Gov. Pritzker’s Statement on State Farm’s Insurance Rate Hikes
CHICAGO — Today, Governor JB Pritzker issued the following statement in response to State Farm’s decision to increase homeowners' insurance rates in Illinois:
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“I am deeply concerned by State Farm’s unfair and arbitrary insurance rate hike on Illinois homeowners.
“These increases are predicated on catastrophe loss numbers that are entirely inconsistent with the Illinois Department of Insurance’s own analysis – indicating that State Farm is shifting out-of-state costs onto the homeowners in our state. Hard-working Illinoisans should not be paying more to protect beach houses in Florida.
“In addition to increased premiums, State Farm intends to raise out-of-pocket deductibles and reduce payouts for certain claims. In total, these changes will cost Illinois homeowners hundreds of additional dollars per year without a state-based justification or corresponding increases in protection.
“Over the past six years, our state economy has flourished based on transparent markets and fair competition. State Farm's actions are antithetical to the core principles that the Illinois business community is built on.
“Today, I’m directing the Illinois Department of Insurance to take all available regulatory action to enforce the law and ensure a level playing field for Illinois homeowners.
“I also am calling on the General Assembly to enact a legislative solution during veto session that prevents insurance companies from taking advantage of consumers through severe and unnecessary rate hikes like those proposed by State Farm.”
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