Cost

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According to Value Penguin, the average cost of renters insurance in Illinois is $171 a year. This breaks down to $14.25 a month. However, the price of a renters insurance policy will vary on several factors including the coverage and deductible selected.

Factors that will affect the price of your insurance policy are but is not limited to:

Location

Insurance Navy will run your ZIP code to determine the crime rate in your area and use it to determine the risk of theft. The higher the risk, the higher your insurance cost.

Property

Renters insurance for apartments is priced lower than renters insurance for houses and condominiums because apartments are statistically less prone to theft.  Insurance for larger buildings is also lower than insurance for buildings with only a few units.

Dogs

If you own a dog, make sure your insurance policy covers animal liability. If your dog bites someone, you are likely to be sued. Some breeds can increase your insurance costs and some companies will even refuse to insure you if you own certain breeds.

Coverages

Increasing coverage amounts or adding endorsements will increase the cost of the policy.

Deductible amount

A higher deductible will decrease your insurance premium. A deductible is the out-of-pocket expense the policyholder agrees to pay before the insurance company pays the rest of the claim.