Reality check: Illinois property insurance has been rising—driven by severe convective storms, higher repair costs, and tighter underwriting. For example, State Farm implemented an average 27% homeowners increase in Illinois in mid-2025 and lifted condo/unit-owner rates by ~10.8% (plus new 1% wind/hail deductibles).
At the (re)insurance layer, 2025 renewals were less brutal than 2023–24: capacity improved and pricing eased at 1/1 and mid-year, but carriers are still passing through prior loss pressure and adjusting deductibles/terms—especially in hail-exposed Midwest markets.
What North Shore boards are seeing: many associations faced low-double-digit to ~20% premium moves in 2025; larger spikes happen at buildings with recent losses, high replacement costs, or tighter lender requirements—but "40–60% across the board" is not the norm this year.
What's Pushing Premiums Up
- Severe weather losses (hail/wind) in IL raising claim frequency/severity
- Replacement-cost inflation (labor/materials) and higher loss ratios
- Reinsurance pass-throughs & tightened terms after heavy 2023–24 CAT years (now stabilizing, but not fully reversed)
Proven Ways Boards Can Fight Back
1. Market Early & Block the Market
Market early (120–150 days) and "block the market" with a condo-specialist broker; demand multiple quotes and side-by-side term sheets. (Terms matter as much as price.)
2. Right-Size Deductibles
Consider separate wind/hail deductibles (percentage or higher flat) to buy down premium—model the payback using your loss history.
3. Update Valuations
Commission a current replacement-cost appraisal; over- or under-insuring both waste money. Industry capacity in 2025 often supports better terms if values are accurate.
4. Tune Coverage
Review Ordinance or Law, water ingress/sublimits, equipment breakdown, and director & officer limits—trim what you don't need, fill critical gaps you do. (Illinois condo statutes leave many unit betterments to owners—align master vs. HO-6.)
5. Loss-Control Wins
Document roofs/electrical/plumbing upgrades, leak sensors, sump alarms, and contractor COIs; submitting a clean risk-improvement memo can materially improve quotes.
6. Claims Hygiene
Avoid "frequency" dings—raise small-loss deductibles, use board-approved vendors, and close open claims fast with documentation.
7. Consider Alternatives
Layered programs, higher primary retentions, or group/captive solutions for larger portfolios when economics justify it.
Update for 2025
Many North Shore HOAs saw ~10–20% premium pressure this year; larger jumps occur at properties with recent losses or higher risk profiles. We've helped boards cut or contain renewals by remarketing early, optimizing deductibles, and tightening valuations—often saving five figures while improving coverage.
Book a no-obligation insurance review. Our team specializes in North Shore HOA insurance optimization and can help your board navigate these challenging market conditions.