State Farm Raising Illinois Homeowners Insurance Rates By 27%

BLOOMINGTON —  State Farm is planning a large insurance rate hike for Illinois homeowners next month.  The Bloomington-based insurance company is raising homeowners’ insurance rates in the state by more than 27-percent beginning August 15.  The rate hike is one of the largest in the state’s history and will affect nearly one-point-five-million policyholders.  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.