State Farm to raise homeowner rates 5.3%

By Becky Yerak
Posted Nov. 5, 2010 at 5:16 p.m.

Bloomington-based State Farm is raising its homeowners’ rates by 5.3 percent in Illinois, according to a new filing with the Illinois Department of Insurance.

The rate change kicked in on Nov. 1 for new customers. For customers renewing with State Farm, the rate hike will start on Jan. 1.

In July 2009, State Farm announced an average statewide rate increase of 13 percent for its Illinois homeowners insurance policyholders.

To see the state’s latest homeowners filings, click here.

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  1. mpw101 Nov. 6, 2010 at 9:05 a.m.

    I live in Gulfport, MS. State Farm raised their rates here by 40% twice since 2005. People can neither buy nor sell homes due to insurance costs. Oh, and State Farm only offers Fire & Theft coverage. Flood coverage is provided by the National Flood Insurance Program and Wind coverage is provided by the State Wind Pool.

  2. Judy T Nov. 6, 2010 at 10:51 a.m.

    Guess it is time to start shopping around for my homeowner and auto insurance.

  3. Paul H Nov. 6, 2010 at 11:38 a.m.

    If I figured correctly, my homeowners insurance with State Farm over the last three years has gone up about 26%. I do not live in a flood zone, Tornado alley, Hurricane area or any other castrophe proned geographical area and they want to raise it again! I’m sorry but I’m not going to help pay for their losses they incurred in any of those areas. I’ve been with State Farm since I owned a home and I no longer can afford their prices. It is now a matter of survival.