If you’re a homeowner in Rockford, Illinois, you may have noticed something alarming on your most recent insurance bill. Home insurance premiums in Illinois have skyrocketed by 27% year-over-year — one of the largest increases in the nation. According to a recent CNBC report, only Nebraska, Arizona, and Illinois have seen rate hikes this steep.
So what does this mean for you if you’re thinking about selling your house?
Let’s break down why insurance rates are climbing, what it means for the housing market, and how it could affect your decision to sell.
Why Are Illinois Insurance Rates Rising So Fast?
Several factors are contributing to the spike in insurance premiums:
- Increased frequency of severe weather: Hailstorms, tornadoes, and flooding have led to higher claims across the state.
- Higher rebuilding costs: Materials and labor are still more expensive than pre-pandemic levels.
- Insurers leaving certain areas: Some providers are scaling back or exiting risky markets altogether.
All of these changes mean homeowners are paying more to keep their properties insured — especially in older homes or those that have existing damage.
What Does This Mean If You’re Planning to Sell?
If you’re holding onto a house in Rockford that you don’t live in, don’t need, or don’t want to repair, rising insurance costs could eat into your bottom line.
- Vacant homes are more expensive to insure, and insurers may drop coverage altogether if a home sits too long without occupants.
- Older properties or homes needing repairs may face even higher premiums, or might be denied coverage.
- Landlords and absentee owners may face higher operating costs, especially if tenants leave and the property sits.
For many homeowners, that raises an important question:
Should I Sell Now Before Insurance Rates Go Even Higher?
It depends on your situation, but here are a few signs it might be time to sell:
- You’re tired of high insurance and tax bills
- Your home needs more work than you want to do
- You’re holding onto a property you inherited or no longer use
- Your tenants just moved out and you’re not sure if you want to rent again
A Simpler Way to Sell in Today’s Market
At Modern Times Homes LLC, we buy houses in Rockford as-is — even if the property has outdated systems, foundation issues, or no insurance at all.
- No inspections
- No showings
- No repairs
- No agent fees
Just a fair cash offer and a timeline that works for you.
Whether you’re downsizing, relocating, or offloading a problem property, we make it easy.
Final Thoughts
The spike in home insurance premiums isn’t just a line item on your budget — it’s a signal that the cost of holding real estate is rising.
If you’ve been on the fence about selling, now may be a smart time to act before rates climb even higher.
✆ Call 815-974-0359 or request your cash offer here.
We buy houses in Rockford, Machesney Park, Belvidere, and surrounding Illinois areas. No repairs. No listings. No stress.
Want more insight on local trends? Read our recent post: How to Sell a Rockford House With Issues