State Farm Raising Illinois Homeowners Insurance Rates By 27%
(Bloomington, IL) — State Farm is planning a large insurance rate hike for Illinois homeowners next month. The Bloomington-based insurance company is raising homeowners’ insurance rates in the state by more than 27 percent beginning August 15. The rate hike is one of the largest in the state’s history and will affect nearly one point five million policyholders. On their website, State Farm claims they’re adjusting prices because covering Illinois homeowners’ losses is exceeding the premiums they’re earning. The company says such losses are unsustainable.
Pritzker Slams State Farm For Plans To Raise Illinois Homeowners Insurance Rates
(Bloomington, IL) — Governor Pritzker is slamming State Farm for its planned insurance rate hike for Illinois homeowners. The governor accused the Bloomington-based insurance company of shifting out-of-state costs onto the homeowners in Illinois. He said State Farm also intends to raise out-of-pocket deductibles and reduce payouts for certain claims, which could cost Illinois homeowners hundreds of additional dollars per year. Pritzker called on the General Assembly to enact a legislative solution during veto session that prevents insurance companies from taking advantage of consumers through severe and unnecessary rate hikes.
Comments