Illinois Keeps Flexible Property Insurance Rules, Blocking Rate Hike Curbs
Illinois has maintained its flexible property insurance regulations. The state's General Assembly recently blocked a bill that sought to grant regulators more power to curb rate hikes in the industry.
The vote preserves Illinois' current system, allowing insurers like Allstate and Progressive Insurance to adjust car and auto insurance rates freely. This decision comes amidst a national discussion on insurance rate restrictions, with Illinois being the latest state to consider such measures.
Climate change and inflation have driven up property insurance costs and scarcity, causing crises in some regions. Despite these challenges, the identity of the influential insurance company with the largest revenue share in Illinois remains unclear.
The Illinois General Assembly's vote leaves insurers with the power to raise rates at will. As climate change and inflation continue to impact the property insurance market, Illinois residents may face ongoing affordability issues with their car and auto insurance.
