SPRINGFIELD, Ill. (WAND) — Gov. JB Pritzker says he is committed to lowering home insurance rates for Illinoisans. The Democrat is continuing a battle with State Farm after an insurance reform plan failed to pass out of the House last month.
"Look, we're one of the very few states that doesn't have any limits on what an insurance company can charge and how they can increase the homeowner's insurance premiums," Pritzker said Thursday.
State senators passed a bill Oct. 30 to protect homeowners from excessive rate increases and ensure transparency for customers. The plan would require insurance companies to give homeowners at least 60 days' notice before nonrenewal, changes in coverage, or premium increases of 10% or more.
Insurers would also need to use credible Illinois-specific data to set rates.
"Increases like 27% in a single year ought to be reviewed by a state regulator, and that's all we're asking," Pritzker said.
The Illinois Department of Insurance can review filings, issue orders and require rebates if the rates are found unfair. However, Republicans said those changes could force insurers to leave the state.
"This legislation destroys confidence insurance companies have in operating in Illinois because it calls into question the solvency and the creditworthiness of all 200 companies that will be offering this product in Illinois if this legislation passes," said Sen. Jason Plummer (R-Edwardsville).
GOP leaders also stressed Illinois is the 13th best-priced market for insurance. Rep. Jeff Keicher (R-Sycamore), a State Farm agent, said home insurance rates have only gone up due to unprecedented storm damage claims.
"There's not one piece of this bill that does anything to address the costs that cause all the anger from the consumers we serve," Keicher said.
Pritzker told reporters in Chicago that Democrats may have to adjust parts of the reform plan to gain more support before the session resumes in January. Although he believes insurers need to justify what they are doing to homeowners.Â
Top Stories:
Decatur man dies after being run over by truck in Argenta, deputies say
Survey: HSHS St. Mary's 1 of 4 IL hospitals to get 'F' grade
Man charged with beating, attempting kidnapping girl found not guilty by reason of insanity
FBI Springfield leads multi-agency search in Shelby County
Copyright 2025. WAND TV. All rights reserved.
