Jones’ Property Insurance Measure to Bring Savings to Consumers and Increase Industry Oversight

SPRINGFIELD, Ill. – State Rep. Thaddeus Jones, D-Calumet City, is making homeownership more affordable in Illinois through a measure that empowers the state to better regulate the industry and review the bills corporations charge ratepayers monthly.

“It is not right that Illinoisans are shouldering the cost of living in a high-risk state in their monthly premiums, and it is up to us to make sure that changes,” Jones said. “The cost of responsibly owning property should be based on the conditions of the area where the property is located, not other locations where the climate is vastly different.”

Jones’ House Bill 4273 will lower the cost of owning property in Illinois through new regulations such as preventing companies from raising monthly rates by more than 10% without at least 60 days’ notice, empowering the state to review and reject unfair or discriminatory rate increases, and requiring companies to use Illinois-based data when setting rates for properties located in the state.

“As climate change continues to evolve and floods, tornadoes, hurricanes and other extreme weather become more common in states such as Texas, Oklahoma and Florida, we have to ensure that cost is not being passed on to Illinois,” Jones said. “At a time when our working families and small business owners are struggling to pay at the pump, in the checkout line and elsewhere, they deserve relief, not added stress from our insurance companies.”

House Bill 4273 passed both chambers of the Illinois General Assembly and now awaits Gov. JB Pritzker’s signature to become law.