State Farm is planning a large insurance rate hike for Illinois homeowners next month.
The Bloomington-based insurance company is raising homeowners’ insurance rates in the state by more than 27-percent beginning August 15th.
The rate hike is one of the largest in the state’s history and will affect nearly one-point-five-million policyholders.
On their website, State Farm claims they’re adjusting prices because covering Illinois homeowners’ losses exceed the premiums they’re earning.
The company says such losses are unsustainable.
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