Senator Fine Fights Back Against Insurance Rate Hikes

GLENVIEW - State Senator Laura Fine introduced legislation to address rising insurance premiums that are putting financial pressure on families across Illinois.

"Excessive increases in the cost of homeowners insurance are straining budgets for everyday Illinoisans statewide," said Fine (D-Glenview). "We must do what we can to protect vulnerable families while also ensuring premium dollars are going towards paying out claims, not CEO bonuses."

Senate Bill 2684 ensures a fairer property insurance system in three ways:

• This bill starts a pilot program that will provide grants to help cover the costs of premium increases for Illinois' vulnerable renters and homeowners.
• Prohibits homeowners insurance premiums from being used for CEO pay, bonuses, stock buybacks, or political donations.
• Requires insurers to notify policyholders of rate increases over 10% and explain the reasons in detail.

"When companies raise rates with no warning and no justification, families suffer," she said. "We need more transparency, more accountability, and we need to put working people first."

Senate Bill 2684 was introduced July 30, 2025.