State Farm Dropping 70,000 Home Insurance Policies in California, Sparking Alarm

State Farm announced it will not renew over 70,000 home insurance policies in California over the next year
This is causing a "real crisis" according to Insurance Commissioner Ricardo Lara
Consumer Watchdog group says the insurance commissioner's plan is not working and new laws are needed
In addition to State Farm, Allstate also stopped issuing new home insurance policies in California in 2022
Lara wants more transparency into insurance companies' risk models and lower rates for those who protect their homes