WESTMONT — In an effort to protect Illinois drivers and homeowners while addressing affordability, State Senator Suzy Glowiak Hilton supported two measures to crack down on auto and homeowner insurance rates from being excessive or unfair.
“At a time when costs continue to rise, people deserve transparency and accountability,” said Glowiak Hilton (D-Western Springs). “Residents shouldn’t be hit with unpredictable spikes in their home or auto insurance bills.”
House Bill 4273 would prohibit a company selling homeowners insurance from increasing premiums by more than 10% without notifying the consumer 60 days prior. This would give consumers the necessary time to shop around and find a better rate. More importantly, the bill would prohibit premiums for homeowners insurance from being excessive, inadequate or discriminatory. The Illinois Department of Insurance would oversee the measure, with set rules for hearings on newly filed rates.
The legislation would also ban cost shifting, a practice where losses or high-claim payouts in other states are shifted unfairly onto Illinois homeowners. Some residents were blindsided last year by a 27% rate increase, leaving them scrambling to decide how they would take it on.
To ensure Illinoisans have a fair and affordable auto insurance marketplace, Glowiak Hilton supported Senate Bill 714, which would deliver transparency and accountability for premium increases by providing a clear framework, expanding Illinois Department of Insurance’s oversight and broadening options for residents over age 55, ultimately reducing insurance premium costs.
Specifically, the measure would prohibit companies from increasing premiums by more than 10% without notifying the consumer 30 days prior to renewal. It would also prohibit auto insurance premiums from being excessive, inadequate or unfairly discriminatory and create a determination hearing process through the Department of Insurance if rates are found to fall under one of these violations.
“Insurance companies need to be held accountable, ensuring they prioritize customers, not line their own pockets,” said Glowiak Hilton.
House Bill 4273 and Senate Bill 714 passed the General Assembly and await the governor’s signature.
