State Farm to Raise Illinois Homeowners Insurance Rates by 27% Mid-July, Impacting New and Existing Customers Amid Rising Taxes and Mortgage Struggles

State Farm will increase homeowners' insurance premiums by an average of 27% starting mid-July for both new and existing customers in Illinois. This rise in insurance costs is part of a broader trend affecting homeowners across the U.S., where escalating property taxes and insurance expenses are challenging the traditional notion that homeownership guarantees financial stability. In Texas, nearly one-third of homeowners may encounter unexpected financial burdens when selling their homes due to these rising costs. The increasing insurance premiums have also contributed to difficulties for some homeowners in meeting mortgage payments, with concerns that additional emerging threats could exacerbate the situation.