Posted 3/22/2024, 3:41:00 PM
State Farm Drops 72K Home and Apartment Policies in California Amid Rising Insurance Costs
- State Farm discontinuing 72,000 home and apartment insurance policies in California due to increasing risks and costs
- 30,000 home policies and 42,000 apartment policies affected, accounting for 2% of State Farm's policies in the state
- Latest blow to CA property owners as insurance rates rise and companies pull out of the state
- Allstate and 7 of 12 largest insurers have paused or restricted new policies in CA in past year
- With private insurance retreating, homeowners resorting to costly state-run "insurer of last resort"
