US Edition
Insurance Giant to Raise Homeowner Rates Throughout Illinois
ILLINOIS, UNITED STATES, JUL 11 – State Farm cites $638 million in 2024 hail damage and rising repair costs as drivers of a 27.2% homeowners insurance increase affecting nearly 1.5 million Illinois policyholders.
- State Farm announced on August 15, 2024, it will raise homeowner insurance rates by 27.2% for nearly 1.5 million Illinois policyholders.
- The increase follows State Farm's filing citing rising costs from severe weather and repair expenses that have outpaced premiums in Illinois.
- In 2024, Illinois ranked second to Texas for hail-related claims, with reported damages totaling $638 million, leading State Farm to implement a mandatory 1% deductible for wind and hail coverage.
- State Farm explained that the requested rate increase is largely due to anticipated losses from catastrophic events, while Governor JB Pritzker criticized the hike as unjustified and arbitrary.
- Pritzker directed regulatory action against the increase and urged the legislature to prevent severe rate hikes, highlighting tension over insurance cost fairness in Illinois.
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30 Articles
State Farm says Pritzker’s rate hike claims are ‘factually incorrect’ political rhetoric – WGLT
“Governor Pritzker's statements are factually incorrect. State Farm does not shift costs between states, and we have provided information to the Illinois Department of Insurance to demonstrate this fact. Our Illinois rates reflect Illinois-specific claims and risks,” the company said.
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Following reporting on a new analysis by Realtor.com that projects Minnesotans will face the fifth-highest rise in homeowners insurance premium rates among the 50 states by the end of the year, several homeowners and a realtor told 5 EYEWITNESS NEWS that higher costs are already here.
Colorado Springs Gazette
State Farm faces backlash over $523 million insurance rate hike in Illinois
(The Center Square) – State Farm’s plan to raise homeowners insurance rates by more than half a billion dollars in Illinois has reignited calls from consumer advocates to overhaul how the state oversees insurance rates. “Home insurance rates are on…
State Farm faces backlash over $523 million insurance rate hike in Illinois - Washington Examiner
(The Center Square) – State Farm’s plan to raise homeowners insurance rates by more than half a billion dollars in Illinois has reignited calls from consumer advocates to overhaul how the state oversees insurance rates. “Home insurance rates are on the rise in Illinois due to rising home replacement costs and more frequent severe weather events that are driving up the cost and frequency of claims,” State Farm said in a news release this week. “T…
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