Illinois Gov. JB Pritzker said state residents face a “crisis” from spiking home-insurance costs and urged legislators to end a system that lets insurers raise rates without state approval.
“This is about fairness and corporate responsibility to consumers,” Pritzker, a Democrat, said Wednesday in an annual State of the State address that focused on affordability issues. Illinois residents “deserve to have proof of why their premiums are increasing at a rate far above inflation.”
While not known for catastrophic disasters, Illinois has become a national flashpoint in the debate about how to stabilize insurance markets as extreme weather intensifies and increases property damage. A series of localized but damaging storms have battered the state.
Insurers say Illinois balances insurer and consumer needs, with average premiums falling in the middle of the pack nationally and regulations that largely let insurers hike prices when and how they see fit.
