State Farm discontinuing 72,000 home policies in California in latest blow to state insurance market [View all]
Source: Associated Press
State Farm discontinuing 72,000 home policies in California in latest blow to state insurance market
Updated 11:06 PM EDT, March 21, 2024
SACRAMENTO, Calif. (AP) — State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, the insurance giant said this week, nine months after announcing it would not issue new home policies in the state
The Illinois-based company, California’s largest insurer, cited soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won’t renew the policies on 30,000 houses and 42,000 apartments, the Bay Area News Group reported Thursday.
“This decision was not made lightly and only after careful analysis of State Farm General’s financial health, which continues to be impacted by inflation, catastrophe exposure, reinsurance costs, and the limitations of working within decades-old insurance regulations,” the company said in a statement Wednesday.
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Read more: https://apnews.com/article/california-wildfires-state-farm-insurance-149da2ade4546404a8bd02c08416833b
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