Bill to regulate homeowners’ insurance rates fails on final day of veto session – Capitol News IL

Sen. Michael Hastings, the chief sponsor of the insurance bill, plans to reintroduce the bill in the 2026 session. He attributed its defeat in the veto session to last-minute lobbying by the insurance industry. “The insurance industry, you want to talk about one of the strongest lobbying arms at the Capitol,” he said. “Ninety-nine percent of that piece of legislation was agreed upon.”
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9mm
6 months ago

First you jack up people assessments and their resulting property taxes. Then you blame the insurance companies who use that same information to help determine the cost of coverage. Whatever you do, don’t blame the greedy bastards in Springfield.

Mary Pat Campbell
6 months ago

FTR, each state regulates the insurance rates (auto, homeowners, etc.) in its state. The very least: the rates have to be SUFFICIENT to support the risks in that state. They’re not supposed to cross-support risks from other states. There are all sorts of regs already on the books in Illinois (and every other state). The problem comes when the states try to cap the rates… and they come into collision with the need for sufficiency. Florida (and California) run into this trouble all the time. Because they have very high risks. Florida: from hurricanes. California: from wildfire & earthquake. High… Read more »

ned
6 months ago

When the state of illinois regulates your home owners insurance you Will in the end have less options or no options for home owners insurance. It will cost much more or you will have no insurance from the open market. This is a historical guarantee. Now make your plan to leave the state of illinois before the music stops. You are nothing more than a tax mule to the political Cartel!

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