SPRINGFIELD, Ill. — State Rep. Matt Hanson, D-Montgomery, is taking action to lower home and auto insurance costs by passing a new bill that ensures Illinois customers are not paying to pad the profits of big corporations or cover corporate losses in high-risk states like Florida or Texas.
“The cost of home and auto insurance is a huge financial stressor on families across the state, and it’s only increasing,” said Hanson. “Illinoisans should never be paying the price for uncontrollable events in other states and should always be notified of insurance rate increases well in advance so that they may find alternative options, if needed. The passage of this bill protects ratepayers from these unfair insurance practices that are greatly affecting car owners and homeowners in Illinois.”
Homeowners across Illinois have seen insurance plans rise by nearly 30% in the last year, raising concerns that Illinois residents are footing the bill for other states at high risk of natural disasters. In an effort to reduce costs for Illinois customers, Hanson passed Senate Bill 1486, which takes several steps to rein in rising insurance costs by:
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Empowering the Illinois Department of Insurance to reject unfair rate increases by subjecting all Illinois homeowners, fire, and auto insurance policies to a comprehensive rate review process.
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Requiring insurance companies to give customers 60 days’ notice before double-digit rate increases, giving customers more time to make informed decisions.
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Reducing auto insurance premiums for drivers over the age of 55 who complete a four-hour defensive driving program or e-learning course.
“In this current climate, where we’re already paying so much for basic necessities, I’m prioritizing providing relief for my community in any way I can. I’m looking forward to passing more legislation like this one that directly improves the lives of my constituents,” said Hanson.