Hastings’s insurance reform legislation passes Senate in Springfield
State Senator Michael E. Hastings advanced legislation designed to protect homeowners from excessive insurance rate increases and ensure fairness, transparency and accountability in Illinois homeowners insurance.
“With this legislation, we are putting fairness and accountability back into the system,” said Hastings (D-Frankfort).
“Here is what this means for Illinois homeowners — no more surprise renewals, no more fine print, no more ‘gotcha’ letters in the mail.”
The legislation would establish clear rules for homeowners insurance, including:
· No surprise renewals: Companies would be required to give at least 60 days’ notice before nonrenewal and at least 60 days’ notice for premium increases over 10% or changes in coverage or deductibles.
· Use of Illinois-specific data: Insurers would need to use credible state-specific loss experience when setting rates.
· Fair, reasonable and transparent rates: Rates would need to be actuarially sound and not excessive, inadequate or unfairly discriminatory.
· Accountability and enforcement: The Department of Insurance would be able to review filings, issue orders and require rebates when rates are found unfair.
The legislation would apply specifically to fire and extended coverage insurance for residential owner occupied properties, while excluding commercial, rental and unoccupied properties.
Hastings emphasized the legislation is leveling the playing field for Illinois residents.
“We are tired of the industry cherry picking data from across the country when setting their rates,” said Hastings. “This legislation guarantees homeowners a fair shake, with rates based on real Illinois data.”
House Bill 3799 passed the Senate on Thursday.
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