Illinois Renters Insurance Calculator

This calculator starts from Illinois's actual average HO-4 renters insurance premium of $155/year, taken from the National Association of Insurance Commissioners' own "Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2023" (published July 2026), Table 5, HO-4 "Total" row -- the most recent full state-by-state renters breakout NAIC publishes. That figure is a blended average across every coverage level sold in the state, not the price of one specific policy, so this calculator's own (clearly disclosed, not NAIC-attributed) reference point is a $25,000 personal-property policy -- the same example figure the III uses in its consumer brochure -- and entering more or less coverage scales the estimate proportionally. Read that anchor as deliberately conservative: NAIC's own countrywide band data shows the median HO-4 policy is written for $20,000-$24,999 of coverage (57.9% of renters policies are written below $25,000), while the blended countrywide average premium of $173 actually corresponds to roughly $29,000-$30,000 of coverage, because a minority of high-coverage policies pull the mean above the median. Countrywide, policies in the $25,000-$29,999 band averaged $164 versus the $173 blended figure, so an estimate anchored this way runs a few percent high rather than low. Two further adjustments come directly from the III: choosing Replacement Cost instead of Actual Cash Value coverage costs about 10% more, and raising your deductible to at least $1,000 can save up to 25%. Your selected liability limit does not change the premium estimate above -- insurers don't publish a standard price for raising a renters policy's liability limit -- it's shown purely as a recommendation (III notes limits generally start around $100,000). The off-premises coverage estimate (belongings stolen or damaged away from home) uses the III's own worked example of roughly 10% of your personal property limit. The jewelry coverage gap flags any amount above the standard $1,500 policy sub-limit for jewelry and similar valuables, which the III says typically requires a separate "floater" endorsement to fully cover.