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Illinois homeowners with State Farm insurance policies are seeing an average increase in their premiums of 4.9 percent, according to newly filed documents with the Illinois Department of Insurance.
Weather-related losses are one reason for the price hikes, said State Farm spokeswoman Angie Rinock. The increase was effective Jan. 1, but people renew at different times throughout the year.
State Farm, the state’s biggest home insurer, also said the company is seeing higher costs for building materials and labor.
Homeowners may reduce their premiums by increasing their deductibles or qualifying for discounts by installing an alarm and dead bolt locks, she said.
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