State Farm is planning a major rate hike for Illinois home insurance starting in August. The insurance company is raising its home insurance rates by 27% on average, the company confirmed in an email to CBS News Chicago.

State Farm insures nearly one-third of all homeowners in the state. Gov. Pritzker calls the recent hike announcement "unfair and arbitrary."

State Farm is raising Illinois homeowners insurance rates this summer. Here's why – and what advocates are calling for.