Average homeowners insurance cost in Chicago, IL

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In Chicago, homeowners pay an average annual rate of $3,680 for a coverage level that includes $300,000 for dwelling, $100,000 for liability protection, and a $1,000 deductible, according to Insure.com’s rate analysis. This is $1,098 more than the national average of $2,582.

Homeowners insurance premiums can vary significantly from one property to another. In Chicago, the cost of home insurance is influenced by several factors, including:

Size of your home
Age of your home
Amount of coverage required
Location
Your credit score

It’s crucial to compare quotes from multiple insurers to ensure you get the best homeowners insurance policy. This allows you to find the coverage that meets your specific needs.

Read this guide to discover the monthly homeowners insurance cost in Chicago, explore the insurance costs for different dwelling coverage, and find out which companies offer affordable home insurance in Chicago.

Key takeaways

In Chicago, homeowners insurance costs $3,680 annually.
Allstate offers the most affordable homeowners insurance in Chicago with an average annual premium of $1,720.
If you increase your dwelling coverage from $200,000 to $300,000, your annual home insurance premium will be $756 higher.

Average homeowners insurance cost in Chicago per month

According to Insure.com’s rate analysis, residents of Chicago pay an average of $307 per month for homeowners insurance. This is $53 more than the state average of $254 and $92 more than the national average for home insurance across the United States. The cost of your homeowners insurance policy in Chicago can vary depending on your location, property value, and selected coverage options.

Average homeowners insurance cost for a $200,000 house in Chicago

The average cost of homeowners insurance in Chicago, IL is $2,924 annually for the dwelling coverage of $200,000 and the liability protection of $100,000. The amount you pay for home insurance each year depends on many different things. The types of natural disasters or events that take place in your area affect how much you pay for coverage in your city.

Some areas are more at risk for natural disasters, like flood, hurricanes, or tornadoes. This means that if something happens, the cost of rebuilding would be higher in those areas, thereby leading to higher insurance premiums. Your insurance policy might not cover damage caused by floods or hurricanes. So, if you live in a flood-prone area, consider buying flood insurance coverage.

Average homeowners insurance cost for a $300,000 house in Chicago

Based on a rate analysis conducted by Insure.com, Chicago residents pay an average of $3,680 per year to insure a home for coverage limits of $300,000 dwelling, $100,000 liability with a $1,000 deductible. If you plan to increase your dwelling coverage from $200,000 to $300,000, you must pay an additional $756 per year for home insurance.

Buying adequate insurance to cover the entire expense of rebuilding your home is best advisable. However, the amount of dwelling coverage you need may vary depending on your home’s size, amenities, and the cost of living in your area.

Average homeowners insurance cost in Chicago by company

Among the carriers analyzed, Allstate is the most affordable homeowners insurance company in Chicago. It’s average annual rate for homeowners in Chicago is $1,720.

State Farm, ranks second and Nationwide makes it to the third spot with an average annual home insurance rate of $3,118.

Research on the company is essential before selecting a homeowners insurance policy. Insure.com has thoroughly examined all insurance companies operating in Chicago and compiled a list of the most affordable home insurance companies.

Below are details of Chicago home insurance companies and their average annual premiums.

Home Insurance Company	Annual rate
Allstate	$1,720
Nationwide	$3,118
Auto-Owners	$4,029
Country Financial	$4,603
American Family	$4,653
Farmers	$4,654
Travelers	$7,885
State Farm	$2,091
USAA*	$2,410

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Chicago for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.