State Farm stops selling property insurance in California

State Farm will no longer accept new applications for property and casualty insurance in California due to rising construction costs and growing catastrophe exposure. The change does not apply to personal auto insurance or existing home insurance policies. The company holds the largest share of property and casualty insurance policies in the US and controls about 8.3% of California's market. Property insurers have pulled coverage from tens of thousands of homeowners across the state in the wake of devastating wildfires.