Jamie is a meticulous researcher who has published 2,000+ personal finance articles. Her expertise is trusted by major brands like Bankrate and Rocket Mortgage.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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Located in the nation’s heartland, Illinois is also in the middle when it comes to home insurance rates. The average cost of home insurance in Illinois is $1,667 annually, or $139 per month. This places Illinois right in the middle of the country in terms of rates.
Illinois’ higher rates could be partly weather-related. The state ranks fifth in the country in number of tornadoes per 10,000 square miles.
This risk of extreme weather means it’s even more important for Illinois homeowners to find the right home insurance. Westfield, Allstate, and Farmers routinely offer some of the lowest rates in the state, but you should consider a few factors before choosing a homeowners insurance company.
Here’s what you should know in order to secure the best home insurance policy for you in Illinois.
Quick Facts
Westfield offers the most affordable rates in Illinois, averaging $907 per year.
A standard home insurance policy includes dwelling, liability, and loss of use coverage.
Flooding, aging infrastructure, and severe weather remain the greatest threats facing homes in Illinois.
Best home insurance companies in Illinois
You should consider several factors before selecting your next insurance company. Westfield, for example, offers the cheapest rates for home insurance in Illinois. But you’ll want to consider more than just the price you pay. The company’s financial strength, its total offerings, customer service ratings, and more all should affect your decision.
If you’re just starting your search, below are the four best homeowners insurance companies in Illinois. The average annual premiums shown are for $300,000 in dwelling coverage.
Insurance Company
▲▼
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
▲▼
Average Annual Premium
▲▼
Best For
▲▼
Westfield
N/A
$907
High-value homes
Allstate
4.1
$1,048
Home-sharing hosts
Farmers
4.2
$1,286
Discounts
State Farm
4.1
$1,441
Policy add-ons
Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.
Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 28,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$76/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$88/mo
Westfield offers the lowest average rates for homeowners insurance in Illinois. And Westfield is also a good option for people with high-value homes that require specific coverage.
Extended replacement cost coverage provides additional dwelling coverage up to 25% above the home’s insured value. Guaranteed replacement coverage automatically increases your dwelling coverage to include the cost of rebuilding, even if it exceeds your coverage limits.
Pros
Some policies include repair/replacement coverage for specific appliances
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.9/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
833
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$87/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$115/mo
Allstate is a great option for homeowners who rent their homes out through platforms like Airbnb, thanks to its HostAdvantage program. The program protects you if someone steals your personal belongings while staying at your house.
And if a renter accidentally damages your personal property and insurance won’t cover it, Allstate provides an additional $10,000 in coverage per rental host period.
Pros
Savings of up to 25% when bundling home and auto insurance
Provides guest medical protection
Cons
Below-average rating in J.D. Power 2023 U.S. Home Insurance Study[1]
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$105/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$180/mo
Farmers offers dwelling coverage, personal property coverage, and liability coverage. The company also offers more discounts than many other insurers on the market. Allstate allows you to take advantage of a new-home discount if your house is less than 14 years old.
You can also earn a good-payer discount for regularly paying your premiums on time. Members of certain groups or organizations can receive an affinity discount, too.
Pros
Many discounts
Online quotes available
Cons
Below-average rating in J.D. Power 2023 U.S. Home Insurance Study[1]
AM Best financial strength rating is lower than other insurers listed here[2]
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$119/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$159/mo
State Farm is known for offering customized coverage. Its standard coverage includes dwelling, other structures, personal property, and liability coverage. You can also take advantage of policy add-ons like extended replacement cost coverage, water backup protection, home systems protection, and personal umbrella insurance.
Pros
Nation’s largest insurer in terms of policies written
Above-average rating in J.D. Power 2023 U.S. Home Insurance Study[1]
Cons
Coverage only available through an insurance agent
Low customer reviews according to the Better Business bureau (BBB)[3]
Cheapest home insurance in Illinois
The cost of homeowners insurance is increasing in most states — largely due to inflation and the rising number of natural disasters. But Illinois has seen the cost of homeowners insurance rise faster than the national average, and insurance premiums are up 28% statewide.[4]
You can see the average rates available for $300,000 in dwelling coverage in the table below.
Insurance Company
▲▼
Average Annual Premium
▲▼
Westfield
$907
Allstate
$1,048
Farmers
$1,286
State Farm
$1,441
Erie
$1,455
Hastings Mutual Insurance Co
$1,474
Cost of homeowners insurance in Illinois
The average cost of home insurance in Illinois is $1,667 annually, or $139 per month, but various factors can affect the exact costs.
For example, anyone living in an area with a high risk of flooding or earthquakes will have to pay more for these additional coverages. In addition, the square footage of your home, the types of materials used, special features, and local construction costs also affect your insurance premiums.
Cost of homeowners insurance by dwelling coverage amount
Dwelling coverage covers the physical structure of your home. It pays to repair or rebuild your home if a fire, storm, or other covered loss damages it, up to your dwelling coverage amount.
