Why are Illinois insurance rates increasing? Is it fair?

State Farm is raising its home insurance rates in Illinois next month by an average of 27 percent, pointing to increased severe weather risks and higher home repair costs. Gov. JB Pritzker (D-IL) called the 27 percent hike ”unfair and arbitrary.” He’s also calling on Illinois lawmakers to do something about it.

Guests:

Lynne McChristian 
Former professor, Senior Instructor of Finance and Director of the Office of Risk Management and Insurance Research, Gies College of Business, University of Illinois Urbana-Champaign
 

Abe Scarr
State Director, Illinois PIRG