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State Farm Defends 27% Insurance Rate Hike, Calls Pritzker's Criticism 'Factually Incorrect'

ILLINOIS, JUL 17 – State Farm cites $638 million in hail claims and rising rebuilding costs for a 27% average hike affecting 1.5 million Illinois homeowners, prompting state regulatory scrutiny.

  • On July 15, State Farm is implementing a 27% average home insurance rate hike for 1.5 million Illinois policyholders, with renewals rising August 15.
  • State Farm's homeowner insurance division has lost money for 15 years, the company said, and it paid $638 million in hail damage claims last year.
  • Average premiums stood at $1,700 before the hike, State Farm said, and NOAA recorded 139 tornadoes and 303 hail incidents in 2024.
  • He ordered the Department of Insurance to explore options to challenge the rate hike, citing an `unfair and arbitrary insurance rate hike`, according to Democratic Gov. JB Pritzker.
  • Ahead of the October veto session, Illinois Senate Bill 356, introduced by State Sen. Michael Hastings, D-Tinley Park, would require prior approval for rate hikes of 5% or more, with a 30-day comment period, Hastings said.
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MYSTATELINE broke the news in Rockford, United States on Wednesday, July 16, 2025.
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