Allstate is hiking homeowners insurance rates by 12.7% this week, while State Farm is planning a 12.3% increase in May, according to company filings.
Inflation may be moderating, but home and auto insurance premiums are still going through the roof in Illinois, with double-digit rate increases baked into this year’s bills and no relief in sight.
For both auto and home insurance claims, the cost of repairs are up steeply, as are the number of extreme weather events wreaking havoc on property, Martin said. A pandemic-driven increase in traffic fatalities has also led to a rise in expensive auto insurance claims. Auto insurance premiums have risen by nearly $2.4 billion statewide over the last two years, with State Farm increasing rates by $753 million and Allstate by $439 million, according to a report by Illinois PIRG, a nonprofit consumer group. Bloomington-based State Farm and Northbrook-based Allstate represent 40% of the Illinois car insurance market.
Since then, the highways have gotten busier — and more dangerous — as drivers navigate the post-pandemic landscape. “We still lost money on auto insurance last year,” Allstate CEO Tom Wilson told the Tribune. “So it wasn’t that we were raising the prices and going to the bank.” The single biggest reason home insurance rates are going through the roof is the roof itself, according to Allstate’s Wilson.
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