Quick summary Two new laws give the Illinois Department of Insurance more regulatory authority over homeowners and automobile insurance rates. Prior to the bill signings, Illinois was one of only two states, with Wyoming, that did not exercise regulatory control over insurance rates. The new laws come a little more than a year after Illinois-based State Farm announced it was raising homeowners insurance rates an average 27.2% statewide. In addition, State Farm recently noted that auto insurance rates have been falling in Illinois and that it lowered its premiums by an average 15% in 2025. Senate Bill 714, the auto insurance bill, requires companies to give customers 30 days’ notice before raising premiums more than 10%.