According to the Chicago Tribune, the insurance agency is raising rates in Illinois by 27.2% in August, due to an increasing number of extreme weather events.
New policyholders could see the rate hike as soon as next week.
The increase comes as State Farm says it struggles to keep up with insurance claims on a rising volume of damages caused by extreme weather across the United States.
State Farm said Illinois had more hail damage claims in 2024 than any other state, except Texas.
In California, State Farm received 13,000 claims and paid out $4 billion to residents impacted by the Los Angeles wildfires.
While homeowner rates increase, auto insurance rates will drop. The company said car insurance rates would go down an average of 5.7%, with some customers seeing a premium decrease of 15%, starting July 18th.
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