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What’s driving skyrocketing property insurance premiums in Illinois?

September 18, 2023

Illinois homeowners are facing skyrocketing property insurance premiums rivaling those of wildfire and hurricane-prone regions.

Conversations about America’s property insurance crisis are typically focused on states that are frequently subjected to extreme weather events like California and Florida, but Illinois has emerged as one of six states with the highest rate increases.

According to analysis conducted by S&P Global Market Intelligence for The Wall Street Journal, homeowners’ premiums in Illinois have risen by 20% to 30% since the start of 2022.

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