CHICAGO — Last week, State Farm blindsided nearly 1.5 million Illinois homeowners with a decision to increase annual home insurance premiums by 27% – the largest home insurance rate hike in state history, charging consumers hundreds more per year. In response, State Senator Robert Peters (D-Chicago) released the following statement, condemning the company’s decision and pushing for increased transparency for homeowners across the state:

“Hundreds of dollars a year may not mean much to a large corporation like State Farm, but for the hardworking families of Illinois, it’s groceries, child care, medicine and bill payments. A 27% rate hike on homeowners – without transparency – is unacceptable.

“Illinois is one of the only states in the country where insurance companies can raise rates without having to justify them. When nearly one-third of our state is being asked to pay more for their homes each year while getting less in return, we have a responsibility to step in and change that.

“I fully support Governor Pritzker’s call for urgent regulatory and legislative action to bring transparency, fairness and accountability to this industry. Illinois homeowners deserve protection from unchecked decisions and rate hikes that leave them footing the bill, and I remain committed to standing with our residents and fighting for legislative reform.”