Overview

• The filing covers renewals from Aug. 15 and new policies from July 15 with an average statewide premium increase of 28.3%.
• Nearly 1.5 million Illinois policyholders would see their homeowners premiums rise under the request.
• State Farm reported a 2024 loss ratio of $1.26 paid out for every $1 received and noted that catastrophe losses exceeded provisions in 13 of the past 15 years.
• A new minimum 1% wind and hail deductible is designed to limit premium growth by shifting more risk to policyholders.
• Illinois Department of Insurance officials warn of a large consumer impact in a state that lacks authority to alter or reject such filings.