SB2947

SB2947 regulates fire and extended coverage insurance rates in Illinois, ensuring they are not excessive, inadequate, or unfairly discriminatory.

SB2947 amends the Illinois Insurance Code to establish the Rates for Fire and Extended Coverage Insurance Article. This new article aims to regulate rates for fire and extended coverage insurance, ensuring they are not excessive, inadequate, or unfairly discriminatory. The bill mandates that insurers provide written notice at least 30 days before nonrenewal or changes in deductibles or coverage. It also limits renewal premium increases to no more than 10% unless the insured is notified 60 days in advance.