Proposed Legislation Puts Affordable Home Insurance Out of Reach for Illinois Families
Protect affordability and choice. Vote NO on SB 1486.
SB 1486 hurts Illinois consumers. It would raise premiums, reduce competition, and destabilize a market that has served families well for decades. For affordability and choice, lawmakers should VOTE NO.
Similar legislation, in the form of HB 3799, was defeated previously this session and has been brought back as an amendment in SB 1486, proving that bad ideas don’t always go away.
Illinois’ market works and consumers benefit
Illinois families are feeling higher costs across the board. Severe weather and rebuilding inflation have pushed insurance costs higher across the U.S. Yet our state’s competitive market helps keep coverage available and affordable.
- Rates: Independent analysis finds Illinois homeowners’ coverage is more affordable than the U.S. average, reflecting a healthy, competitive market.
- Choice: 200+ insurers actively compete here, giving consumers options.
- Regulatory balance: Illinois ranks #9 nationally for effective, pro-consumer insurance regulation that supports competition.
- Weather reality: Illinois is among the top states for hail-related losses, yet competition has kept downward pressure on costs for consumers.
Why SB 1486 is harmful
The proposal would create a more extreme regulatory model than any other state, injecting uncertainty and delay into a market that is working for consumers.
A slower, more confusing approval process Expand
This bill would add extra steps—more reviews, hearings, and required notices—to the process insurers must follow when adjusting rates. In practice, it would move Illinois toward a system where the state has to preapprove most rate changes. That slows everything down. When approvals take too long or are unpredictable, insurers can’t price policies accurately, which can strain their finances and push more customers into last resort, government run insurance pools.
Second guessing after decisions are already made‑guessing after decisions are already made Expand
The bill would also let regulators revisit filings after they’ve been submitted and potentially order insurers to change them. That kind of retroactive uncertainty makes companies hesitant to invest in Illinois or introduce new products here-because rules could change after they’ve already made decisions.
Rules that overlook important risk information Expand
The proposal would force insurers to rely mostly on Illinois‑only claims data unless the state decides that data isn’t statistically reliable. Ignoring broader national or regional catastrophe trends can distort the true cost of risk, which leads to inaccurate rates and fewer insurers willing to offer coverage.
Fewer competitors means higher costs Expand
If fewer companies want to do business in Illinois and filing new rates becomes slower and more complicated, consumers end up with higher premiums and fewer choices. That’s exactly what has happened in states with more heavily controlled insurance markets like California.