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Bill

SB 2947

FIRE & EXTENDED COVERAGE RATES

104th Regular Session Introduced by Mike Hastings

SB 2947 regulates fire and extended coverage insurance rates in Illinois to affect property owner costs and market availability.

Referred to Assignments
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WeVote Research Nonpartisan
Bill Summary · SB 2947

Legislative bill overview

SB 2947 addresses fire and extended coverage insurance rates in Illinois. The bill, sponsored by Senator Mike Hastings, was recently introduced and referred to committee assignments. Specific provisions are not publicly detailed in the available filing information.

Why is this important

Insurance rates directly affect homeowners' and businesses' costs for protecting their property against fire and other covered perils. Rate regulation can impact insurance market availability and affordability across the state, particularly for lower-income property owners and those in high-risk areas.

Potential points of contention

  • Rate regulation scope: Whether the bill imposes rate caps, review requirements, or other constraints that insurers argue could reduce market competition or increase premiums elsewhere
  • Coverage definitions: Disagreement over what qualifies as "extended coverage" and whether expanded definitions increase insurer costs or consumer protections
  • Market impact: Concerns that stricter rate controls could cause insurers to exit the Illinois market or reduce availability in certain regions

Compiled from official sources — confirm details with the bill’s official record.

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