News

Illinois, State Farm

State Farm to raise Illinois home insurance rates by 27%
The increase will affect 1.5 million customers in Illinois, where State Farm is the largest home insurer. The company cites more extreme weather and rising repair costs due to inflation as reasons for the rate hike.
State Farm defends hefty 27.2% hike in Illinois homeowners insurance rates
State Farm is raising homeowners insurance rates in Illinois by a whopping 27.2% beginning Aug. 15, according to a filing with the state last month. The rate hike, one of the largest in the state’s history, will affect nearly 1.5 million policyholders. New policyholders will pay the higher rates as of Tuesday.
Illinois leaders blast State Farm as it hikes home insurance rates
State Farm is raising home insurance rates 27% due to inflation and severe weather, saying it's been spending more than it's taking in. But one Illinois lawmaker looking to limit rate hikes retorted,
Consumer advocate pushes for legislative action regarding State Farm rate spike
Abe Scarr, Illinois Public Interest Research Group state director, said the massive increase will “impact countless families across the state," as 1.5 million State Farm policyholders will be impacted by the near half-billion rate hike — a 27% increase.
After State Farm rate hike, legislators are pressured to provide relief. Here’s what could be on the table.
Illinois legislators are looking at ways to regulate homeowners insurance after State Farm announced it was raising rates by 27.2%.
State Farm hiking Illinois homeowners insurance rates by 27% in August
State Farm is planning a major rate hike for Illinois home insurance starting in August. The insurance company is raising its home insurance rates by 27% on average, the company confirmed in an email to CBS News Chicago.
State Farm faces backlash over $523 million insurance rate hike in Illinois
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
Illinois State Farm home insurance customers could see their rates increase by 27%
State Farm says in 13 of the last 15 years, it paid out more than budgeted to cover damage from severe weather events in Illinois.
State Farm hits Illinois homeowners with double-digit rate hikes
Illinois homeowners face an average 27% premium spike as State Farm cites severe weather and rising costs. Governor Pritzker blasts the hike as “un
State Farm increasing home insurance rates for Illinois residents by 27%
Homeowner insurances rates in Illinois will increase by 27.2% on average, State Farm Corporate Communications told the SJ-R in an e-mail. Existing policy holders will be paying the adjusted rate on Aug. 15 while new policy holders will be paying the adjusted rate on July 15.
Daywatch: Legislators consider action after State Farm rate hike
JB Pritzker wasted no time in calling on state legislators to do something about rising insurance rates after State Farm announced it was hiking homeowners insurance by 27.2% beginning this month, citing rising costs due to extreme weather events and pricier repairs.
State Farm defends Illinois home insurance price hike; Pritzker says its not justified
"In addition to increased premiums, State Farm intends to raise out-of-pocket deductibles and reduce payouts for certain ...
Crain's Chicago Business13d
State Farm plan to raise Illinois rates 27.2% draws Pritzker's ire
The Bloomington-based insurer says losses from weather disasters in Illinois have exceeded reserves in 13 of the last 15 ...
JD Supra1d
Illinois Insights: An update from Cozen O'Connor (7/21)
After State Farm rate hike, legislators are pressured to provide relief. Here’s what could be on the table. - “Gov. JB Pritzker wasted no ...