State Farm's decision comes less than a year after the state announced new regulations meant to benefit homeowners.
State Farm will no longer sell new homeowner and property insurance policies in California, citing the state’s wildfire risk and construction costs outpacing inflation.
“State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market,” the company said in a statement. “We take seriously our responsibility to manage risk. We recognize the Governor’s administration, legislators, and the California Department of Insurance for their wildfire loss mitigation efforts.
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State Farm Halts Home-Insurance Sales in CaliforniaThe move by one of California’s biggest insurers is a blow to the state’s efforts for years to maintain a vibrant market for homeowners in the wildfire-prone state.
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State Farm halts new property insurance policies in CaliforniaThe company cited rising construction costs and its “rapidly growing catastrophe exposure.”
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State Farm ceasing new applications in California for property insurance due to ‘historic’ construction costsThe insurance giant cited ‘historic’ construction costs increases and inflation.
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State Farm will no longer insure new homes in California, company saysState Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.
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State Farm will no longer insure homes, businesses in California due to fire risks and costsState Farm announced Friday that it will not take new applications for personal line or business property and casualty insurance in the state of California.
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State Farm will no longer insure new homes in California, company saysThe new policy began on Saturday.
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