Photo by Vlad Deep on Unsplash
By Kevin Bessler | The Center Square
Already faced with the second-highest property taxes in the nation, a new report shows just how challenging it is for Illinoisans to own a home.
The Consumer Federation of America released a new report that shows Illinois homeowners saw their insurance premiums increase by an average of 50% over the past three years. Only Utah (56%) was higher.
The study authors of “Overburdened: The Dramatic Increase in Homeowners Insurance Premiums and its Impacts on American Homeowners” used proprietary industry data purchased for this research to evaluate the growth in insurance premiums for typical homeowners in every ZIP code in the country.
Douglas Heller, CFA director of Insurance, said the increases come as the U.S. property and casualty insurance industry sits on a $1.1 trillion surplus.
“That massive surplus doesn’t mean that insurers can’t ask for more rates if they need it, but regulators should be asking tougher questions and demanding more transparency to determine if all these rate hikes are truly justified,” said Heller.
From 2021 to 2024, annual insurance premiums for a typical homeowner increased by an average of $648 across the country. By 2024, typical homeowners paid $3,303 per year for homeowners insurance. American homeowners saw their insurance premiums increase by an average of 24% over the past three years, but it was more than double the percentage in Illinois.
More here.