State Farm Set to Raise Homeowners Insurance Rates

(Undated) — Homeowners statewide who use State Farm are going to see their bills go up. The Bloomington-based insurance provider is planning a large insurance rate hike for Illinois homeowners. On their website, State Farm claims they’re adjusting prices because “covering Illinois homeowners’ losses is exceeding the premiums they’re earning.” The company says such losses are unsustainable. They are raising homeowners’ insurance rates in the state by more than 27 percent beginning August 15th. The rate hike is one of the largest in the state’s history and will affect nearly one-point-five-million policyholders. To learn more, visit statefarm.com.