Multiple factors drive premium increases for Illinois home, property owners – Center Square

According to data from Bankrate.com, the average Illinois homeowner’s monthly premium has gone up 42 percent since January of 2023. And Insurify projects an increase of 31% in auto insurance premiums in Illinois this year, including a 10 percent rise before Dec. 31.
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Bob gleason
1 year ago

Most blue states have premium restrictions laws to artificially keep rates low. Note that Allstate and State Farm cotp headquarters are both in IL

your dime, your dance floor
1 year ago

Here is some more interesting data on the cost of homeowner’s insurance costs from Bankrate. Of the top 20 most expensive states for homeowner’s insurance, 17 of the 20 are red states and 9 of the top 10. Illinois is one of the blue states at 19th most expensive. Of the 10 least expensive states for homeowner’s insurance, 8 of 10 are blue states. So, is there some causation between high homeowner’s insurance costs and republicans and low homeowner’s insurance costs and democrats? Or is it correlation?

https://www.bankrate.com/insurance/homeowners-insurance/homeowners-insurance-cost/

Fed up neighbor
1 year ago

And it’s based on 2 things demographics and illegals don’t think otherwise

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