RATE HIKE Homeowners hit with rise to common monthly payment thanks to July 15 change – it’s ‘one of the largest in history’

Insurer State Farm will hike homeowners' insurance rates in Illinois by 27% starting from this month. The company said this "primarily driven by expected catastrophe losses" as severe weather events occur more frequently. The 1.5 million homeowners in Illinois with State Farm policies are expected to see an average annual premium rise of $746. The changes are starting from…