State Farm is raising homeowners insurance rates in Illinois by a whopping 27.2% beginning Aug. 15, according to a filing with the state last month. The rate hike, one of the largest in the state’s history, will affect nearly 1.5 million policyholders. New policyholders will pay the higher rates as of Tuesday.

State Farm says in 13 of the last 15 years, it paid out more than budgeted to cover damage from severe weather events in Illinois.

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.