Part 2/13:
Beginning August 15th, over a million Illinois homeowners will see their insurance premiums surge by approximately $746 annually—a substantial financial burden for many. The rate increase comes as State Farm, the state's leading insurer, filed for the hike citing "catastrophic losses related to extreme weather events" in Illinois. In their filing, they acknowledged that recent years have seen their catastrophe losses surpass their provisions in 13 of the last 15 years, forcing the company to play catch-up by raising rates sharply.