LIVE | Pritzker signs bills targeting unfair home and auto insurance rates
CHICAGO - Gov. JB Pritzker is scheduled to sign two bills aimed at protecting Illinois homeowners and drivers from unfair home and auto insurance rate hikes.
Watch live as the governor signs the bills and delivers remarks AT 10 a.m. CT.
House Bill 4273 focuses on homeowners insurance. The measure would require insurers to provide 60 days' notice before raising rates by more than 10%, giving policyholders time to compare coverage options. It would also prohibit "cost shifting," preventing insurance companies from passing losses from natural disasters in other states, such as California wildfires or Florida hurricanes, on to Illinois homeowners. Under the bill, homeowners insurance rates must be based solely on Illinois claims data.
Senate Bill 714 targets auto insurance. The legislation would give the Illinois Department of Insurance new authority to review rate filings, block increases deemed excessive or discriminatory, and require insurers to refund drivers who were overcharged. It would also require companies to provide 30 days' notice before increasing a policyholder's renewal rate by more than 10%, giving consumers additional time to shop for coverage.
If signed, the measures will take effect July 1, 2027.