Posted 3/22/2024, 2:32:00 AM
State Farm Drops 72K California Home Policies, Citing Rising Risks
- State Farm discontinuing 72,000 home policies in California, including 30,000 houses and 42,000 apartments
- Cites rising costs, increasing catastrophe risk, and outdated regulations as reasons
- Largest insurer in California; accounts for just over 2% of State Farm's policies in the state
- Part of move announced last June to stop taking new applications in California
- State insurance regulators will question State Farm about the non-renewals
