Jones-Backed Bill Offering Relief to Lower Home and Auto Insurance Policyholders Passes the House

SPRINGFIELD, Ill. — State Rep. Thaddeus Jones, D-Calumet City, is taking steps to cut home and auto insurance costs through a bill that ensures Illinois customers are not paying to pad the profits of big corporations or cover corporate losses in high-risk states like Florida or Texas.

“It is unfair that, while Illinoisans are forced to overcome the challenges of an affordability crisis, policyholders in Illinois are expected to cover the financial risk of doing business in high-risk states,” said Jones. “No one should have to endure excessive premiums so companies can report record profits and make life even tougher for everyday people who already struggling to get by.”

Homeowners across Illinois have seen insurance plans rise by nearly 30% in the last year, raising concerns that Illinois residents are footing the bill for other states at high risk of natural disasters. In an effort to reduce costs for Illinois customers, Jones passed Senate Bill 1486, which takes several steps to rein in rising insurance costs by:

• Empowering IDOI to reject unfair rate increases by subjecting all Illinois homeowners insurance, fire insurance and auto insurance policies to a comprehensive rate review process.
• Requiring insurance companies give customers 60 days’ notice before double-digit rate increases, giving customers more time to make informed decisions.
• Shrinking auto insurance premiums for drivers over the age of 55 who complete a 4-hour defensive driving program or e-learning course.

“As chairman of the House Insurance Committee, I am prioritizing reforms and legislation that cut costs and make coverage more accessible,” said Jones. “Costs are rising faster than paychecks, and it’s up to us to provide real relief for our working families.”