.StateFarm has stopped accepting home insurance applications, citing wildfires and skyrocketing construction costs. State regulations are to blame, say experts like DanRoccato. The avg. cost of building a home in CA is $500/sq. ft, vs. $150 nationally.
SAN DIEGO – State Farm will no longer insure new homes in California, the company announced last week, citing wildfire risks and skyrocketing construction costs.
The insurance provider stopped accepting home-insurance applications as of Saturday, also halting business policy applications.State Farm says it acknowledges the changes California is making to avoid wildfires, but added the company will focus its business elsewhere. Professor of Finance at USD Dan Roccato joined KUSI’s Hunter Sowards to discuss the company’s decision.
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