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State Farm raises Illinois insurance rates

Published: Friday, March 7, 2014 7:00 a.m. CST

BLOOMINGTON (AP) — Several years of severe weather is costing Illinois homeowners more for insurance through one major carrier.

The Bloomington Pantagraph reports (http://bit.ly/1g5jYSs ) State Farm raised homeowner insurance premiums an average of 4.9 percent this year.

Angie Rinock is a spokeswoman for the Bloomington-based insurer. She says rates are being raised because of weather damage and the rising cost of building materials and labor.

This year's increase is more than the company's 2013 rate hike, which was 4.7 percent. In 2012, State Farm raised rates an average of 6.3 percent.

About one-third of Illinois homeowners have State Farm coverage.

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Information from: The Pantagraph, http://www.pantagraph.com

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
 

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