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CNBC
24-05-2025
- Business
- CNBC
Best homeowners insurance in Illinois in 2025
Homeowners insurance in Illinois costs an average of $2,149 a year for $300,000 worth of dwelling coverage, fairly close to the national average of $2,329. But not all policies are equal: Below, CNBC Select names the best options for homeowners insurance in the Prairie State in a variety of categories, including affordability, coverage options and optional add-ons. (Check out our methodology for more on how we made our choices.) The best way to estimate your costs is to request a quote Yes Allstate's homeowners insurance combines strong track records for customer satisfaction with affordability. While not available in all states, it is widely available across the U.S. It's also willing to work with homeowners who have unique needs like those with homes over 100 years old. Special features including unique homesharing coverage can help make your homeowners insurance policy even more useful. Who's this for? Allstate has some of the lowest premiums of the companies we reviewed for homeowners insurance in Illinois. It also offers a variety of discounts, including up to 25% for bundling home and auto insurance. Standout benefits: Allstate's HostAdvantage plan covers your property if you're renting it out on a homesharing platform like Airbnb or Vrbo. The best way to estimate your costs is to request a quote Not disclosed Yes Erie Insurance offers homeowner's insurance in 12 states, with unique features including gift card reimbursement if a retailer has closed, coverage for lost or damaged cash and precious metals and up to $500 for pets in a covered loss. Flooding, earthquakes, identity theft, high-value items (These can all be purchased as add-ons.) Who's this for? Erie's policies include replacement cost coverage, which means it will pay what it takes to rebuild your home, even if there's been depreciation or labor and material costs have risen. Standout benefits: Erie is one of the top-ranked providers for customer satisfaction on J.D. Power's surveys of homeowners insurance and the claims process. It also receives far fewer complaints that companies of equivalent size, according to the National Association of Insurance Commisioners complaint index. The best way to estimate your costs is to request a quote Not disclosed Yes Amica offers two tiers of homeowners insurance coverage — a standard policy and the brand's unique Platinum Choice homeowners insurance. The latter offers extended coverage for jewelry, liability and covers more situations than a standard homeowners insurance policy. Add-on options include computer coverage, sump pump backup coverage, and dwelling replacement coverage. Who's this for? Amica has add-ons that can make your policy more robust, like flood insurance and coverage for electronics and water backup claims Standout benefits: Amica homeowners policies are eligible for dividends, which can be given as a check or applied toward future premiums. Dividends average between 5% and 20% of yearly rates. The best way to estimate your costs is to request a quote Not disclosed Yes Chubb's Masterpiece plan includes extended replacement cost, water backup coverage and a cash settlement option Flood or equipment breakdown coverage (can be purchased as an add-on) Terms apply. Read our Chubb homeowners insurance review Who's this for? Chubb policies start at $1 million of dwelling coverage for homes with special features and can include liability coverage up to $100 million. Standout benefits: Chubb offers customers free risk-consultation sessions, which can help you understand threats to your home and choose prevention options. The best way to estimate your costs is to request a quote Not disclosed Yes Policy covers most weather-related damages, theft, vandalism, sudden and accidental water damage and mold. Also covers personal liability, personal belongings, dwelling and other structures and loss of use Flood insurance, water damage and mold that has built up slowly over time, high-value personal items Terms apply. Who's this for? Though only available to current and previous members of the armed forces and their families, USAA policies are among the lowest in the state. And while it's not officially ranked, it scored higher than any other company on J.D. Power's 2024 homeowners insurance survey. Standout benefits: Replacement cost coverage is standard with USAA, so you won't have to worry about depreciation eating into your payout in the event of a covered loss. The average homeowners insurance policy in Illinois is about $2,149 per year for $300,000 of dwelling coverage, according to Bankrate, or about $180 a month. That's slightly below the national average of $2,329 per year. Individual premiums will vary, however, based on your home's age, location and value, as well as your history of claims and other factors. There are several ways to lower your homeowners insurance premiums: Getting homeowners insurance from the same company that protects your car can save you up to 25% or more in annual premiums. Choosing a higher deductible for homeowners insurance typically means paying less in premiums. Be sure you can afford to meet the new deductible, however, if you need to file a claim. In most states, insurance companies can use your credit score to determine approval and rates. Raising you score a boost by paying bills on time and using less of your available credit can help lower your premiums. Insurance companies will offer different premiums for the same coverage. Get price quotes from at least three companies that issue policies in Illinois to see which offers the most bang for your buck. While every homeowner's needs are different, our top picks for homeowners insurance in Illinois are Amica, Allstate, Erie, Chubb and USAA, based on cost, customer service, coverage options and more. Homeowners insurance premiums are rising across the U.S. for a variety of reasons, including higher building and construction costs and an increase in the number and seriousness of natural disasters. According to our analysis, Allstate has the most affordable homeowners insurance rates in Illinois. However, prices can vary widely based on the size, age and value of your home, as well as your claims history and credit score. Get quotes from several companies to be sure that you've found the most affordable option for you. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. To research the best insurance companies, we compiled over 50 data points on more than a dozen insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. CNBC Select analyzed more than a dozen companies that issue homeowners policies in Illinois, considering cost, coverage limits, endorsements, discounts and online incorporated customer satisfaction ratings from J.D. Power and the National Association of Insurance Commissioners complaint index, as well as financial strength ratings from A.M. Best. Average annual premiums came from Bankrate analysis of data from Quadrant Information Services for $300,000 of dwelling coverage for a couple with good credit and a clean claims history insuring a house built in also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools. Based on these criteria, our picks for the best homeowners insurance in Illinois are:
CNBC
28-04-2025
- Business
- CNBC
Homeowners insurance has risen over 50% in these states
