ACROSS IL, State Farm Insurance Hikes Homeowners Insurance Premiums!
AVERAGE IL STATEWIDE INCREASE - 13%!
Wages have gone down! Home Prices have gone down! Even the price of some groceries, especially at Jewel Food Stores across Chicago, have gone down!
But homeowners insurance rates, across Illinois, are, on average, going up, as State Farm Insurance of Downstate Bloomington IL announced an average premium increase of 13% for policyholders here, according to a Chicago Tribune story by Reporter Becky Yeark.
State Farm is the leading home insurer not only in IL, but across the U.S. The company insures roughly one-third of all residential properties nationwide. But come August first for new policyholders, October 1st for those renewing an existing policy, rates will rise!
Individual premium increases will vary from individual to individual, says the insurer. Specific coverage plans and deductible levels will dictate the actual premium a homeowner will end up paying.
On the flip side, State Farm is actually increasing the discount it gives to those who have both a homeowner's policy and an auto insurance policy with the company. This multiple-policy discount could increase from its current 17% level, to an average of 20%.
The insurance giant was quick to point out, however, that overall homeowners insurance rates have actually fallen by 4.1% over the past five years. Average rates have see-sawed, up and down, since 2004.
Don't insure your home with State Farm? You're likely not immune to the rate increases. Across IL, competitor Allstate Insurance of Northbrook IL earlier announced a statewide increase in average homeowners insurance premiums.
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