State Farm Ceases Home Insurance Sales in California Over Wildfire Risks
TL;DR
State Farm has stopped accepting new home insurance sales in California due to the state's wildfire risks and rising construction costs. The decision does not affect existing auto insurance policies. California has seen an average of over 7,000 wildfires each year, consuming over 2 million acres, over the past five years. State Farm is the largest provider of auto and home insurance in the US and will work with the California Department of Insurance and lawmakers to build up market capacity in the state.
Topics:nationbusiness#business#california#construction-costs#home-insurance#state-farm#wildfire-risks
- State Farm stops home insurance sales in California, citing wildfire risks CNN
- State Farm no longer accepting property insurance applications in California NBC News
- State Farm will no longer offer home insurance to new customers in California amid growing wildfire concerns Yahoo News
- State Farm will no longer insure new homes in CA due to wildfire risk ABC7 News Bay Area
- Insurance giant halts sale of new home policies in California due to wildfires The Guardian US
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