Home insurance premiums have soared in Illinois, in just the past few years.
The latest report from the Consumer Federation of America reveals Illinois homeowners saw the second largest increase in home insurance rates in the country -- a 50% spike.
The CFA's Director of Housing, Sharon Cornelissen, tells KMOX that's more than double the national average of 24%.
Why the spike? An increase in extreme weather events, to start. "An increase in heavy rain and hailstorms, that's something we're seeing in Illinois," points out Cornelissen, "there's overall inflation that's really driven up rates across the country. The rising cost of construction materials and rebuilding homes." Cornelissen also contends increases in home insurance rates can be blamed on weak regulation of insurance companies by states.
The Consumer Federation of America says annual insurance premiums for a typical American homeowner increased by an average of $648 across the country, from 2021 to 2024. In Illinois, homeowners premiums went up roughly $1000 in the same time.
Missouri rates have gone up 12% since 2021, but Cornelissen says they were already higher to begin with.
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