State Senator Michael E. Hastings issued a strong statement Friday condemning State Farm’s recently announced 27.2% premium increase on Illinois homeowners, calling it a breach of trust and further evidence that Illinois must take action to reform its insurance system.
“For over six months, we worked with the insurance industry in good faith to address rising premiums,” said Hastings (D-Frankfort). “We were told that rates were stabilizing. Weeks later, State Farm announced one of the largest rate hikes in recent history. That is not transparency — it is a slap in the face to consumers and lawmakers alike.”
Hastings, who serves as chair of the Senate Judiciary Committee, has introduced legislation that would stop insurance companies from quietly passing the costs of out-of-state disasters — such as hurricanes or wildfires — onto Illinois policyholders without proper justification. His proposal requires clear actuarial evidence and public disclosure.
Hastings renewed his commitment to work toward getting insurance reform legislation passed in the coming months.
“This fight is about fairness and accountability,” Hastings said. “We owe it to the people of Illinois to fix a system that clearly is not working for them.”
