A Clinton insurance agent who heads a statewide board of insurance agents is hoping the State of Illinois will stay out of the insurance business as costs go up for all agencies right now.

Jay Peterson owns Peterson Insurance in Clinton and is the President of the Illinois Insurance Association of Independent Agents. It is his hope the IAA's hope that the State of Illinois will stay out of the insurance business.

While there have been hard markets in the insurance world before, Peterson says there are a few things that make this one unique. However, he does believe we will eventually see rates go back down.

If you're looking to find ways to cut back on costs on your insurance, Peterson encourages sitting down with your agent and having a conversation about the options for bundling or paying for the year's coverage upfront.

Peterson indicates there are some agents in smaller markets that may be shut down that are struggling but says his business and his agency's several locations are doing well.