Legislation for Fair Homeowners Insurance Rates in Illinois
State Senator Michael E. Hastings announced new legislation to protect homeowners from excessive insurance rate increases, ensuring fairness, transparency, and accountability in Illinois homeowners' insurance.
Senator Hastings was joined by Senators Willie Preston, Paul Faraci, Meg Loughran Cappel, Christopher Belt, and Doris Turner at a press conference to discuss the legislation.
"When you open that renewal notice from your insurance company and your premium has gone up 30% or more, it is like stepping on a Lego at six in the morning — you didn’t do anything wrong, but you are definitely feeling it,"
said Hastings (D-Frankfort), highlighting the issue of rising premiums, with some homeowners seeing increases of 20% to 30% over the past year.
Author's summary: Legislation aims to ensure fair insurance rates for Illinois families.