US EditionInsurance Giant to Raise Homeowner Rates Throughout Illinois
ILLINOIS, JUL 11 – State Farm cites rising catastrophic weather losses and higher repair costs for a 27.2% hike and introduces a 1% wind/hail deductible to limit premium increases.
- State Farm announced a 27.2% increase in homeowners insurance rates for Illinois policies renewing August 15, 2024, affecting nearly 1.5 million policyholders.
- The rate hike follows 13 of the past 15 years of catastrophe losses in Illinois, including $638 million in hail damage claims in 2024, driven by frequent severe weather.
- State Farm stated Illinois premiums reflect state-based risks and cited rising home replacement costs, inflation, and increasing severe wind, hail, and tornado events as drivers.
- Governor JB Pritzker denounced the rate increase as unjustified and arbitrary, alleging that State Farm is passing costs incurred outside Illinois onto local homeowners, and called on the legislature to implement measures to block unwarranted premium hikes.
- The Illinois Department of Insurance plans to take regulatory action to enforce laws and ensure fair pricing, while the increase may raise average homeowner costs by hundreds annually without added protection.
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…Adding… Erin Collins, senior vice president of state and policy affairs at the National Association of Mutual Insurance Companies… NAMIC is alarmed to see the Governor of Illinois publicly misunderstand and mischaracterize the business of insurance. Consumers demand and deserve competitive and dynamic insurance products to insure against what is an increasingly risky world. [...]
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Illinois-based State Farm Insurance says severe weather is increasing in Illinois, leading to a need for higher insurance rates. But Gov. J.B. Pritzker has one message for the company: prove it.
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