This means the higher your dwelling coverage, the higher your premiums will be. The table below shows what Illinois homeowners pay annually for homeowners insurance based on dwelling coverage alone.
Coverage Limit
▲▼
Average Annual Premium
▲▼
$100,000
$948
$200,000
$1,350
$300,000
$1,753
$400,000
$2,170
$500,000
$2,630
Cost of homeowners insurance by deductible
Your deductible is the portion you’ll pay before your insurance coverage kicks in. A lower deductible means you’ll pay less money out of pocket if you have to file an insurance claim, but insurers will often charge you a higher premium because the company is assuming more of the risk.
Raising your deductible can be a good way to cut down on your home insurance costs. The following table outlines the average cost of $300,000 of homeowners insurance based on your deductible amount.
Deductible Amount
▲▼
Average Annual Premium
▲▼
$500
$1,810
$1,000
$1,753
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How to get cheap homeowners insurance in Illinois
Follow these tips to save money on your home insurance.
Invest in home safety features
Most insurance companies will give you a discount if you’ve installed specific home safety features, like deadbolts, sprinkler systems, or security systems.
Take advantage of discounts
Most insurance companies offer a variety of discounts to help you save money on your premiums. For example, you could earn a discount for staying with the same insurer for a long time or for belonging to a certain professional group.
Bundle your policies
Another way to save is by purchasing multiple policies through the same insurer. For example, you could earn a discount for bundling your home, auto, and life insurance policies.
Increase your deductible
Increasing your deductible makes you less risky to the insurance company since you’re sharing more of the risk. Just make sure to never set a deductible so high you can’t afford to pay it should you need to file a claim.
Shop around
Shopping around and comparing quotes from different insurance companies is one of the best ways to save. Get quotes from at least three different companies to see which one offers the best price and overall value.
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How much homeowners insurance do you need in Illinois?
If you take out a mortgage on your home, your mortgage lender will require you to purchase homeowners insurance. Home insurance provides financial protection if a fire or natural disaster damages your home.
Calculating the replacement cost of your home and the value of your personal belongings can help you determine how much coverage you need. For example, if you live in an area where the cost of materials and labor is high, you may want to purchase more dwelling coverage.
Liability coverage is another important aspect of homeowners insurance. Personal liability coverage protects you if someone injures themselves on your property and will cover their medical expenses. Make sure you purchase enough liability insurance to cover your personal assets.
You should also make sure you understand exactly what your home insurance policy covers to ensure the coverage meets your needs.
What are some of the biggest risks when owning a home in Illinois?
Living in Illinois means you have to consider risks associated with:
Flooding: Illinois has a large inland system of rivers, lakes, and streams, and 15% of the total land area is at risk for flooding. Not surprisingly, floods account for over 90% of the declared disasters in Illinois.[5] Flooding isn’t covered by a standard homeowners insurance policy, but you can find an insurer offering flood insurance through the National Flood Insurance Program.
Aging infrastructure: The American Society of Civil Engineers gives Illinois a C- rating for its infrastructure. Decaying pipes pose a safety risk to Illinois homeowners and can result in flooding, storm-sewer structural failure, and ravine erosion. Purchasing flood insurance and making sure you have adequate sewer and water line insurance can protect against unexpected costs.
Severe weather: Illinois ranks fourth in the U.S. in total thunderstorm catastrophes occurring from 1948–1998.[6] The state is also located in the so-called tornado alley. Dwelling coverage will pay to repair or replace your home due to storm damage, so you should talk to your insurance agent to ensure you have sufficient coverage.
Illinois homeowners insurance FAQs
Looking for more information to help you find the best home insurance for you in Illinois? Consult the answers below.
How much is home insurance in Illinois?
The average cost of home insurance in Illinois is $1,667 annually, or $139 per month, but various factors can affect the exact costs. Illinois’ average rates are very close to the national average.
Which company has the cheapest homeowners insurance in Illinois?
Westfield routinely offers some of the cheapest rates in Illinois, averaging $907 per year for $300,000 in dwelling coverage. Allstate and Farmers also offer low rates to Illinois residents.
Does Illinois require homeowners insurance?
Not legally. Illinois state law doesn’t require you to carry homeowners insurance. But if you have a mortgage, your lender will require you to carry coverage.
But homeowners insurance can make sense even if you’ve paid off your home, as it provides financial protection in the event of a covered peril or a guest injuring themselves in your home.
Why are home insurance rates going up in Illinois?
Inflation and an increase in natural disasters across the country are among the reasons rates are rising in Illinois.
Sources
J.D. Power. "Home Insurer Exodus from Several States Creates Challenges and Opportunities, J.D. Power Finds."
AM Best. "AM Best Affirms Credit Ratings of Members of Farmers Insurance Group."
Jamie Johnson is a Kansas City-based personal finance writer whose work has been featured on several of the top finance and business sites in the country, including Insider, Credit Karma, Bankrate, Rocket Mortgage, Fox Business, Quicken Loans, and The Balance. For the past six years, she's dedicated more than 10,000 hours of research and writing to more than 2,000 articles about personal finance topics.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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