State Farm announced it will no longer accept new applications for home and property insurance in California effective Saturday, May 27.
it will no longer accept new applications for home and property insurance in California effective Saturday, May 27.
According to a press release, the decision was made "due to historic increases in construction costs outpacing inflation, rapidity growing catastrophe exposure, and a challenging reinsurance market."Ocean-view homes in these California cities among most expensive in US: report "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," State Farm said in a statement. "We pledge to work constructively with the CDI and policymakers to help build market capacity in California."This story was reported from Los Angeles.
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