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Daywatch: Legislators Consider Action After State Farm Rate Hike

Good morning, Chicago.

Gov. 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.

“Enact a legislative solution during the veto session that prevents insurance companies from taking advantage of consumers through severe and unnecessary rate hikes, such as those proposed by State Farm,” Pritzker said in a social media post.

The governor’s angry words were met with a quick rebuttal from the Bloomington, Illinois-based insurer and state business interests, but other officials were just as quick to join in the politically popular call to hold down costs.

“I do agree with the governor that what State Farm did is wrong and they need to fix it,” House Speaker Emanuel “Chris” Welch, a Democrat from Hillside, told the Tribune. “If they don’t, as a leader in this state, as a leader of one of our chambers, we’re going to take a look at it because we have to protect our consumers.”

Right now in Illinois, there’s no effective mechanism to prevent companies like State Farm from imposing rates for home and auto insurance that are deemed to be excessive, according to those familiar with Illinois insurance law.

Lawmakers are considering ways to address increased homeowners insurance costs including legislation championed by the Pritzker administration that would require a rate review process, compelling insurance companies to open their books so that state officials can assess whether the rate increases are too burdensome.

Read the full story from the Tribune’s Jeremy Gorner and Lizzie Kane.

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Daywatch: Legislators Consider Action After State Farm Rate Hike

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