Key takeaway: Renters insurance in Chicago costs about $205 a year, or $17 a month, for a typical policy, according to NerdWallet’s September 2026 rate analysis, compared with $185 for Illinois as a whole.
Renters insurance covers your belongings and your liability if someone is hurt in your apartment. It’s one of the smallest line items in a Chicago budget. Here’s what it costs.
What renters insurance costs
| Area | Per year | Per month |
|---|---|---|
| Chicago | $205 | $17 |
| Illinois | $185 | $15 |
| United States | $165 | $14 |
Source: NerdWallet, updated September 23, 2026. The rates are the median insurer price across ZIP codes for $30,000 in property coverage, $100,000 in liability coverage and a $500 deductible, using data from Quadrant Information Services.
Other estimates
- The Zebra puts the Illinois average at about $156 a year (updated May 2026).
- The Insurance Information Institute, using NAIC data for 2022, put the Illinois average renters premium at $151 a year, below the $171 national average.
Estimates differ because each uses a different sample policy. Your price depends on how much coverage you choose, your deductible and your building.
Can a landlord require it?
Illinois doesn’t require renters insurance, but a landlord may make it a lease condition (The Zebra). If your lease requires it, check the minimum liability amount the lease names before you buy a policy.
For the rest of your move-in costs, see Chicago move-in costs.
Cheapest renters insurance in Chicago
MoneyGeek put Chicago renters insurance at about $199 a year, or $17 a month, for $20,000 of belongings coverage, $100,000 of liability and a $500 deductible (MoneyGeek). Its lowest monthly quotes were Lemonade at $7, State Farm at $10 and Progressive, Erie, Auto-Owners and USAA at $13. Statewide, the NAIC’s latest figures put the Illinois average at $151 a year in 2022, below the national $171 (Insurance Information Institute).
What it covers, and what it does not
- Covered: your belongings, extra living costs if a covered loss forces you out, liability if someone is hurt or you damage someone else’s property, and guests’ medical bills (Lemonade).
- Not covered: flood and earthquake damage, bedbugs and other pests, mold cleanup and a roommate’s belongings, and many policies cap jewelry and other valuables unless you add coverage (Experian).
- Chicago factors: older buildings carry more risk of water damage and sewer backup, so ask about water backup coverage if you live on a garden or basement level (Insurify).
No Illinois law requires renters insurance, but a landlord can require it in the lease and ask to be listed as an interested party, which means the insurer tells the landlord if the policy lapses (Lemonade).
Sources
- NerdWallet: how much is renters insurance
- The Zebra: Illinois renters insurance
- Insurance Information Institute: renters insurance facts
- MoneyGeek: renters insurance in Illinois
- Insurance Information Institute: renters insurance facts
- Lemonade: Illinois renters insurance guide
- Experian: what renters insurance does not cover
- Insurify: Chicago renters insurance