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State Farm To Increase Homeowners Insurance Rates

Unveiled its plan of an average statewide rate increase of 13% for its Illinois homeowners

State Farm Fire and Casualty (State Farm) has unveiled its plan of an average statewide rate increase of 13%, for its Illinois homeowners insurance policyholders – reported Chicago Tribune.

The Bloomington-based company, covering more than one in three houses, stated that the new rates will occur from August 1 for new customers and from October 1 for renewing policyholders.

However, rate changes for individual customers will vary, depending on factors such as policy coverages and deductibles. State Farm homeowners, who have a qualifying State Farm auto insurance policy, are likely to see smaller increases.

State Farm stressed that, despite the coming increase, overall rate levels have reduced on an average of 4.1% over the past five years.