Illinois home insurance premiums are increasing due to climate change-powered severe weather, according to new data from Insurify. The average U.S. home insurance rates rose by 12% last year and are expected to rise by another 12% in 2020, with a 4% surge projected to occur in 2026. Illinois is expected to exceed the national average with a 5% increase, leaving policyholders statewide paying an average $3,559 premium per year. Between 2021 and 2024, home insurance costs in Illinois will increase by about 50% in Illinois, costing homeowners an additional $1,000 per year, compared to only Utah during this period. Insurance losses from natural catastrophes in the US averaged $100 billion a year between 2023 and 2025, up from an annual average of around $15 billion per year a decade earlier. Insurers in Illinois can increase rates by filing with state regulators without additional oversight or approval. However, there is little legislation to prevent such excessive rate hikes. The state's insurance companies from paying excessive premiums without requiring prior approval.