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 $2,232 annually, or $186 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.

Best home insurance companies in Illinois

You should consider several factors before selecting your next insurance company. Allstate, 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.

Best insurer for high-value homes: Westfield

Best insurer for home-sharing hosts: Allstate

Best insurer for discounts: Farmers

Best insurer for policy add-ons: State Farm

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.

Cost of homeowners insurance in Illinois

The average cost of home insurance in Illinois is $2,232 annually, or $186 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.

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.

How to get cheap homeowners insurance in Illinois

Follow these tips to save money on your home insurance.

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.