🏠 State Farm Raising Home Insurance Rates Nearly 30% in Illinois

Starting this summer, nearly 1.5 million Illinois homeowners insured by State Farm will see their premiums go up significantly. The insurer has announced a 27.2% rate increase for existing policyholders, set to take effect on August 15. New customers will begin seeing the higher rates as early as July 15.

This marks one of the steepest home insurance hikes in recent memory for the state, where weather-related damage is becoming both more common and more costly.

According to State Farm, the increase is necessary to offset growing losses from severe storms, tornadoes, and winter events. The company noted that their financial cushion for catastrophic losses has been insufficient for most of the past 15 years, prompting a need to adjust rates accordingly.

📈 Why it matters:
Illinois typically experiences dozens of intense weather events each year. But recently, the state has seen a sharp rise in billion-dollar disasters. National data shows the annual average of such events has nearly tripled over the last five years.

This move follows other insurers adjusting rates in Illinois to account for mounting climate and repair costs. Earlier this year, another major carrier approved a double-digit rate increase as well.

💬 What you can do:
If you're a homeowner in Illinois:

• Review your policy before the new rates kick in.

• Ask about discounts or bundling options.

• Consider an insurance check-up to ensure your coverage matches today’s risks.

👉 Need help evaluating your policy or comparing options? We’re here to help. Contact us today →