Homeowners insurance rates have risen dramatically, from an average of $2,656 annually in 2021 to $3,303 in a 24% increase, more than twice as fast as the rate of inflation in the same timeframe. But the increase hasn't been uniform: According to a new report from the Consumer Federation of America (CFA), some states have been hit harder than others. Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent offers two tiers of homeowners insurance coverage — a standard policy and the brand's unique Platinum Choice homeowners insurance. The latter offers extended coverage for jewelry, liability and covers more situations than a standard homeowners insurance policy. Add-on options include computer coverage, sump pump backup coverage, and dwelling replacement doesn't underwrite its own insurance policies. Through its HomeQuote Explorer platform, however, it gathers multiple quotes from over a dozen top insurers to help you quickly compare and save. The sharpest spike was in Utah, where they soared 59%, from an average of $1,126 in 2021 to $1,795 just four years later. The chief culprits, according to Utah Insurance Commissioner Jon Pike, are more homes being built in wildfire-prone areas and a traditionally underpriced insurance market finally adjusting for inflation. The top five biggest increases were in: "The skyrocketing price of insurance premiums is deepening the housing crisis … and homeowners across the country are feeling the strain," CFA Director of Housing Sharon Cornelissen said in a statement. The report analyzes data from Quadrant Information Services, which collected rates from more than 100 insurance companies across nearly every ZIP code for a homeowner with a mid-range credit score and a house with a $350,000 replacement value policy. In only three states did premiums decline or remain stagnant. According to the CFA, the most expensive states to insure your home are Florida, Louisiana, Oklahoma, Kentucky and Nebraska. In Florida, a homeowner with fair credit and $350,000 in dwelling coverage could expect to pay $9,462 a year, or $789 a month, in 2024. That's a bump of nearly 30% from 2021, when the same policy would average $7,344. Several factors have driven up premiums, according to the CFA: To address this crisis, the CFA's report urges increased action by both the state and federal government to regulate insurers and protect consumers. "The insurance commissioners and lawmakers we depend upon to ensure that this critical coverage is available and affordable have not done enough," said CFA Director of Insurance Douglas Heller. "Americans are stuck buying insurance from companies that our public officials seem afraid of." Despite rising premiums, there are ways homeowners can lower their monthly premiums. Many insurers offer bundling discounts for taking out both home and auto policies. Not only do members save, but they enjoy the convenience of all their policies being on the same app or website. One of the country's largest home insurers, Allstate earns praise for its customizable policies and competitive rates, and customers can save up to 25% by bundling car and auto policies. The best way to estimate your costs is to request a quote Yes Allstate offers auto insurance customers a total of 14 discounts in addition to a pay-per-mile car insurance program. It offers quotes by phone, through an agent, or online. The company also offers a number of other insurance products to bundle your coverage and save. The best way to estimate your costs is to request a quote Not disclosed Yes Allstate's homeowners insurance can help you cover your living space with a variety of optional coverages and discounts. Standard homeowners insurance through Allstate can cover your home's dwelling, your liability and personal property, and guest's medical expenses. Optional coverages include HostAdvantage to cover your belongings when home-sharing, and flood insurance through the NFIP. Coverage for flooding is additional. Bundling isn't always cheaper, however, so get several quotes with the same coverage limits and deductibles when you are comparing. If your premiums are going through the roof, see if you need all the coverage you're paying for. To estimate how much insurance you need, you should find out the cost of rebuilding your home. Check with a local real estate agent or builders association about per-square-foot building costs in your area. Then multiply that figure by the total square footage of your worth reviewing your personal property policy, as well. If you sold your art collection, for example, you can cancel the floater you took out on it. Don't skimp on coverage simply to save money, though, or you could pay dearly if disaster strikes. If you're in a position to cover more out-of-pocket costs, you could save on month-to-month costs by raising your annual deductible. According to the Insurance Information Institute, an increase from j$500 to $1,000 could save you as much as 25% on premiums, Take a good look at your emergency fund and make sure you can afford the upfront costs if something happens to your home. In most states, insurance companies consider your credit history when calculating your monthly premiums. While your insurance score is different from your FICO score, it's determined using many of the same criteria. A strong track record of on-time payments can help boost your insurance score, as can paying the full balance every month.' Look for insurers that issue policies in your state, meet your budget requirements and offer the coverage you need. Any contenders should also be financially solid (usually with an A+ or better from A.M. Best) and have high customer satisfaction scores from J.D. Power. Nationwide made our list of the most affordable homeowners insurance and ranked above average for customer satisfaction with the claims process in J.D. Power's 2024 survey. The best way to estimate your costs is to request a quote Not disclosed Yes Policy covers home and property damages caused by theft, fire and weather damage. It also covers personal liability, loss of use and unauthorized transactions on your credit card Water damage, earthquakes, flood insurance, identity theft, high-value items, rebuilding home after loss (these can all be purchased as add-ons for extra coverage) Terms apply. The increase in the number and severity of severe weather has led to a spike in claims in many parts of the country, as has the increased cost of labor and housing materials. The cost of homeowners insurance is impacted by where you live, the condition of your home and the amount of coverage you want— as well as personal factors like your credit history, marital status and history of filing claims. Comparing quotes from at least three insurers should help you find cheap homeowners insurance. According to the Insurance Information Institute, a quick way to estimate the amount of insurance you need is to multiply the total square footage of your home by local, per-square-foot building costs. A local real estate agent or builders association can help determine construction costs in your area. There are many reasons you may be rejected for homeowners insurance, from your property being in a high-risk area to your history of filing claims in the past. If you've been turned down numerous times, see if your state offers Fair Access to Insurance Requirements (FAIR) plans, which enable high-risk homeowners to get coverage. You may also want to look into a surplus line policy. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every homeowners insurance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of homeowners insurance. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
