Posted 3/23/2024, 4:45:00 PM
State Farm Dropping 72K California Home Insurance Policies, Sparking Crisis
- State Farm discontinuing 72,000 home and apartment insurance policies in California this summer
- California Insurance Commissioner Ricardo Lara calls it a "real crisis"
- Lara wants to investigate State Farm's finances but is limited in regulating insurance companies
- Consumer advocates say Lara's proposed reforms don't go far enough to fix the crisis
- Lara's reforms aim to lower rates and expand coverage by changing risk assessment models
