Chicago Homeowners Insurance

The Zebra
Aug. 26, 2019

How to find cheap homeowners insurance in Chicago


Home insurance is a critical element of homeownership. Home insurance policies provide coverage against fire, wind damage, and theft for your home and the contents inside it. With the relative frequency of such events -- and the high cost of rebuilding or repairing damages to a home -- having a home insurance policy is a wise investment.

The cost of homeowners insurance coverage depends on myriad factors, including the value of the dwelling, the value of your personal items, and the materials used to construct the home. Location also plays a role in determining the price of your homeowners insurance policy. In areas prone to perils like hail, frozen pipes, volcanoes, or fire, home insurance policies may be more expensive to account for the extra risk. Find out more about what a home insurance policy covers.

If you want to find cheap home insurance in Chicago, start with shopping around and comparing what different companies offer. Check out the below summary of average home insurance premiums in Chicago to begin your homeowners insurance search with as much information as possible. It's important to remember that the cost of your homeowners insurance is often based on the coverage limits you choose as well as a variety of other factors.


Chicago, Illinois, homeowners insurance:
  1. Rates by company
  2. Rates by coverage level
  3. Rates by ZIP code
  4. Insurance bundle discounts

Homeowners insurance in Chicago by insurance company

Homeowners insurance rates in Chicago vary from one insurance company to another. Allstate offers the most affordable home insurance in Chicago, at just $1,243 per year. This compares favorably to the city’s average homeowners premium of $1,620.

Begin your search for a home insurance policy by reviewing the cheapest companies in Chicago, Illinois, listed below.


AFFORDABLE HOME INSURANCE COMPANIES IN CHICAGO
CompanyAverage Annual Rate
Allstate$1,243
State Farm$1,324
Erie$1,388
USAA$1,511
American Family$1,555

Average homeowners insurance costs in Chicago by coverage level

The amount of homeowners coverage you select has an impact on your insurance premiums. Homeowners in Chicago who carry $200K in dwelling coverage pay an average of $901 per year, while those with coverage up to $400K pay around $1,522 per year.


HOMEOWNERS INSURANCE RATES IN CHICAGO — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$200K Dwelling$901
$400K Dwelling$1,522

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Chicago home insurance rates by ZIP code

Home insurance costs can vary depending on what area of Chicago in which you live. The amount of claims filed in your local area can be a factor in determining the price of your policy. Put simply, your home's location could have a huge impact in what you pay for insurance.

To find the most affordable home insurance rates in Chicago, look no further than 60018. In the 60018 area, homeowners coverage usually costs just $1,212 per year — a full $409 less than the Chicago average. The below table shows the best places to live in Chicago if you’re looking for affordable homeowners insurance.


AFFORDABLE ZIP CODES FOR HOMEOWNERS INSURANCE IN CHICAGO
ZIP CodeAverage Annual Home Insurance Rate
60018$1,212
60707$1,234
60638$1,245

On the other hand, some areas of Chicago face higher homeowners insurance costs, on average. These areas of the city could be more susceptible to perils such as theft, severe weather, or fires that present more risk for insurance companies. One of the costliest ZIP codes for homeowners insurance in Chicago is 60621, with an annual average rate of $2,275.


EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN CHICAGO
ZIP CodeAverage Annual Home Insurance Rate
60621$2,275
60644$2,258
60636$2,238



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Money-saving tip for home and auto insurance in Chicago: bundling

One way to save on insurance costs is to consider bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance can be a good money-saving option. Bundling policies in Chicago could, in fact, lead to average annual savings of 18%.


CHEAPEST AUTO INSURANCE RATES WITH HOME BUNDLE IN CHICAGO
CompanyAvg. Annual Auto Insurance Rate (Bundle)
GEICO$869
American Family$1,208
Country$1,275
State Farm$1,336
Progressive$1,538

Bundling your homeowners and auto policies can be a great way to save some money on insurance. To speak with an insurance expert, call 855-493-9728 today.


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