State Farm Drops 72,000 California Home Insurance Policies
TL;DR
State Farm, California's largest home insurance company, is discontinuing coverage for 72,000 homes and apartment policies in the state due to inflation, regulatory costs, and increasing catastrophe risks. This decision follows last year's halt on new home insurance applications and a 20% rate increase for existing customers. AllState and other insurers have also paused new policy sales in California, leaving many homeowners to resort to state-run insurance programs with higher premiums.
Topics:businessinsurance#california#home-insurance#insurance#insurance-market#policy-discontinuation#state-farm
- State Farm cuts 72,000 California home insurance policies: 'Decision was not made lightly' Fox Business
- State Farm won't renew homeowners coverage for 72,000 California homes and apartments CBS News
- State Farm is NOT there: California's largest insurer will discontinue coverage of 72,000 homes in the state o Daily Mail
- California insurance crisis: State Farm not renewing 70K policies in Golden State KABC-TV
- California insurance crisis: State Farm won't renew 72,000 policies San Francisco Chronicle
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