People search through the remains of their burned homes on Jan19, 2025, in Altadena, California. They said they plan to rebuild. | Mario Tama/Getty
By Robert Channick | Chicago Tribune
As California smolders in the wake of devastating wildfires that burned 12,000 homes and left billions of dollars in damage, insurance rates are set for another double-digit rise 2,000 miles away in Illinois.
Climate change-related weather events roiling insurance markets across the U.S. may well connect the dots between California and Illinois, according to industry analysts.
Allstate is increasing homeowners insurance rates in Illinois by 14.3% beginning Feb. 24, according to a filing with the state last month. The rate hike applies to a “portion” of Illinois customers, with some seeing lesser increases or no changes, an Allstate spokesperson said Monday.
“While more frequent, severe weather and higher repair prices have increased insurance claim costs, customers continue to get competitive prices with Allstate and can save money by bundling home and auto,” Allstate said in a statement.
In its filing, Northbrook-based Allstate said nearly 248,000 customers in Illinois will be affected by the 14.3% homeowners rate increase next month.
Last year, Allstate raised homeowners insurance rates in Illinois by 12.7%, while State Farm implemented a 12.3% increase in May.
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