News
Insurance bill combining homeowners and auto regulation passes House, awaits Senate action
2+ hour, 12+ min ago (623+ words) SPRINGFIELD " A bill that would give the Illinois Department of Insurance authority to review and approve rates for both homeowners and automobile coverage. Those two proposals, which started as separate pieces of legislation, were combined into a single bill that…...
It's harder to get home insurance. That's changing communities across the U.S.
4+ mon, 1+ week ago (1479+ words) Home insurance is getting more expensive in the United States, and insurers are pulling back from some regions as the cost of disasters grows. That trend is stretching the limits of what ordinary Americans can afford to protect their homes....
Illinois Attorney General sues State Farm over homeowner insurance data
5+ mon, 1+ week ago (311+ words) Illinois Attorney General Kwame Raoul has filed a lawsuit against State Farm alleging the insurance giant has not complied with a regulatory examination. The lawsuit, filed on behalf of Illinois Department of Insurance [IDOI] Director Ann Gillespie, alleges the Bloomington-based…...
Insurance industry opposes regulation, blames inflation, climate change for rate hikes
7+ mon, 2+ day ago (640+ words) Insurance industry officials defended recent homeowners insurance rate spikes this week, blaming such factors as inflation and climate change while warning that attempts to regulate their ability to set rates would be bad for consumers. In testimony during a virtual…...
State leaders seek more transparency from insurance companies
7+ mon, 3+ week ago (948+ words) Insurance companies operating in Illinois have a transparency problem with state regulators and consumers, four top state officials alleged Wednesday. "The horrible, hard truth is that car insurance companies charge you more for auto insurance based on your credit rating,…...
State Week: Will Illinois lawmakers address insurance costs?
7+ mon, 4+ week ago (135+ words) Homeowners with State Farm insurance were shocked to learn their premiums will jump 27%. The company said coverage risks are increasing due to more severe weather. But Gov. JB Pritzker said he believes the cost of payouts in other states is…...
Pritzker seeks more regulatory authority over homeowners insurance business
8+ mon, 6+ day ago (851+ words) SPRINGFIELD " Gov. JB Pritzker is asking state lawmakers for more authority to regulate the homeowners insurance market in Illinois. His comments came after the Bloomington-based State Farm Fire and Casualty Company notified the Illinois Department of Insurance that it was…...
Pritzker attacks State Farm over 27% homeowners insurance rate increase
8+ mon, 1+ week ago (558+ words) Gov. JB Pritzker took the rare step Thursday of attacking one of Illinois" largest employers " State Farm " over its plans to increase homeowners" insurance rates by 27%." Bloomington-based State Farm said the significant rate increase in Illinois was caused by inflationary…...
Illinois home insurance prices jumped 50% in three years — second-highest in the country, study shows
11+ mon, 3+ week ago (786+ words) A typical homeowner in Illinois is paying almost $1,000 more per year for home insurance, an increase that also impacts potential homebuyers. Chicago resident Ellen Grimes, 66, is fed up. She has tried finding a more affordable homeowners insurance policy for her…...