State Farm Takes Rate

 

State Farm is planning a major rate hike for Illinois home insurance starting in August.  The insurance company is raising its home insurance rates by 27% on average, the company confirmed in an email to CBS News Chicago.  State Farm said the decision to raise rates was made because they are paying out more for insurance claims than they are collecting in insurance premium…for every $1 a homeowner paid in 2024, State Farm paid out $1.26 in total costs.

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BCU Presents - Market Trends 

 

The insurance market remains challenging, with ongoing rate volatility, reduced carrier capacity, and tightening terms — particularly in difficult states. Navigating these shifts requires proactive planning and up-to-date market intelligence.  Join us for BCU’s upcoming Market Trends Presentation, where we’ll share insights on current conditions, pricing trends, and strategies to better position clients in this environment.

Jul 23rd, 2025, 02:00 pm - 03:00 pm (CDT)

 

RSVP Here 

 

Seismic Shift

 

As major admitted carriers such as Farmers, Allstate, and State Farm withdrew from the market and began canceling existing homeowners’ policies, the surplus lines market – traditionally reserved for specialized or higher-risk placements – has increasingly taken on standard residential risks.

 

Read More in the Article Here