(Image credit: Getty Images) Senate Bill 1486 is currently awaiting a vote in the Illinois Senate, and it's already being met with a mix of enthusiasm and disdain. Illinois Secretary of State Alexi Giannoulias has championed it as a set of strong consumer protections for Illinois drivers. But some in the insurance industry are saying the new regulations will lead to rate hikes or more policy cancellations. With such mixed messaging coming out about this bill, Illinois residents might be concerned and confused about what the new law would mean for their budget. If passed, it could have a real impact on both your home and car insurance premiums, so it's important to dig into the weeds and see what it's about. From just $107.88 $24.99 for Kiplinger Personal Finance Become a smarter, better informed investor.…