579 to $13,428 per year, with credit scores impacting rates by up to 132%.
It is worth noting that Illinois homeowners insurance rates have been increasing. From 2022 to 2023, there was an 18% increase in rates, amounting to a $455 jump.
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Cost by credit score
The cost of homeowners insurance in Illinois varies depending on several factors, including location, coverage level, home details, and credit score. Illinois homeowners with poor credit pay an average of $4765 per year for homeowners insurance, according to NerdWallet's rate analysis. This is nearly double the price that those with good credit pay. MoneyGeek also found that Illinois homeowners with poor credit pay an average annual premium of $9452, while those with excellent credit pay around $1213.
The impact of credit scores on insurance rates is significant. Moving from a fair to a good credit score can result in average savings of 28%. A higher credit score indicates higher reliability, which insurance companies reward with lower premiums.
The average cost of homeowners insurance in Illinois also varies depending on the city. In Chicago, the average cost is $2750 per year, while in Aurora, it is approximately $2275 annually.
Overall, the average annual cost of home insurance in Illinois is around $2420, which is 15% higher than the national average. However, this rate can differ based on various factors, with Illinois homeowners insurance premiums ranging from $1609 to $35,754 per year.
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Frequently asked questions
The average cost of homeowners insurance in Illinois is $2,174 per year for $300,000 in dwelling coverage, or roughly $181 a month. This is in line with the national average of $2,466 per year.
The cost of homeowners insurance in Illinois is influenced by the value and age of the home, the coverage selected, the claims history, and other factors. Home insurance companies weigh these risks differently, resulting in varying quotes.
According to Policygenius, Allstate offers the cheapest homeowners insurance in Illinois, with an average rate of $1,059 per year. However, LendingTree claims that Nationwide offers the lowest rates for most homeowners, with an average of $1,545 per year.
Yes, it is recommended to compare quotes from several insurers to find the best coverage at the lowest price. Additionally, companies like Liberty Mutual offer discounts, and you may qualify for special savings if your home is newly built or recently renovated.
Typically, homeowners insurance in Illinois does not cover flood damage. However, you can purchase separate flood insurance, with an average cost of $1,039 per year in the state.
