Home & Renters Insurance
Pay less for home and renters insurance, without losing the coverage you need
The cheapest policy isn’t always the best value. These steps, based on the Illinois Department of Insurance’s shopping tips, help you compare fairly.
Please note: MegaSavings is not an insurance company or a licensed insurance agent or producer. We don’t sell insurance, recommend specific coverage or give insurance advice. If you request quotes, they come from licensed insurance partners. Always read the policy and ask a licensed agent about your coverage.
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5 ways to compare and save
Compare the same coverage
Ask each company for the same coverages and limits, give each one the same information, and get quotes in writing. Otherwise a lower price may just mean less coverage.
Source: IDOI
Pick a deductible you could pay
A higher deductible can lower your premium, but only choose one you could actually cover after a loss.
Source: IDOI
Ask about discounts
Ask about discounts for bundling with auto insurance, storm-proofing, a new roof, or security devices such as alarms and deadbolts.
Source: IDOI
Review your policy every year
Remodeling or rising building costs can change what you need. IDOI recommends insuring your home for at least 80% of its replacement value, and explains the difference between replacement cost and actual cash value.
Source: IDOI
Keep a home inventory
A list (or video) of your belongings helps you choose the right amount of coverage and makes a claim easier. Renters policies generally cover your belongings and liability, not the building itself.
Source: IDOI
Good to know: A standard homeowners or renters policy doesn’t cover flood damage. Ask about separate flood coverage. You can confirm that an agent or company is licensed in Illinois with the Illinois Department of Insurance, (312) 814-2420.
Get home or renters insurance quotes
Request quotes from licensed insurance partners. Compare them using the same coverage and limits, and ask a licensed agent any coverage questions.
[LINK: EverQuote home/renters quote] — replace this button link before launch.
Partner link: we may earn a referral fee if you sign up. It doesn’t change your price.
Common questions
Is MegaSavings an insurance agent?
No. We’re an information site. We don’t sell insurance or give coverage advice. Quotes come from licensed partners.
Do I have to buy the insurance my mortgage lender suggests?
No. The Illinois Department of Insurance notes you aren’t required to buy from the insurance company your lender suggests. Your lender can still require that you carry coverage.
What if I can’t find a company to insure my home?
Illinois has a FAIR Plan for people who have been turned down by insurers. IDOI explains who qualifies on its homeowners and renters page.
Looking for car insurance?
Auto insurance help lives at our sister site, Trafficstop.com.
Sources
Related home repair guides: Frozen Pipes · Is a Home Warranty Worth It?
Related: Ice Dams · Cheap Movers · Cheap Renters Insurance
Related: Sump Pump Failure and Basement Flooding
Related: Hail and Wind Damage Claims · Fire damage restoration · Illinois property tax exemptions
Last reviewed: October 27, 2026