Senate Bill 1486 – currently moving through the Illinois General Assembly – would unnecessarily burden insurers and hurt the policyholders it is intended to protect.
The measure would add new regulatory layers that could impede the accurate pricing of risk while doing nothing to address the underlying causes of rising premiums. Premiums are increasing at different rates across the country, reflecting a mix of factors that include climate events, shifting populations, rising costs to repair and replace property, and legal system abuse.
All these factors drive up the number and the cost of claims.
If not properly addressed, these rising costs could erode the policyholder surplus insurers are required to keep on hand to pay claims. If surplus declines below levels mandated by regulators, insurers must raise rates or rethink their appetite for writing coverage in riskier states. Neither option is good for consumers.
If affordability is the goal, the most effective path is cost reduction. Illinois leaders should model the behavior of states that are addressing the root causes of rising insurance premiums.
(As of April 28, 2026)
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